The Co-operative Bank
£200 Free Cash
Current Account£200profit
59mins to complete
Offer overviewChris · Your personal guide
The Co-operative Bank is a UK bank offering current accounts, savings and mortgages.
You get:
£200 free cash, paid in two parts.
£125 within 7 days of your switch and meeting the criteria
£75 as three monthly payments, one for each month you meet the same criteria again
To qualify:
Switch from an account with 2 direct debits. Once switched, within 30 days:
Pay in £1,500
Make 5 debit card payments
Existing Co-op Bank customers can still get this by switching another current account into an account they already hold.
Key terms
+£200
Credit checkHard check
Direct debits2
Pay-in£1,500
Multiple transfers allowed
Card transactions5
Free cash arrives7 days
£125 once criteria met
£75 more after 114 days
Eligibility
- Qualifies:New and existing customers
- Does not qualify:Received a switch incentive from Co-op since November 2022
Last checked: 12 Aug 2026Full terms(opens in a new tab)
Step by Step Guide
Start here
Apply for Co-op account
15 mins
- 1Use the button below to go to Co-op's switch offer page
- 2Select the Standard Current Account (no monthly fee)
- 3Choose 'Yes' to switch your existing account using CASS
- 4Enter your existing bank's sort code and account number
Up next · 10 steps
Pay in £1,500
Switch takes 9 days5 mins
- Deposit at least £1,500 into your new Co-op account
Don't have it all up front? Pay in £250 from another bank, leave it 24 hours, then move it back out and repeat. 6 rounds of the same £250 counts as the full £1,500.
Complete within 30 days of switch
Make 5 transactions
Switch takes 9 days5 mins
- Make 5 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 30 days of switch
Receive £125 cash
Within 7 days2 mins
Counted from meeting criteria.
- Check your Co-op account for the £125 credit
Keep Co-op as your main account, or switch it to your next bank switch offer
The £125 main bonus is now complete. Steps 5-11 are optional if you want to earn an extra £75.
Optional
Month 1 — Pay in £1,500
Within 1 month5 mins
Month 1 starts when your £125 lands.
Month 1 starts the day after your £125 payment is received
- Deposit at least £1,500 into your Co-op account (fresh deposit each month)
Month 1 — Make 5 transactions
Within 1 month5 mins
- Make 5 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
Month 2 — Pay in £1,500
Within 2 months5 mins
Month 2 runs from the same calendar date as Month 1
- Deposit at least £1,500 into your Co-op account
Missed Month 1? You can still qualify for the Month 2 and Month 3 payments.
Month 2 — Make 5 transactions
Within 2 months5 mins
- Make 5 or more payments using your Co-op debit card
£25 paid within 7 days of the month ending
Month 3 — Pay in £1,500
Within 3 months5 mins
Final month of the stay incentive
- Deposit at least £1,500 into your Co-op account
Month 3 — Make 5 transactions
Within 3 months5 mins
- Make 5 or more payments using your Co-op debit card
£25 paid within 7 days of the month ending
Receive £75 cash
Within 7 days2 mins
- Check your Co-op account for the £75 total from stay bonuses
Combined with the £125 switch bonus, you'll have earned £200 from Co-op
11 steps to £200
Quick review
The Co-operative Bank
Wondering whether The Co-operative Bank is worth it beyond the bonus? Here is our honest take.
Ethical banking with a switch reward attached. Quidsy has the Co-op Regular Saver live right now, paying out £49 profit on monthly deposits over 12 months. Best suited if you want your money sitting somewhere with a customer-led ethical policy. Eligibility is tied to holding a Co-op current account first.
CategoryBank Switching
Last updated
Chris' verdictYour personal guide, QuidsyIf you care about where your money sleeps at night, The Co-operative Bank is one of the few UK high street banks where the ethical position isn't just marketing. The customer-led policy is genuinely binding on what they will and won't lend against, and that's the main reason to choose them as a long-term home for your current account or savings.
Beyond ethics, the proposition is more "solid and free" than "market-leading on rates". The Current Account has no monthly fee, the mobile app does the job, and the Regular Saver has been one of the more competitive on the market when it's open to new applications. They also run periodic switch offers, which are a low-risk way to test the bank.
The two things to know going in: branch coverage is light, and any past worries about the 2013 capital crisis are now contained inside Coventry Building Society after the January 2025 takeover, with separate FSCS cover preserved. For ethically-minded switchers, easy yes. For best-in-class everything, look elsewhere.
The Co-operative Bank p.l.c. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No: 121885). Eligible deposits with The Co-operative Bank are protected up to £120,000 per person by the Financial Services Compensation Scheme (FSCS).