The Co-operative Bank has launched a new
limited offer giving a £200 incentive to customers who switch their
main current account to The Co-operative Bank.
The Co-operative Bank offer follows Spanish
lender Santander’s incentive, offering up to £300 to customers who
switch their main current account to Santander.
The offer has been open since 17 October to
any new or existing current account customers with The Co-operative
Customers could apply for the £200 incentive
current account switch offer online, in-branch and over the phone.
But due to “unprecedented demand from customers looking to switch
their current account”, the limit for online and telephone
applications has now been reached for non-members of The
Co-operative, the lender told RBI in a statement.
For any non-members, the offer remains open
for a limited period in all of
The Co-operative Bank’s 342 branches across the UK, including both
the The Co-operative Bank and Britannia.
“We are greatly encouraged by the significant
increase in customers who are looking for an alternative to their
current provider and have opened an account with The Co-operative
Bank,” The Co-operative Bank mentioned.
Members of The Co-operative can still apply for the offer online,
in-branch and over the phone.
Once customers have completed their current
account switch to The Co-operative Bank, they are required to
credit a minimum of £800 into their account for the first three
months in order to be eligible for the £200.
Customers do not need to hold additional
products such as mortgages and savings with the The Co-operative
Bank in order to receive the full £200.
Said managing director of retail for The
Co-operative Bank, Rod Bulmer, “Many customers may be disillusioned
with their current provider and we want to have the opportunity to
prove that there are genuine alternatives to the big five
Head of banking at The Co-operative Bank,
Robin Taylor, added, “With 2,000 new current account customers
joining us each week, we have a dedicated switching team who are
here to make the process as easy as possible.
“We know that many people worry about moving
banks, so for customers wanting the extra reassurance of regular
updates throughout their switch we’ll send them texts every step of
The Co-operative Banking Group has £70 billion
in assets and 9m customers. The Co-operative Bank is one of two
only major UK players (along with Lloyds Banking Group) to have
boosted its branch network this century; its branch network has
grown by over 200 units in that time, largely as a result of its
2009 merger with the Britannia Building Society.