Co-op's new £300 switch offer: can you get the full bonus?

The Co-operative Bank has unveiled a new current account switching incentive worth up to £300, making it one of the most generous bank switch offers currently available in the UK.

While new customers can earn up to £200, eligible existing customers can receive an additional £100 loyalty bonus, bringing the maximum reward to £300.

If you're comparing the latest switching incentives, you can find this and other current offers at depositscout.com/switch-offers.

How Much Can You Get?

The offer is split into three parts:

• £125 after completing a qualifying current account switch and meeting the initial eligibility criteria.

• Up to £75 paid over the following three months (£25 per month) for continuing to actively use the account.

• £100 loyalty bonus for eligible existing customers of The Co-operative Bank group and Coventry Building Society.

This means:

• New customers: Up to £200

• Eligible existing customers: Up to £300

How to Qualify

• Pay in at least £1,500

• Make at least five debit card transactions

• Have two active Direct Debits

• Register for online or mobile banking

• Pay in at least £1,500 each month

• Make at least five debit card transactions

• Keep at least two active Direct Debits

Who Can Get the £100 Loyalty Bonus?

The additional £100 payment is available to customers who:

• Held an eligible account with The Co-operative Bank, smile, Coventry Building Society, Godiva Mortgages or ITL Mortgages on 21 June 2026

• Qualify for the initial £125 switching payment

• Still hold an eligible account in November 2026, when the loyalty payment is due to be made

The loyalty payment is only available to personal customers. Business accounts and mortgages held in a business name are excluded.

Which Accounts Are Eligible?

New customers can apply for either:

• Standard Current Account (no monthly fee)

• Everyday Extra Account (£12 per month)

Existing Co-operative Bank customers with eligible current accounts can also qualify by switching an account from another bank into their existing account.

Who Isn't Eligible?

You won't qualify if you've already received a Co-operative Bank switching incentive since November 2022.

Customers of smile must switch from an external bank account, as smile current accounts cannot be switched directly into The Co-operative Bank.

Switching Takes Just Seven Working Days

The offer uses the Current Account Switch Service, meaning your Direct Debits, standing orders and balance are transferred automatically, with your old account closed once the switch is complete.

How Does It Compare?

With a maximum value of £300, this is currently one of the strongest switching incentives on the market.

However, it's worth noting that the full £300 is only available to eligible existing customers. Most new customers will receive a maximum of £200, which remains competitive alongside offers from banks such as HSBC, Barclays, NatWest and First Direct.

As always, it's worth looking beyond the headline incentive. Consider monthly fees, account features, overdraft options and any ongoing rewards before deciding which account is right for you.

For a full comparison of the latest UK bank switch incentives, visit depositscout.com/switch-offers