Co-op Bank's new switching offer works differently to most others on this page — instead of one lump sum, it's paid across four months, and the total you can earn depends on whether you're a new customer or already bank with the wider Co-op group. Here's exactly how it breaks down.
This offer requires two active Direct Debits every month you want to be paid. BeSwitchReady sets up two genuine ones — £0.99 each, £1.98/month total — so you're already eligible the moment you apply.
Be Switch-Ready →Up to £300 bonus, paid over 4 months. 2 DDs, £1,500 monthly pay-in, 5 card uses within 30 days, repeated each qualifying month.
| Stage | Payment | Requirement |
|---|---|---|
| Month 1 | £125 | Switch via CASS, 2 active Direct Debits, £1,500 pay-in, 5 card payments — all within 30 days |
| Months 2–4 | £25 each | Repeat the same conditions (2 DDs, £1,500 pay-in, 5 card payments) each additional month |
| November bonus | Extra £100 | Only for customers who held a Co-op Bank, smile, Coventry Building Society, Godiva Mortgages, or ITL Mortgages product on 21 June 2026 — a genuine banking, savings, or mortgage relationship, not the separate Co-op Group shopping membership card |
£125 + (£25 × 3) = £200 for most new switchers. The additional £100 in November is only available to existing Co-op Bank, smile, Coventry Building Society, Godiva Mortgages, or ITL Mortgages customers as of 21 June 2026 — this means a genuine banking, savings, or mortgage account, not the separate Co-op Group membership card used in Co-op supermarkets. (Co-op Bank has been owned by Coventry Building Society, not Co-op Group, since early 2025.) Most new switchers should expect £200, not £300.
Worth understanding before you apply: unlike a one-off bonus, this offer requires you to actively maintain the same conditions — two Direct Debits, £1,500 pay-in, 5 card uses — for up to four separate months in a row to collect the full £200. If you're not confident you'll keep meeting these every month, the £125 first payment alone is still solid value, but don't assume the full amount is guaranteed just by switching.
Yes, if you're comfortable maintaining the monthly conditions for a few months rather than a single one-off switch. It's currently the largest bonus on the market, and the Standard Current Account itself is a genuinely simple, no-frills option. The trade-off versus something like NatWest's £200 single-condition offer is effort: Co-op pays out the same broad total, but asks you to actively requalify every month rather than switch once and forget it.
Since this offer requires maintaining two Direct Debits across multiple months, your BeSwitchReady membership does exactly what this offer needs — permanently, without you having to think about it each time.
Not yet a member? Two Direct Debits, £1.98/month total (£0.99 each) — set up once, ready for every offer.
Join BeSwitchReady →Up to £300 available. Your BeSwitchReady Direct Debits transfer automatically via CASS.
Apply for Co-op Bank →Always verify current terms at co-operativebank.co.uk before applying. Bonus amounts, timelines, and eligibility criteria may change — this offer was verified as of July 2026.