The Co-operative Bank

Who they are

The Co-operative Bank has had co-operative values and ethics at its core since it was established in 1872. In January 2025, the bank was acquired by Coventry Building Society , returning it to mutual ownership - an organisation owned by and run for the benefit of its members. Combined, the two organisations have total assets of approximately £90 billion, making the new group the seventh largest lender in the UK.

Ethics are genuinely central to how the bank operates, not just a marketing label. In 1992, the Co-operative Bank became the first UK bank to launch a customer-led Ethical Policy - they asked customers about the ethical issues that mattered to them, and those answers shaped the bank's commitments on how it would, and would not, use their money. The bank has not financed fossil fuel extraction, production or infrastructure since 1998. Your savings are protected under the Co-operative Bank's own FSCS licence, separate from Coventry Building Society - more on that below.

Savings accounts

The bank offers a decent spread of accounts. The standout is the Regular Saver Account at 7.00% variable, though you need a Co-operative Bank current account to open one. All accounts are open from as little as £1, except the fixed-term deposits and fixed-rate ISAs which require a minimum of £1,000 and £5,000 respectively.

For easy access, the Select Access Saver 5 pays 3.28% with limited withdrawals per year, while the Online Saver pays 2.00% with unrestricted access. The Smart Saver and Cash ISA both sit at 1.40%, and the Base Rate Tracker accounts pay between 1.00% and 1.25% depending on whether you hold a current account - relatively modest compared to the market's best easy access rates right now.

Fixed-rate options run from 4.00% for one year up to 4.18% for three years. There are also fixed-rate Cash ISAs at 4.00% (one year) and 4.09% (two years) for those who want tax-free interest locked in. The Online Cash ISA pays 2.00% variable with instant access from £1.

All savings accounts here carry FSCS protection up to £120,000 - note that this is the Co-operative Bank's own licence, shared with any other Co-operative Bank accounts you hold but separate from Coventry Building Society.

Switching to The Co-operative Bank

There is a current account switch offer available. New customers can earn up to £200, built from an initial £125 for completing a qualifying switch via the Current Account Switch Service, plus up to £75 paid in £25 monthly instalments over the following three months - provided you keep meeting the ongoing activity conditions. Eligible existing customers of the Co-operative Bank group and Coventry Building Society can receive an additional £100 loyalty bonus, bringing the maximum to £300. You will not qualify if you have already received a Co-operative Bank switching incentive since November 2022.

Is it right for you?

If ethics matter to you when choosing a bank, the Co-operative Bank has a genuinely distinctive position - its customer-led Ethical Policy is a real differentiator, not just a strapline. The Regular Saver at 7.00% is one of the best on the market for current account holders who can commit to monthly deposits. The fixed-rate savings and ISAs are solid, but the easy access variable rates are well below the market leaders, so it is worth comparing carefully if flexibility is your priority.

Check the live rates shown on this page before you apply - savings rates change regularly and the figures here reflect the latest position.