Co-op Bank axes scheme that gave customers free cash

Ruby Flanagan & Kelly Ashmore
·2-min read

A reward scheme that gave Co-operative Bank up to £2.20 a month will soon be axed. The Everyday Rewards scheme gave customers' balance a boost for using their accounts.

It closed to new customers on March 26 this year and will end for existing customers on May 31. The bank said all reward amounts earned up until that point would be paid into accounts, or donated to chosen charities, by June 30.

The Co-op has not given a reason for ending the scheme, which launched in 2016. The Mirror reports that during this time, more than £1.6million has been donated to charity as a result.

READ MORE: Co-op's Cadbury chocolate security measure branded 'mental' as Tesco also tag baskets

Customers who opted in to the Everyday Rewards scheme were paid up to £2.20 a month if they hit the rewards criteria. To be eligible, they needed to pay £800 to a nominated account, stay within credit - or the arranged overdraft limit - log into mobile banking once a month, pay out at least four direct debits, and opt for paperless banking statements.

By hitting the criteria, customers were given £1 and there was an opportunity to earn up to a further £1.20 for debit card spending, with each purchase generating 2p. Through the scheme, customers could earn £26.40 each year.

Those who didn't wish to bank the free cash could donate it to one of five charities - Refuge, Amnesty International, Oxfam, Hospice UK and Woodland Trust. Co-op Bank has said it would continue working with its charity partners when the scheme came to a close.

A spokesperson for Co-op Bank said: "Our Everyday Rewards scheme closed for new customers from March 26, 2024 and will close for existing customers on May 31, 2024. Customers opted into the scheme can continue to earn rewards up to and including May 31. Since launching the scheme in 2016, our customers have enabled us to donate over £1.6million to our charity partners.

"We want to reassure customers that the closure of this scheme will not affect the support provided to these partners and that we remain committed to supporting both them and their causes."

  • Up next
  • Up next
  • Up next
  • Up next

Latest stories

  • Martin Lewis urges Octopus, EDF, OVO and British Gas customers to make £180 demand

    The MoneySavingExpert has urged customers to check their energy bills and account balances as they could be owed a rebate of up to £180 from their supplier

  • DWP bank account checks find 63,000 benefit claimants breaking rules

    A test of new DWP plans found thousands of people had an average of £50,000 sitting undeclared in their accounts while claiming low-income benefits

  • Thames Water is worthless, says biggest investor

    Thames Water’s biggest investor has slashed the value of its stake in the company to zero in a move that renders the troubled supplier effectively worthless, The Telegraph can disclose.

  • Martin Lewis issues urgent warning to all Santander customers before Monday

    The high street bank is cutting the rate on its easy access account from May 20. The account has been paying a previously top-of-the-market interest rate of a cool 5.2% but the new rate will be significantly less

  • Universal Credit crackdown backfires as fraud bill surges to £5.6bn

    Taxpayers have been hit with a £5.6bn Universal Credit fraud bill despite a Government crackdown on criminals abusing the system.

  • Rishi Sunak and Akshata Murty rise up rich list as fortune increases by £120m

    Sunday Times rich list shows couple’s fortune soared while millions of Britons struggled with cost of living

  • A 12% yield? Here’s the dividend forecast for a hot income stock

    Jon Smith considers a FTSE 250 income stock that has a clear dividend policy with the aim of paying out more, making it look attractive to him. The post A 12% yield? Here’s the dividend forecast for a hot income stock appeared first on The Motley Fool UK.

  • The ‘dinosaur’ FTSE 100 index is starting to roar

    The FTSE 100 index has often been derided in recent years, but UK large-cap stocks are beginning to show encouraging signs of life. The post The ‘dinosaur’ FTSE 100 index is starting to roar appeared first on The Motley Fool UK.

  • £9,000 of savings invested in abrdn shares could make me a £12,826 a year second income!

    abrdn appears set for strong growth, looks undervalued, and pays a very high dividend yield that can make me a big second income. The post £9,000 of savings invested in abrdn shares could make me a £12,826 a year second income! appeared first on The Motley Fool UK.

  • I’d consider buying these FTSE 100 growth stocks for 2024 and beyond

    I've been looking for growth stocks with low PEG valuations, and I'm finding plenty. But they're not at all where I expected them. The post I’d consider buying these FTSE 100 growth stocks for 2024 and beyond appeared first on The Motley Fool UK.

  • £5,000 in savings? Here’s how I’d try and turn that into a £308 monthly passive income

    It's possible to create a lifelong passive income stream from a well-chosen portfolio of dividend shares. Here's how I'd invest to build long-term wealth. The post £5,000 in savings? Here’s how I’d try and turn that into a £308 monthly passive income appeared first on The Motley Fool UK.

  • Isa vs savings account: which one is right for you?

    Higher interest rates may have hit borrowers – but it’s a good time to be a saver.

  • Bill Gates Sells Microsoft, Berkshire Hathaway Shares In Q1: Are These Still Top Positions?

    Billionaire Bill Gates is best known as the co-founder and former CEO of Microsoft Corp. (NASDAQ:MSFT). He is also known for his philanthropic efforts with the Bill and Melinda Gates Foundation Trust. Those two items collided in the first quarter with the sale of Microsoft stock. Here's what to know. What Happened: Gates stepped down as the CEO of Microsoft in 2000 and later left the board of directors in 2020. The co-founder of the software giant remains a large shareholder in the company throu

  • ‘I traded my gold-plated pension – for two sports cars, a horse and 30 RC planes’

    For most savers, the prospect of a guaranteed income until you die would be hard to turn down.

  • Man Buys Used Tesla, Discovers Horrendous Issue

    While Tesla's stock was reaching all time highs back in 2021, car rental company Hertz made a big bet by buying up about 30,000 Teslas vehicles. The original order was for a whopping 100,000 Teslas, sending the EV maker's value soaring at the time. But as it turns out, that was an extremely costly mistake, […]

  • Why now could be a great opportunity to buy undervalued UK shares

    UK shares look like brilliant value for money and this Fool wants to make the most of the opportunity. Here's one stock he'd buy. The post Why now could be a great opportunity to buy undervalued UK shares appeared first on The Motley Fool UK.

  • A surging stock market may not need a catalyst — but it's getting one

    As the stock market flirts with another round of all-time highs, the Nvidia earnings are just around the corner — and analyst expectations are high, once again. And almost no big stocks ever post that many triple-digit gains in a row.

  • China to buy unsold property in bid to revive sector

    STORY: China is taking bold new action in a bid to revive its ailing property sector. Beijing said Friday (May 17) that local governments would buy up some unsold apartments. Officials also promised forceful efforts to deliver unfinished homes. The move comes after years of turmoil in the sector. It all began in 2021, when officials started taking steps to tackle the massive debts built up by some property firms. Many major developers have since defaulted, or gone under. That has left China littered with millions of unsold or unfinished homes. Previous steps to drive a rebound don’t seem to have worked. Recent data have shown home prices, sales and investment all continuing to tumble. Now Beijing says local governments will buy apartments at “reasonable” prices, with many to be used for affordable housing. There was no detail on how long this would take, or how it would be funded. Analysts note that local authorities in China are already some $9 trillion in debt. Separately Friday, the country’s central bank said it would cut mortgage interest rates and downpayment requirements, in a further bid to boost home buying. Markets welcomed the various announcements, with China’s index of real estate stocks jumping 6% by midafternoon.

  • 2 British growth stocks I’d stash away in an ISA for the long run

    Our writer highlights two excellent UK growth stocks that he'd feel very comfortable buying today to hold for the long haul. The post 2 British growth stocks I’d stash away in an ISA for the long run appeared first on The Motley Fool UK.

  • Foreigners Sell Indian Stocks on Election Risks, China Appeal

    (Bloomberg) -- Indian stocks are set for the biggest monthly outflow in nearly a year as election uncertainties and high valuations prompt some funds to shift to cheaper alternatives like Chinese equities.Most Read from BloombergChina Attempts to End Property Crisis With Broad Rescue PackageWith a BlackRock CEO, $9 Trillion Vanguard Braces for TurbulenceUS Inflation Data Was Accidentally Released 30 Minutes EarlyPutin and Xi Vow to Step Up Fight to Counter US ‘Containment’Jamie Dimon Sees ‘Lot o