Co-op Bank vs Lloyds Premier: Switch Bonus Comparison
Lloyds Premier offers the better net value at £410 vs £75 after fees.
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- 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
- Pay in £5,000/month (or hold £100k+ in Lloyds savings/investments)
- Full CASS switch with 3 active direct debits
- Spend £200 on debit card within 35 days
- Account opened on or after 24 Feb 2026
- £100 upfront + £25/month for 3 months (£175 total)
- 7% AER Regular Saver (up to £250/month)
- Ethical banking
- Bupa Family GP & Wellbeing subscription
- 1% debit card cashback (up to £10/month)
- Disney+ Standard with Ads (or cinema tickets/lifestyle benefit)
- 0.2% mortgage discount
- 6.25% Regular Saver
Verdict: Co-op Bank vs Lloyds Premier
Lloyds Premier offers the higher switch bonus at £500 vs £75.
After accounting for monthly fees, Lloyds Premier gives you more in your pocket with a net value of £410.
Co-op Bank has no monthly fee, while the other charges £15/month.
Lloyds Premier has fewer requirements (4 vs 6), making it simpler to qualify.
Lloyds Premier comes with more perks (5 vs 3), including things like bupa family gp & wellbeing subscription.
Co-op Bank has no income requirement, while Lloyds Premier requires £60,000/yr.
Frequently Asked Questions
Which has the higher switch bonus, Co-op Bank or Lloyds Premier?
Lloyds Premier currently offers the higher bonus at £500, compared to £75 from the other bank.
Can I switch to both Co-op Bank and Lloyds Premier?
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 Premier?
Cooling-off period data is not currently available for these banks. Check the individual bank pages for the latest information.
Which bank is easier to switch to, Co-op Bank or Lloyds Premier?
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.