Major UK bank axes rewards scheme which pays customers free £26

James Rodger

23 April 2024 at 8:54 am

The Co-op Bank has axed its rewards scheme which pays out a free £26 a year to customers. The Everyday Rewards scheme for Co-Op banking customers gives monthly rewards for simply banking with them and the scheme paid customers up to £2.20 a month if they hit the rewards criteria.

The Rewards scheme will end for all existing customers from May 31. The lender has confirmed its Everyday Rewards scheme will close for new customers from March 26 this year and would stop for existing customers by the end of May.

A Co-op bank spokesperson 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."

On its website, the Co-op Bank warned: "Our Everyday Rewards scheme is ending on 31 May 2024. If you're already opted in for Everyday Rewards, any reward amounts you earn up until 31 May 2024 will be paid into your account, or donated to your chosen charity, by 30 June 2024."

"A rewards scheme for our customers. No extra cost and get rewarded for making everyday use of your bank account each month," it added. To qualify, customers needed to pay in a minimum of £800 to the nominated account and stay in credit, or within your arranged overdraft limit on the nominated account.

Then, log in to online banking or the mobile banking app at least once a month, stay opted in for paperless statements on your nominated account, pay out at least four Direct Debits from your nominated account.

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