The Co-operative Bank has launched a festive incentive that promises to put extra cash in customers' pockets while simultaneously supporting a vital cause. The bank is offering a free £175 bonus to new customers who switch their current account and meet specific criteria. Furthermore, the initiative is tied to a charitable partnership, with the bank pledging that for every six account switches, it could provide a homeless young person with a warm bed on Christmas Day through its work with youth homelessness charity Centrepoint.
How to Claim Your £175 Christmas Bonus
To be eligible for the cash incentive, prospective customers must follow a clear set of steps. First, they need to use the Current Account Switch Service (CASS) to move to an eligible Co-operative Bank account. The qualifying accounts are the Standard Current Account, Current Account Plus, Privilege, Privilege Premier, or Everyday Extra.
Within eight weeks of starting the switch, the process must be fully completed, which involves closing the old account and transferring all payments. Then, in the 30 days following the switch completion, a minimum of £1,000 must be paid into the new account. This sum can be transferred as part of the initial switch process or deposited separately.
Additional requirements include having at least two active Direct Debits on the account and making a minimum of 10 debit card payments, which can include digital wallet transactions. Customers must also register for the bank's online or mobile banking service. Upon meeting all conditions, the bank will pay £25 per month for up to three months, totalling the £175 bonus.
Supporting Young People at Risk of Homelessness
This promotion is more than just a banking offer; it has a significant charitable angle. The Co-operative Bank is collaborating with Centrepoint, the UK's leading youth homelessness charity. The bank stated it aims to help young people "feel safe, seen and supported" this festive season.
The partnership highlights a pressing issue. Centrepoint estimates that around 23,500 young people could be at risk of homelessness this winter. Many face the grim prospect of sleeping rough, leaving them in a highly vulnerable position. The bank emphasises the urgency of supporting these individuals before they reach a crisis point.
A Dual-Purpose Festive Offer
This initiative creates a tangible link between consumer action and social good. While customers work through the steps to secure their £175 bonus, their participation directly contributes to the bank's ability to support Centrepoint's work. The offer neatly encapsulates a message of shared benefit during the Christmas period: financial gain for the switcher coupled with essential, potentially life-saving support for some of the UK's most vulnerable young people.
The Co-operative Bank's campaign, announced in early December 2025, strategically combines a competitive current account switch incentive with its long-standing ethical brand values, offering a compelling reason for consumers to consider a move.
