+£175
Current Account59 mins
The Co-operative BankCurrent Account
£100 Free Cash•59 mins
£100 Free Cash
+£175What is The Co-operative Bank?
The Co-operative Bank is one of the UK's original ethical banks, founded in 1872. They're known for their strong ethical policy that refuses to invest in harmful industries like fossil fuels, weapons manufacturing, and unethical labour practices.
Despite the similar name, The Co-operative Bank is now separate from the Co-op retail chain. They serve around 3 million customers and offer a full range of banking products including current accounts, savings, and mortgages.
Launched
1872
Customers
3m+
Google Play
4.6 (51k)
★★★★★★
Key Terms
Profit
+£175
Credit checkHard check
Direct debits2
Pay-in£1,000
Card transactions10
Free cash£100
Free cash arrives
17 days
17 days (£100) + 114 days (£75)
Eligibility: New and existing customers. Must not have received a switch incentive from Co-op since November 2022
Step by Step Guide
Chris's overview
Optional·2 min read
The main draw here is the easy £100 switch bonus – you complete the switch and meet simple criteria within 25 days. That's it for the quick win.
If you're happy to stay a bit longer, there's an optional £25/month bonus for the next 3 months (steps 5-11). Each month you meet the same criteria: £1,000 deposit, 10 transactions, 2 Direct Debits. Miss a month? You can still qualify for the next ones – they're independent.
Pre-switch checklist
Optional·1 min check
Before starting a switch, check the existing current account you're switching from:
Plus:
1
Apply for Co-op account
15 mins
- Use the button below to go to Co-op's switch offer page
- Select the Everyday Current Account (no monthly fee)
- Choose 'Yes' to switch your existing account using CASS
- Enter your existing bank's sort code and account number
2
Pay in £1,0009d
5 mins
Switch completes in 9 calendar days.
- Deposit at least £1,000 into your new Co-op account
- Your salary counts towards this, or do a manual bank transfer
Complete within 25 days of switch
3
Make 10 transactions9d
5 mins
Switch completes in 9 calendar days.
- Make 10 or more payments using your Co-op debit card
- Contactless, online, or chip & PIN all count
- Any amount works – even a £1 coffee counts
Complete within 25 days of switch
4
Receive £100 cash+7d
2 mins
£100 paid within 7 days of meeting criteria
- Check your Co-op account for the £100 credit
- Keep Co-op as your main account, or switch it to your next bank switch offer
The £100 main bonus is now complete. Steps 5-11 are optional if you want to earn an extra £75.
Optional
5
Month 1 — Pay in £1,000+30d
5 mins
Month 1 begins after receiving your £100
- Month 1 starts the day after your £100 payment is received
- Deposit at least £1,000 into your Co-op account (fresh deposit each month)
Skip steps 5-11 if you just want the £100 and plan to switch to your next offer
6
Month 1 — Make 10 transactions+30d
5 mins
Month 1 runs for 30 days from £100 payment
- Make 10 or more payments using your Co-op debit card this month
- £25 paid within 7 days of the month ending
Keep 2 Direct Debits active
1 min
- Your Direct Debits should have moved over automatically with the switch
- Keep this going every month that you're continuing with this offer
7
Month 2 — Pay in £1,000+60d
5 mins
Month 2 begins 30 days after Month 1
- Month 2 runs from the same calendar date as Month 1
- Deposit at least £1,000 into your Co-op account
Missed Month 1? You can still qualify for Month 2 and Month 3
8
Month 2 — Make 10 transactions+60d
5 mins
Month 2 runs for 30 days
- Make 10 or more payments using your Co-op debit card
- £25 paid within 7 days of the month ending
9
Month 3 — Pay in £1,000+90d
5 mins
Month 3 begins 60 days after Month 1
- Final month of the stay incentive
- Deposit at least £1,000 into your Co-op account
10
Month 3 — Make 10 transactions+90d
5 mins
Month 3 runs for 30 days
- Make 10 or more payments using your Co-op debit card
- £25 paid within 7 days of the month ending
11
Receive £75 cash+7d
2 mins
£75 stay bonus paid within 7 days of completing Month 3
- Check your Co-op account for the £75 total from stay bonuses
- Combined with the £100 switch bonus, you'll have earned £175 from Co-op
Offer Complete
Done? Tick off each step above to see your total.
The Co-operative Bank Full Review
Completed the offer? Awesome! Here's our full review on why The Co-operative Bank could work well for you going forward.
The Co-operative Bank was founded in 1872 and is one of the UK's original ethical banks. They're particularly known for their customer-led ethical policy, which was the first of its kind in UK banking. With around 3 million customers, they're smaller than the big high street banks but have a loyal following, particularly among customers who value ethical banking principles.
Is The Co-operative Bank safe?
Yes. The Co-operative Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA (firm reference 121885). Your deposits are protected up to £120,000 by the Financial Services Compensation Scheme (FSCS). Despite the similar name, The Co-operative Bank is now a separate company from the Co-op retail chain – they parted ways in 2017, though the bank kept the name and branding.
Who is The Co-operative Bank for?
The Co-operative Bank is ideal for customers who value ethical banking. Their ethical stance means they refuse to invest in fossil fuels, weapons manufacturing, companies with poor human rights records, and businesses involved in animal testing for cosmetics. If you want your bank to align with your values, they're worth considering as a longer-term bank beyond just the switch bonus.
Top Co-operative Bank Features
1
Strong ethical policy
Customer-led ethical policy that refuses to invest in harmful industries like fossil fuels, weapons, and poor labour practices.
2
Solid mobile app
4.8 stars on App Store (80k reviews) and 4.6 on Google Play (51k reviews). Covers all the features you'd expect from a full-service bank.
3
No monthly fees
The Everyday Current Account has no monthly fee, making it straightforward for the switch offer.
4
FSCS protected
Deposits protected up to £120,000 by the Financial Services Compensation Scheme.
Pros and Cons
Pros
- ✓Strong ethical banking principles
- ✓Good mobile app with high ratings
- ✓No monthly account fee
- ✓Generous switch bonus with optional stay incentives
Cons
- ✗Smaller branch network than major high street banks
- ✗Hard credit check on application
- ✗Must use CASS to switch (closes your old account)
Our Verdict
The Co-operative Bank offers a solid switch bonus that's easy to qualify for. The main £100 bonus requires minimal effort – just switch via CASS, deposit £1,000, and make 10 transactions within 25 days. If you want to maximise your earnings, the optional stay incentive adds another £75 over three months. The ethical banking stance is a genuine differentiator if that matters to you, though you don't need to stay long-term to benefit from the switch offer.
