BANK BLOW
Exact date this month major high street bank with 2.6million customers will AXE rewards scheme
Find out how you can switch banks below
A MAJOR high street bank is axing its rewards scheme for existing customers within a matter of days.
The Co-operative Bank is scrapping its Everyday Rewards scheme on May 31.
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The scheme is free for all Co-op Bank current account customers and rewards you for everyday banking.
You earn £1 a month if you meet certain eligibility criteria and a further £1.20 a month if you use your debit card for everyday spending.
Bankers can choose to have this money paid into their current account or instead donate it to one of several charities.
But the scheme is closing to existing customers after May 31.
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A bank spokesperson previously told The Sun the Rewards scheme closed for new customers on March 26.
They added: "Customers opted into the scheme can continue to earn rewards up to and including May 31.
"Since launching the scheme in 2016, our customers have enabled us to donate over £1.6million to our charity partners.
"We want to reassure customers that the closure of this scheme will not affect the support provided to these partners and that we remain committed to supporting both them and their causes."
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To be eligible for Everyday Rewards, you have to hold one of five accounts:
- Current Account
- Everyday Extra current account
- Privilege account
- Privilege Premier account
- Current Account Plus
Switch bank accounts for free perks
You also have to pay £800 into your nominated account and payout at least four direct debits from the same account to qualify.
It comes with the Co-operative Bank set to be acquired by Coventry Building Society, pending regulatory approval.
Coventry Building Society agreed to pay £780million in cash for the bank in April.
Negotiations between the Co-operative Bank and Coventry Building Society were ongoing for three weeks prior to the deal being struck.
How to switch bank accounts
If the news the Co-operative Bank is axing its Rewards scheme has left you disappointed, you can always switch banks.
This can be done, in most cases, via the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.
The full list of participating banks and building societies is on CASS' website.
Banks offering switching bonuses
THERE'S two banks offering free cash incentives to switchers..
Santander is offering £175 to anyone who opens a Santander Edge current account.
Within 60 days of opening the account you also have to set up two direct debits and pay in £1,500 or more.
The £175 will then be paid between 60 and 90 days after you first started the switch.
First Direct is also offering switchers £175 in free money for anyone opening one of its 1st Accounts.
You just have to switch two or more direct debits or standing orders across within 30 days of opening the account.
You also have to add at least £1,000 into the account, register and log on to internet banking and use the debit card at least five times within 30 days of opening the account.
All you have to do is apply for your desired new current account and the new bank will tell your existing one you're making the switch.
Any direct debits are moved across for you, but there are a few things you can do before applying.
This includes choosing the date you switch and transferring any old bank statements to your new account.
You can get these from your existing bank.
Whenever switching banks, be sure to check what other perks come with the current account.
One bank might be offering a more competitive savings account rate or an interest-free overdraft facility.
Others offer you cashback on your everyday spending.
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For example, Santander is currently offering £175 in free cash to switchers, plus ongoing 1% cashback on energy, council tax, broadband, TV, mobile and water bills, up to £10 a month.
Chase Bank is also offering switchers 1% cashback on almost all everyday spending, worth up to £15 a month - or £180 a year.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
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