Co-operative Bank gives 'one-week' alert as millions eligible for extra £100 payment

The Co-operative Bank has issued a final warning to customers that there is just one week remaining to claim an additional £100 payment as part of its ongoing switching incentive. Eligible customers who switch to either a Standard Current Account or Everyday Extra could receive up to £300 in total, combining the initial £200 switch reward with the £100 loyalty bonus. This bonus, however, is set to expire on August 17, 2026, after which it will no longer be available. The offer is described by the bank as its largest ever switching incentive, aimed at encouraging customers to move their accounts. More than four million individuals are currently eligible for the £100 payment, making it one of the most substantial promotions in the current account market. The bank emphasized that the offer is closing soon, urging customers to act quickly to secure the full amount. The timing of the deadline aligns with broader updates to the bank's product offerings, including a reduction in the monthly fee for the Everyday Extra account from £18 to £12. Alongside the financial incentives, the bank has introduced several enhancements to its current account services. These include travel and mobile phone insurance coverage for the entire household, as well as breakdown cover for UK and European trips when traveling as a passenger in another person’s vehicle. Additionally, the bank has eliminated its 2.75% foreign transaction fee on debit card purchases overseas, making international spending completely fee-free for all current account holders. Customers who opt for the Regular Saver account will also benefit from a competitive rate of 7.00% gross/AER, allowing them to start saving with as little as £1 and earn up to £114 in interest over a 12-month period. This option is available exclusively to current account holders, providing an added layer of financial flexibility. The bank has also announced that the Everyday Extra account now offers a range of benefits valued at more than £640 annually. These include comprehensive insurance packages tailored to support families both at home and during travel. Kat Robinson, head of family and everyday banking at The Co-operative Bank, highlighted the importance of the £100 loyalty bonus, noting that it serves as a recognition of customer loyalty and a final chance to capitalize on the offer before it expires. The promotion is being promoted in conjunction with the broader restructuring of the bank’s current account products, reflecting a strategic effort to attract and retain customers through enhanced features and improved pricing. The bank has also partnered with Coventry Building Society, enabling joint eligibility for the loyalty bonus, thereby expanding the reach of the offer. As the deadline approaches, the bank is likely to see increased activity among customers seeking to switch accounts and secure the maximum possible rewards. With the £100 bonus expiring on August 17, 2026, the final window for action is rapidly narrowing, prompting urgent calls for customers to review their options and make informed decisions. The bank’s continued focus on improving service and offering competitive rates underscores its commitment to maintaining a strong position in the competitive banking sector.