Co-op Bank offers £125 to win new customers

Find out more: Co-operative Current accounts

"There’s a long way to go if Co-op Bank is to regain trust and repair its reputation but this could be the first small step in the rebuilding process."

Other offers for bank switchers

The Co-op's cash incentive is one of the best offered by a High Street Bank, with Halifax and First Direct offering new customers £100, while Nationwide Building Society is rewarding its existing customers with £50 each time they refer a new customer. Read more of the best incentives offered by banks here .

Nationwide's new 'Refer a Friend' offer will reward both the existing customer, and the recommended friend who has switched current accounts using the switching service, with £50 each. "I’m sure existing customers will have few quarms in recommending the UK’s biggest mutual to friends and family fed up with poor deals and/or sub-standard service," said Mr Hagger.

Existing Nationwide current account customers can recommend up to ten friends per year, giving them the opportunity to earn several hundred pounds.

"Both the Co-op's and Nationwide's incentives are worth a closer look, but it’s more about finding an account that mirrors the way you run your finances than short term incentives alone", he added.

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