Co-op Bank vs First Direct: Switch Bonus Comparison
First Direct offers the better net value at £175 vs £75 after fees.
- Request full CASS switch within 2 weeks of opening
- Complete switch within 8 weeks
- Deposit £1,000+ within 30 days
- 2 active direct debits
- For monthly bonuses: £1,000/month deposit, 2 DDs, 10+ card transactions
- Cannot have received Co-op switch incentive since 1 Nov 2022
- Full CASS switch with 2+ direct debits/standing orders
- Deposit £1,000 within 45 days
- 5 debit card transactions within 45 days
- Register for digital banking
- New customers only (never previously held First Direct account)
- £100 upfront + £25/month for 3 months (£175 total)
- 7% AER Regular Saver (up to £250/month)
- Ethical banking
- 7% AER Regular Saver (up to £300/month)
- £250 interest-free overdraft buffer
- Fee-free debit card spending abroad
- Top-rated customer service
Verdict: Co-op Bank vs First Direct
First Direct offers the higher switch bonus at £175 vs £75.
First Direct has fewer requirements (5 vs 6), making it simpler to qualify.
First Direct comes with more perks (4 vs 3), including things like 7% aer regular saver (up to £300/month).
Frequently Asked Questions
Which has the higher switch bonus, Co-op Bank or First Direct?
First Direct currently offers the higher bonus at £175, compared to £75 from the other bank.
Can I switch to both Co-op Bank and First Direct?
Yes, you can switch to both banks, but you need to do them one at a time using the Current Account Switch Service (CASS). Complete one switch, wait out the cooling-off period, then switch again to the second bank.
How long is the cooling-off period for Co-op Bank and First Direct?
The cooling-off periods are: First Direct: 12 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, Co-op Bank or First Direct?
Both banks use the Current Account Switch Service (CASS), which makes the process straightforward. The main differences are in specific requirements like minimum pay-in amounts, number of direct debits, and whether you need to use their app. Check the requirements comparison above for full details.