Co-op Bank vs Lloyds: Switch Bonus Comparison
Co-op Bank offers the better net value at £75 vs £0 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 required
- £100 upfront + £25/month for 3 months (£175 total)
- 7% AER Regular Saver (up to £250/month)
- Ethical banking
Verdict: Co-op Bank vs Lloyds
Co-op Bank comes with more perks (3 vs 0), including things like £100 upfront + £25/month for 3 months (£175 total).
Co-op Bank has the better regular saver rate at 7% vs 6.25%.
Frequently Asked Questions
Which has the higher switch bonus, Co-op Bank or Lloyds?
Currently only Co-op Bank has an active switch bonus. Lloyds does not have an active offer at this time.
Can I switch to both Co-op Bank and Lloyds?
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 Lloyds?
The cooling-off periods are: Lloyds: 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 Lloyds?
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.