Co-op Bank offering £175 to switch current account – and it comes with a 7% savings rate

The Co-operative Bank is offering £175 to switch current account and you can open its regular saver offering 7 per cent interest once you’re a customer.

Unlike some switching offers, Co-op offers £100 once the switch is completed, followed by £25 a month for three months.

To mark International Women’s Day on 8 March, the bank will also donate to the domestic abuse charity Refuge for every eligible switch this month.

It says four switches could cover the cost of a safe night in a refuge for a woman and her children escaping abuse.

‘So while new customers can receive up to £175 and access our highly competitive regular saver, their switch also helps someone else take an important step towards a safer future,’ said Hayley Lowell, of Co-op Bank.

This offer joins several switch deals on the market right now, including bribes from Lloyds Bank (£200), Santander (£200), First Direct (£175) and Nationwide (£175).

How to get £175 from Co-operative Bank

You must switch to a new Co-op Standard Current Account or Everyday Extra account during the offer period.

If you’ve already got a Co-op Bank account, you can still switch and get the incentive – as long as you haven’t had a switch offer from the bank since 1 November 2022.

You’ll be paid the initial £100 when you deposit £1,000 or more, have two or more active direct debits, make at least 10 card transactions and register for the mobile app or online banking services within 30 days of the switch.

You should get the cash within seven days of meeting those conditions.

Then you’ll be paid £25 each month for three months by meeting the same criteria each month – depositing at least £1,000, using your debit card at least 10 times and having two or more active direct debits.

> Read more: The best current accounts 

How good is the regular savings account?

Co-op’s regular saver pays 7 per cent interest for 12 months.

It is flexible in that you can withdraw money whenever you like.

You can save a maximum of £250 into the account, but there’s no requirement to stash this amount each month – provided you save a minimum of £1 monthly.

If you deposited £250 for 12 months you’d earn £114.21 interest, according to Co-op.

First Direct also offers a 7 per cent regular saver with its switching deal – this offers the chance to stash away a slightly higher £300 a month.

Meanwhile, Lloyds is offering a regular saver with a 6.25 per cent rate – but, it allows a chunky £400 a month in the account.

The Co-op Bank is now owned by Coventry Building Society – it bought the bank and it completed in January 2025.

Coventry, last week, launched a market leading easy-access deal with a 4.25 per cent rate.