Just when I was about to call it quits, a suitable (and quite doable) bank switch promotion offer came by to save the day. You see, the constraint for me is that I have switched banks so many times to take advantage of their bonus rewards offers that there are not many available, and for the ones that are, I might not qualify for a hosts of reasons. That is not to say that it has become an impossible task but it certainly requires a little bit of patience and sifting. If you happen to be new to the game, congratulations, there are thousands for grabs. As for me, I am taking it in small steps targetting one switch per year. So, after nearly a ten month wait, my turn arrived in mid October when the Co-Op Bank launched a decent promotion for which I found myself ticking all the boxes.

First things first, what are the Terms & Conditions of the offer? I have summarised the relevent information for the record. Let’s read the T&Cs carefully:

1. The Co-operative Bank up to £175 switch offer

Switch bonus: £100; Additional bonus: up to £75

Additional Info

• Bonus paid: Within 7 days of meeting the criteria.
• Additional bonus requirements: Make 10 debit card transactions a month for three months. Payout 2 direct debits every month for three months. Deposit £1,000 every month for three months.
• Additional bonus paid: Within 7 days of each “month” ending.

Requirements

• Request to start a switch to a new or existing Standard or Everyday Extra current account within 2 weeks of opening the account.
• Switch using the Current Account Switch Service and close old account within 8 weeks of requesting

Exclusions

• Not already have a bonus from Co-operative Bank since 1 November 2022
• Offer limited to one welcome offer per person and account

2. The plan to get the £175 Reward

Having done the leg work of going through the T&Cs, this is what I need to do to grab the first £100 of the offer:

• Apply online for a Co-Op account and request a switch providing my donor account details (Ulster Bank).
• Set up two direct debits.
• Transfer £1,000 pounds into the account.
• Complete at least 10 debit card transactions.

To get £75 in three payments of £25 per month over the next three months:

• Deposit at least £1,000 per month.
• Make ten or more debit card payments.
• Make sure two direct debits are active and moneys are coming off the account.

3. The Execution

Applying is a five minute job. The clever thing as well is that the two direct debits will be transferred across from my old account so I do not need to take any further action.

I cannot possibly deposit any funds or make any payments until the account is set up and the debit card is in my hands, and for that I am afraid that I necessarily need to wait for the postman to deliver the goods. It took a good couple of weeks for that to happen but eventually, I was able to proceed with the £1,000 transfer and paid off the outstanding balance of my AMEX credit card in ten chunks using my brand new Co-Op debit card. True to their word, they proceeded to credit my account with £100 just after a few days. Sweet.

I will follow an identical process to qualify for the three £25 monthly payments: I will transfer a minimum of £1,000 into the account every month and I will clear off my AMEX balance in at least 10 payments using the debit card. Easy enough for me.

Well. It is mid November at the time of writing and I am expecting my initial £25 reward in the first week of December. In other words, I will cash in £125 at best in the 2025 calendar year. That is £75 short of my £200 target for Bank Switch Promotions in 2025. Not ideal but I can live with that. On the positive side, I will hopefully have a head start of £50 in 2026 and a fresh promotion to tackle. And that is a terrific prospect. As for now, this is all I managed to report. Until the next one… tada.