A NEW bank switching offer has launched offering savers up to £300 to enjoy.

Co-operative Bank is paying out a massive £300 to existing customers or members of Coventry Building Society when they open a current or fee- paying Everyday Access Account.

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If you weren’t already an existing customer, you will only qualify for a £200 bonus.

The money is paid out in instalments, so you won’t get a big whack of cash deposited in your account.

New joiners will get £125 when you switch and use your account and then a further £75 paid out over the course of three months when you actively use your account.

To get the money, you will need to deposit a minimum of £1,500, complete at least five debit card transactions and have at least two active direct debits.

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Existing customers will then get an extra £100 the following November if they also meet these requirements.

This is available to customers of:

The Co-operative Bank and smile

Coventry Building Society

Godiva Mortgages Limited

ITL Mortgages Limited

This offer is also not open to customers who have benefited from a switch offer with the bank sicne November 2022.

It is a lucrative offer for those already banking with the Co-op, with a £100 getting paid in a month before Christmas enticing for many.

But new joiners could get more cash elsewhere.

HSBC is giving customers £220 when they switch their current account to the bank.

But you must move over at least two direct debits, and you must also deposit a minimum of £2,000 into the account.

Customers must spend £500 using a debit card linked to the account, and this must be done within 60 days of joining to receive the money.

Meanwhile, digital bank First Direct offers £200 as long as you switch in an account with two direct debits, pay in £1,000 and make five debit card payments.

Plus, Barclays and NatWest are also paying £200 to customers who are looking to switch.

How do I switch bank accounts?

SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).

Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.