The Co-operative Bank is offering £125 to consumers looking to switch their current account.

As well as receiving the cash incentive, eligible customers switching their account to the Co-op will also be raising £25 for homeless charity Centrepoint as the bank will make a donation for every new customer.

There is a choice of accounts for anyone looking to switch to the Co-op and take advantage of this offer – its standard Current Account, Current Account Plus, Everyday Extra, Privilege and Privilege Premier accounts.

In order to qualify for the £125, you’ll need to make sure at least four active Direct Debits are moved across to your new account and that the switch is done using the Current Account Switching Service.

Matthew Carter, director of products and communications at The Co-operative Bank, said: “This new switching incentive is a way to thank our new customers for choosing to bank with us, and also enables them to help give young homeless people a future through our charity partner Centrepoint.

150,000 young people face homelessness each year in the UK

“Donations will help to fund the great work they’re doing to tackle youth homelessness across the UK, with their specific focus being on helping those young people aged 16-25 who are often the more vulnerable members of our communities.

“We’re the only UK bank to include a charity donation as part of our switching incentive offer. This highlights our commitment to values and ethics and how they are embedded at the heart of our business.”

Mr Carter said the donations were a great way of celebrating 25 years of the Co-operative Bank’s customer-led ethical policy.

This new switching incentive is a way to thank our new customers for choosing to bank with us

Matthew Carter, director of products and communications, The Co-operative Bank
Atom 246 lives here

“Our values and ethics are as important to our customers today as they were when we launched our policy 25 years ago, and we are the only UK high-street bank that operates according to customer-defined ethical guidelines.

“We look forward to seeing the difference the donations will make to young people in the UK.”

Faye Edmondson, Centrepoint’s senior fundraising manager, said: “We’re incredibly grateful to The Co-operative Bank and its customers for making this special commitment to help the 150,000 young people who face homelessness in the UK every year.

“The money raised will go towards The Centrepoint Helpline, which provides advice to young people when they feel as though they have nowhere to turn, and towards supporting homeless young people in Manchester – setting them up with the skills and confidence they need to get a job and a home.”