Major UK bank brings BACK offer that gives new customers £150 free cash for making simple switch – how to claim payment

A MAJOR UK bank has relaunched its popular cash incentive that gives new customers £150 – here’s how to claim it.

The simple offer benefited thousands of customers last year, just by switching their current account.

By switching to the Co-operative Bank, eligible customers will receive £75.

Then, they will receive three monthly instalments of £25.

Combine the three monthly instalments with the original £75 and and customers can pocket £150.

Plus, they can gain exclusive access to a market-leading Regular Saver account with 7% interest offered on deposits of up to £250 per calendar month.

But be warned, this is a time sensitive offer available to new and existing customers who switch to an eligible Co-operative Bank current account.

The accounts included in the offer are: A Standard Current Account, Current Account Plus, Privilege, Privilege Premier or Everyday Extra account.

Like any good offer, there are a few boxes to tick off before the payment comes in.

Customers must apply on or after February 6 for a Standard Current Account or Everyday Extra account.

And they must not have benefited from a switch incentive at The Co-operative Bank since November 1, 2022.

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To receive the first £75, customers must deposit a minimum of £1,000 into their new account, set up two active Direct Debits and make a minimum of 10 debit card or digital wallet transactions.

They must also register for Co-op Bank’s online banking service and set up the debit card in a digital wallet.

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To claim the final three £25 instalments, customers must each month deposit a minimum of £1,000 into their account, have two active Direct Debits, and make a minimum of 10 debit card or digital wallet transactions.

It’s always advisable to check whether an offer is right for your personal circumstances and the full terms and conditions of the account to avoid any surprises later on.

You also need to use the Current Account Switching Service (CASS) to switch.

This is a free service that handles everything for you, and gets you moved over in seven days – read more on how it works below.

John Ward, chief commercial officer, said: “Our popular switching offer, relaunched today, allows eligible new and existing customers to benefit from up to £150 for switching and staying with The Co-operative Bank as their main current account provider.

“We hope the offer, plus exclusive access to our market-leading Regular Saver account, will encourage more people to consider switching to The Co-operative Bank – the only UK high street bank with a customer-led Ethical Policy, which guides how we do business.”

Banks often offer incentives to attract new customers, usually in the form of a cash bonus.

And it’s not the only one offering a bonus right now.

First Direct is also offering a £175 welcome bonus to new customers for example.

Nationwide has a £175 offer and TSB is giving out £100.

Santander was offering £150, but that has now ended.

Deals like this come and go regularly so its worth moving quickly if you think it’s for you, as they can be pulled at any time.