The Co-operative Bank's Everyday Extra account free for (at least) 3 months

Logging into the Co-op Bank's app today I saw that the Everyday Extra account is being offered for free for 3 months. According to the Ts and Cs, you'll still be charged the £15pm but it will be refunded every month.
At the same time, the bank are still offering the Refer a Friend bonus which is £125 each for referrer and referee. Note this means the following applies as a referrer as well as referee.
If you divide 125 by 15, that leaves 8 with a remainder of one-third. That is to say, the £125 bonus could pay for 8 more months after the conclusion of the promotional period, with £5 left over. That's a total of 11 months of the account effectively free, with a fiver left to treat yourself.
But it doesn't have to stop just there. Co-op also run a reward scheme called Everyday Rewards. This consists of £1pm payable for jumping through certain hoops, and 2p payable per debit card transaction up to a maximum of £1.20pm (so £2.20pm in total potential rewards). Leaving aside the spending component, the £1pm is easily obtainable if you can manufacture 4 DDs.
If you do so, at the conclusion of your 3 + 8 free months, you will have earned a further £11. This combined with the remaining £5 from your bonus gives you £16; £1 more than you need for a further month. So you can effectively get the Everyday Extra account for free for a whole year... and still be up a quid!
The benefits of the Everyday Extra account include:
  • worldwide family travel insurance
  • worldwide mobile phone insurance
  • UK & Europe vehicle breakdown cover
And all you have to do is:
  • either refer someone, or be referred
  • REFEREES: prepare a current account to switch, ensuring you fulfil the criteria for the switch incentive, and then switch to the Everyday Extra account (discussion here)
  • REFERRERS: open the Everyday Extra account
  • ensure you keep £15 in there at least until the £125 gets paid
  • keep the £125 in the account when it arrives to pay for fees after month 3
  • to get up to month 12: opt in to Everyday Rewards as soon as the account is open and fulfil the criteria every month to get the £1pm
  • month 11/12: decide whether or not you want to continue paying for the account
I think my facts and figures check out, happy to be corrected if I'm wrong on any count. Note I don't have the Everyday Extra account myself so unfortunately can't offer any views on it. It has previously been the top pick on the MSE's packaged bank account page as well as on other sites.
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