Co-op Bank urges customers who have £1,000 in their bank account to act

The Co-op, which also runs funeral services, insurance companies and grocery and supermarket arms, is handing out a free £150.

The Co-operative Bank has launched a brand new switching offer for new customers - to entice people to ditch their current bank accounts and shift over to them. The Co-op, which also runs funeral services, insurance companies and grocery and supermarket arms, is handing out a free £150.

The Co-operative says customers can get the cash by signing up to the Standard Current Account or Everyday Extra account through the Current Account Switching Service (CASS). Co-Op bank will pay £75 when you move over to them, it has said.

The remainder of the cash then is handed over when you "stay". When you've successfully switched, you will then receive a payment of £25 a month for the next three months - giving you £150 overall, the bank has confirmed on Friday (September 27).

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To qualify for the first £75 payment, you will need to deposit a minimum of £1,000 into your new account and set up two active Direct Debits. You must then make a minimum of 10 debit card or digital wallet transactions within the first 30 days.

And Co-Op Bank says you need to register for online banking, plus set up your Co-Op Bank card in a digital wallet. To get the next three payments, you will need to deposit £1,000, have two active direct debits, and make a minimum of 10 debit card or digital wallet transactions each month for the next three months.

The switching offer is available to both new and existing customers.John Ward, Director of Products, said: "We’re really pleased to launch this offer today and hope it will encourage more people to consider switching to The Co-operative Bank – the only UK high street bank with a customer-led Ethical Policy, which guides how we do business.

"This offer allows eligible new and existing customers to benefit from up to £150 for switching and staying with The Co-operative Bank as their main current account provider.”