SAVVY switchers have just hours to bag a free £150 from a major bank before it’s bonus offer is axed.
The Co-operative Bank is pulling its switching deal at midnight tonight.
Newbies can grab £75 paid upfront for the switch, then a further £15 per month for five months to anyone who also opens a Regular Saver account – worth another £75.
Anyone who makes the switch will be credited the £75 free cash within seven days of meeting all the criteria.
Customers have the choice of opening a Co-operative Bank Standard Current Account or Everyday Extra account.
Then, within 30 days of switching, you have to set up two direct debits, deposit a minimum of £1,000 and register for online or mobile banking.
But remember you also have to make a minimum 10 card transactions in the first 30 days of the switch.
Also you won’t qualify if you have switched to the Co-operative Bank since November 1, 2022.
To qualify for the additional £75 paid over five months, you have to have received the £75 initial upfront cash payment.
You then have to open a Regular Saver account before the last day of the same month you receive the £75 cash switching incentive.
Users must also deposit £50 into the savers account in the same month you receive the £75 switching incentive.
That means if you receive the £75 switching bonus in July, you have to have completed the two actions above before the end of July.
Find out more by visiting www.co-operativebank.co.uk/products/bank-accounts/current-account/.
It is important to read all the terms and conditions to make sure you fully understand the offer.
Also you should remember you do not have to switch bank accounts if you are happy with your provider.
The Co-operative Bank isn’t the only bank offering newbies free cash to switch.
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee
Lloyds is offering switchers £175 to move to any of these three accounts: Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum.
The £175 will then be paid within 10 working days of the changeover.
But to qualify you can’t have received a switching cash bonus from Lloyds, Bank of Scotland or Halifax since April 2020.
Meanwhile, Nationwide was running its biggest offer, with £200 in free cash to those who switch to their service.
However, this service ended yesterday (July 4).
It is important to keep an eye on popular UK bank’s websites for future deals.
But if free cash isn’t the key motivation for you, there’s plenty of accounts out there offering newbies other perks.
Switching current accounts has long been an easy way to pocket free cash from banks luring in new customers.
However, these lucrative deals might not be for everyone.
But other perks including free travel insurance, interest-free overdrafts, and cashback, can also make shifting providers worthwhile.
Overdraft debts can easily add up, so if you’re prone to slipping into the red, ensure you have an account with the lowest possible fees.
First Direct’s fee-free 1st Account offers an interest-free arranged overdraft on balances up to £250.
New customers of Nationwide’s fee-free FlexDirect account will get interest-free arranged overdrafts on balances up to £1,500 for the first year of the account opening.
Remember, an interest-free overdraft should only be used in an emergency or to tide yourself over during an expensive month.
You can make free money from banks with great cashback perks.
The Santander Edge account pays one per cent cashback on selected household bills and travel spending.
Bear in mind, earnings are capped at £20 a month and the account comes with a £3 monthly fee.
The app-only Chase current account also pays customers one per cent cashback on most debit card spending.
You can get up to £15 a month in cashback without a monthly fee.
Switch current accounts and you can access top saving rates.
For example, Barclays fee-free bank account customers can join its Blue Rewards scheme and apply for a linked Rainy Day Saver which pays 5.12 per cent interest on up to £5,000.
Chase also offers savers a 5.1% savings account from within the account.
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