Commenting on The Co-operative Bank’s new current account switching offer, allowing customers to earn £100 and make a £25 donation to a leading charity of their choice, Jafar Hassan, personal finance expert at Uswitch.com, says: “With the current account switching service celebrating its six-month anniversary in March, banks are once again upping their game in a bid to both attract new customers and retain existing ones, so this is a clever move from the Co-op Bank.
“Following recent unwanted media attention, playing on its ethical approach and providing customers with £100 as well as the opportunity to reward a charity of their choice with a £25 donation could help get it back into the public’s good books.
“While a cash incentive can seem very attractive, benefits such as interest on balances and cashback rewards could be more valuable over the long-term so it’s important that consumers consider all of their options, before switching. However with the Co-op Bank offering the extra perks of a fixed rate ISA with up to 2.20% AER, and preferential rates on Co-op loans and credit card products, it could give consumers the whole package.
“However, the Co-op Bank is not the only provider to be offering hefty cash incentives to encourage consumers to switch. First Direct and Halifax both offer a £100 switch incentive, while Nationwide’s Flex Direct pays 5% AER on savings. With competition heating up, it remains to be seen whether this incentive from the Co-op Bank is enough to make it stand out from the crowd.”
Alexa Wheeler
Phone: 0207 1484 661
Email: alexa.wheeler@uswitch.com
Twitter: @uswitchPR
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