The bank said the rule will remain in place 'for the foreseeable future'
A new offer of up to £150 to switch current account has been launched as competition between banks to tempt customers with cash incentives heats up. The “switch and stay” offer will mean people receive £75 when they complete a switch to the Co-operative Bank and £25 per month for three months afterwards.
In addition, to be eligible for the cash, they must not have benefitted from a switch incentive at the Co-operative Bank since November 1 2022. To receive the switch payment of £75, in the 30 days following completion of a switch, customers must deposit a minimum of £1,000 into their new account and have two active direct debits.
The offer will run until further notice, the bank said. The Co-op’s announcement follows an offer launched on Wednesday by Nationwide Building Society of £175 to switch, subject to terms and conditions.
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