The Co-operative Bank, which has a branch on George Street, Croydon, is offering up to £175 for eligible customers who switch their current account.
The offer includes £100 for completing the switch and an additional £25 per month for the next three months.
Customers who switch will also gain exclusive access to a savings account with a 7 per cent AER interest rate.
This allows customers to earn interest on up to £250 per month.
The offer, which is £25 more than the previous incentive, is available for a limited time to new and existing customers who switch to an eligible Co-operative Bank current account.
The switching payments will be deposited into the customer’s Co-operative Bank current account.
The announcement comes after Santander’s branch closure in Croydon this summer, leaving The Co-operative Bank as one of the few high street banks in the town centre.
Irum Chaudry, Croydon branch manager, said: “For the community in Croydon, this is a timely opportunity to join The Co-operative Bank – with another bank’s branch closing their doors on the town.
“Supporting the community of Croydon is incredibly important to us, and we’re pleased to be able to offer customers the chance to benefit from £175 in cash through this incentive.”
The bank also highlighted the potential for switchers to reduce the carbon impact of their money by up to 86 per cent by withdrawing funds from other banks.
As customers of what the bank calls the UK’s original ethical bank, their funds will not be invested in businesses or organisations that conflict with their ethics.
This means their money will not be used to fund the extraction or production of fossil fuels, animal cruelty, or the manufacture or transfer of arms to oppressive regimes.
