The Everyday Rewards scheme for Co-Op banking customers gives monthly rewards for simply banking with them and the scheme paid customers up to £2.20 a month if they hit the rewards criteria
Co-operative Bank will be axing its reward scheme for its 2.6million banking customers from next month.
The lender has confirmed its Everyday Rewards scheme will close for new customers from March 26 this year and would stop for existing customers by the end of May. According to the high street bank’s website, all payments due from the scheme would be completed by the end of June. However, it did not give a reason for the scheme’s axing.
The Everyday Rewards scheme for Co-op banking customers gives monthly rewards for simply banking with them. The scheme paid customers up to £2.20 a month if they hit the rewards criteria. To be eligible, you needed to pay £800 to your nominated account, stay within credit – or your arranged overdraft limit – log into your mobile banking once a month, pay out at least four direct debits, and opt for paperless banking statements.
You could receive £1 by simply hitting this criteria and you could earn another £1.20 for your debit card spending. This gave an extra 2p every time you used your debit card to pay for things. Over the course of a year, you could earn £26.40 through the rewards scheme.
Banking customers could also donate their free cash to a number of different charities if they wanted. These charities included: Refuge, Amnesty International, Oxfam, Hospice UK and Woodland Trust. Since the launch of the rewards scheme in 2016, Co-op banking customers have donated over £1.6million to Co-op’s charity partners. In a letter sent to customers earlier this month, Co-op bank said it would continue working with its charity partners and assured customers that the closure of the rewards scheme would not affect the support the bank gives them.
A Co-op bank spokesperson said: “Our Everyday Rewards scheme closed for new customers from March 26, 2024 and will close for existing customers on May 31, 2024. Customers opted into the scheme can continue to earn rewards up to and including May 31. Since launching the scheme in 2016, our customers have enabled us to donate over £1.6million to our charity partners. We want to reassure customers that the closure of this scheme will not affect the support provided to these partners and that we remain committed to supporting both them and their causes.”
