Thinking of switching to Co-op Bank? Here's why you should move quick

Hayley Kirton
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Co-operative Bank signage
Want some extra cash for switiching? You better hurry up... (Source: Getty)

Those weighing up their options for a new current account might want to make their move before the end of this week.

Co-op Bank's £150 bonus for those switching to one of its current accounts is ending on Friday.

The bank started offering the sweetener six months ago, and, since then, current account sales have rocketed by 211 per cent.

For the time being, the cash incentive is available to both new and existing customers who use the full current account switching service.

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Although the bank will be saying goodbye to the golden hello, it will still offer its everyday rewards scheme, which offers customers up to £5.50 per month, provided they might certain requirements.

"We're immensely proud of our five star rated current account and the everyday rewards scheme available to our customers and we're confident that new switchers to the bank will really benefit from the account when they make the move and experience first-hand the great service offered by the bank's customer service teams," said Matthew Carter, products and marketing director at The Co-operative Bank. "During this campaign we've seen almost a 40 per cent decrease in the number of customers switching away from the bank, our customers are really reaping the rewards on offer."

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Those looking for added extras with their banking have been pushed for choice recently, and even more so after the Bank of England slashed the base interest rate to 0.25 per cent over the summer.

Back in August, Santander revealed it was chopping the interest rate offered on its popular 1,2,3 account to 1.5 per cent.

Meanwhile, last month, TSB confirmed it was cutting the interest rate on its Classic Plus account from five per cent rate on balances up to £2,000 to three per cent rate on balances up to £1,500.

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