Major bank launches free £300 cash bonus in new savings account deal - are you eligible?

The Co-operative Bank has unveiled what it describes as its most generous switching incentive to date, offering customers the chance to receive up to £300 for moving their current account.Those switching to either the bank's standard or packaged account will receive £200 in total, comprising an initial £125 payment followed by three monthly instalments of £25 for active account usage.An additional £100 loyalty payment is being made available to more than 4 million existing Co-operative Bank and Coventry Building Society customers who make the switch.The bank is positioning this summer promotion as a market-leading deal, arriving alongside significant enhancements to its account offerings designed to deliver greater value for families and everyday banking needs.Breakdown assistance for UK and European journeys has also been expanded, with customers now able to claim cover even when travelling as passengers in another person's vehicle.The combination of reduced pricing and enhanced coverage aims to position the account among the most competitive bundled banking packages currently available to British consumers.Customers will also benefit from the removal of the bank's 2.75 per cent foreign transaction fee on debit card purchases abroad, a change that now applies as standard across all current accounts offered by the institution.For those looking to build their savings, current account holders gain access to a Regular Saver paying seven per cent gross/AER variable, placing it among the most attractive rates currently on the market.LATEST DEVELOPMENTSMajor high street bank launches market-leading savings account offering eight per cent interestMajor UK supermarket cuts prices on 160 grocery essentials in boost for shoppersPension scandal as 'thousands of' civil servants left waiting on retirement paymentsThe savings account can be opened with just £1, allowing customers to deposit up to £250 monthly and potentially earn as much as £114 in interest across the 12-month term.Kat Robinson, the head of Family and Everyday Banking at The Co-operative Bank, said: This summer, we're launching our biggest and best switching offer yet, bringing even more value to our customers and members, and making sure people really feel the difference. She added: The extra £100 on offer to more than 4 million of our existing customers is just one of the ways we're able to thank them for their loyalty and is all part of our commitment to offering banking that amounts to more. Rachel Springall, a finance expert at Moneyfacts, said: A cash boost can be incredibly useful over the summer months, so it's fantastic to see this latest offer launched by The Co-operative Bank.She noted that with household budgets under strain, having current account options that offer genuine value and avoid unnecessary charges has become increasingly important for consumers.Here is a full list of the savings deals and freebie benefits from Co-Operative Bank this summer:Up to £300 current account switch offer for over four million Co-operative Bank and Coventry Building Society loyal customersNew customers can get up to £200 for switching to a Standard Current Account or Everyday Extra accountEveryday Extra monthly fee reduced to £12, from £18Comprehensive package worth over £640, including UK European breakdown cover, worldwide family travel and mobile phone insuranceHoliday boost - no foreign exchange fees on debit cardsAccess to a highly competitive Regular Saver account paying seven per cent AER Our Standards: The GB News Editorial Charter