The Co-operative Bank is about to withdraw its £150 switch offer. To secure the cash, you must switch to its Standard Current Account or Everyday Extra account by the end of tomorrow (July 5).

Initially, you’ll receive £75 for switching, but to claim the remaining reward, you’ll need to open a Regular Saver Account. If you do this, the Co-op will pay an additional £15 a month for the next five months, totalling £75.

To earn the first £75, new customers must also establish two active direct debits, deposit a minimum of £1,000, register for online banking or mobile banking, and make at least ten card transactions within 30 days. To receive the second half, you need to have qualified for the first £75 payment, and then open a Regular Saver account by no later than midnight on the last day of the full calendar month, following the month after you get the £75 switch incentive.

You also need to deposit a minimum of £50 into the qualifying Regular Saver account. The same criteria for the first payment then apply each month to get the extra £15, reports the Mirror.

You won’t be eligible for any switch reward if you have received a switch bonus from Co-operative Bank since November 2022.

John Ward, director of product at The Co-operative Bank, said: “We’re pleased to launch this new switch and regular save incentive today. As the only UK bank with a customer-led Ethical Policy, our customers can be assured that their money will never be used to fund organisations involved in harmful activity such as the extraction or production of fossil fuels or human rights abuses.”

Meanwhile, First Direct and Lloyds Bank are tempting customers with a £175 sweetener to make the switch and Nationwide is offering a generous £200 to those jumping ship – but there’s a catch; you’ve got to be an existing member. For those eyeing up a hefty credit application in the near future, like a mortgage, it might be wise to pause on the switch.

The word of caution comes because every switch application leaves its mark on your credit file.