Bank is giving customers £150 - but you need to be quick

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The Co-operative Bank is about to withdraw its £150 switch offer in just a few hours. To secure the money, you must switch to either its Standard Current Account or Everyday Extra account by the end of Friday, July 5. Initially, you'll receive £75 for switching.

However, to claim the remainder of the reward, you're required to open a Regular Saver Account. If you do this, the Co-op will deposit an additional £15 per month for the following five months, amounting to £75.

To qualify for the initial £75, new customers must establish two active direct debits, deposit at least £1,000, register for online banking or mobile banking, and make a minimum of ten card transactions within 30 days. To receive the second half, you need to have qualified for the first £75 payment, and then open a Regular Saver account no later than midnight on the last day of the full calendar month, following the month after you receive the £75 switch incentive.

You also need to deposit at least £50 into the qualifying Regular Saver account. The same criteria for the first payment then apply each month to receive the extra £15, reports the Mirror. You won't be eligible for any switch reward if you have received a switch bonus from Co-operative Bank since November 2022.

John Ward, director of product at The Co-operative Bank, said: "We're pleased to launch this new switch and regular save incentive today. As the only UK bank with a customer-led Ethical Policy, our customers can be assured that their money will never be used to fund organisations involved in harmful activity such as the extraction or production of fossil fuels or human rights abuses."

Other banks are also vying for new customers with enticing offers. First Direct and Lloyds Bank are dangling a £175 carrot for those who make the switch, while Nationwide ups the ante with a £200 offer, albeit exclusively for existing members.

However, a word of caution for those eyeing up major credit applications, like a mortgage, in the near future: it might be wise to postpone any switching plans. Each switch application could leave a mark on your credit file.