The Co-operative Bank savings rates — compare every account, plus switch offers and guides

Who they are

The Co-operative Bank is a British retail and commercial bank based in Manchester. It grew out of the co-operative movement, evolving over the 20th century into a mid-sized high street bank operating throughout the UK mainland. It is the only UK high street bank with a customer-led ethical policy incorporated into its articles of association - a policy introduced in 1992 and revised in 2015 following consultation with over 320,000 customers. That commitment to ethical lending - refusing finance to businesses involved in fossil fuel extraction, human rights abuses and animal welfare violations - remains central to its identity.

In January 2025, the bank was acquired by Coventry Building Society, returning it to mutual ownership some 12 years after it fell into private equity hands. The two brands continue to operate under their current names and with separate banking licences , so for now nothing changes day to day. One important note for savers: if you hold accounts with both Coventry Building Society and The Co-operative Bank, you benefit from the maximum FSCS protection through each organisation separately.

Savings accounts

The Co-operative Bank's savings range covers most bases. All accounts carry FSCS protection up to £120,000 - notably higher than the standard £85,000 limit for most banks, which reflects the bank's specific licence arrangements.

The headline rate is the Regular Saver Account at 7.00% variable, which you can open from just £1. Easy access options are more modest - the Smart Saver and the Cash ISA sit at 1.40%, while the Online Saver and Online Cash ISA both pay 2.00%. If you are willing to accept limited withdrawals, the Select Access Saver 5 pays 3.28%. For those who hold a Co-operative Bank current account, a Base Rate Tracker account is available too, though the rates on those are lower than most alternatives on the market.

Fixed-rate savers get more to work with. The 1, 2 and 3 Year Fixed Term Deposits all pay the same rate, and you need a minimum of £1,000 to open them. On the ISA side, the 1 and 2 Year Fixed Rate Cash ISAs require £5,000 to open. There is also a Future Fund children's savings account available from £1. As always with variable accounts, rates can change - the live figures on this page are the ones to go by.

Switching to The Co-operative Bank

Both the free Current Account and the Everyday Extra (which carries a £12 monthly fee) come with a switch offer worth up to £200 for new customers. To earn the first £125, you need to complete a full switch via the Current Account Switch Service and then - within 30 days - pay in £1,500, set up 2 active Direct Debits, make 5 card payments and register for online or mobile banking. The additional £75 comes in £25 monthly instalments over up to 3 months, provided you keep meeting those same activity conditions each month.

Existing customers of The Co-operative Bank, smile, or Coventry Building Society who held an eligible account on 21 June 2026 may qualify for an additional £100 loyalty bonus, bringing the total to £300 - though the precise eligibility rules are worth checking carefully before you apply. Switch bonuses have no deadline listed at present, but terms can change.

The Everyday Extra account also comes with packaged insurance benefits including worldwide travel cover of up to 45 days per trip and RAC breakdown cover - worth factoring in if you currently pay for those separately.

Is it right for you?

The Co-operative Bank suits savers who want their money held somewhere with genuine ethical commitments, backed by a mutual owner. The Regular Saver rate is genuinely competitive, and the higher-than-standard FSCS limit of £120,000 is a practical reassurance for those with larger balances. The easy access and cash ISA rates are on the lower side compared to the best in the market, so if pure rate is your priority on those products, it is worth comparing carefully.

Check the live rates shown on this page before you decide - savings rates move regularly and what matters most is what the account is paying today.