Co-operative Bank £150 switching incentive ends this week but its rewards account is still worth a closer look

It’s been announced today that Co-operative Bank is withdrawing it’s £150 current account switching incentive from this Friday 11th November.

This is a blow to those who were thinking of making the move but haven’t got round to it as the golden hello on offer is one of the biggest up front incentives ever seen, however that doesn’t mean people should now dismiss the Co-op Bank current account – far from it.

With Lloyds Bank, Santander, TSB and Halifax all announcing cuts to credit interest and or rewards offers in recent weeks, it’s still possible to earn £5.50 per month with the Co-op Bank deal.

For those not familiar with the offer, you can earn £4 in monthly rewards if you meet the following five simple requirements:

  1. Pay in a minimum of £800 per month
  2. Stay in credit or within your agreed overdraft limit
  3. Log on to mobile or online banking at least once per month
  4. Agree to opt for paperless statements
  5. Pay out at least 4 direct debits from your account

On top of this you will earn 5p per debit card purchase up to a maximum of £1.50 (that’s max 30 transactions) per month.

My Verdict

In terms of what’s available on the market at the moment it’s a fair reward scheme giving people something back for simply running their bank account – there are no really onerous hoops to jump through or minimum balance requirements, so it definitely justifies some further consideration if you’re in the market for a new bank account.

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