The Co-operative Bank launches new 'Regular Saver' account with 7% interest rate
22 February 2024
3 min read
- Available from today, the account is open to anyone with a qualifying Co-operative Bank current account
- Anyone who is not a customer can sign up for a current account in order to open a Regular Saver account
- Unlike similar savings accounts, this account allows customers to access their funds penalty-free and has no minimum monthly deposit.
The Co-operative Bank has today announced the launch of its brand new Regular Saver account.
The Regular Saver is a savings account with an interest rate of 7%. The account can be opened with as little as £1 and once opened, customers can deposit up to a maximum of £250 each calendar month over a 12-month term. There is no minimum monthly deposit required and penalty-free withdrawals are permitted.
Customers who deposit the maximum £250 each calendar month could earn up to £114.21 in interest across the 12-month term. Customers can make deposits from their Co-operative Bank current account, or from an external account.
The Regular Saver account is available to anyone that has a qualifying Co-operative Bank current account. Anyone who is not currently a customer can still take advantage of the product by simply signing up for a current account before opening a Regular Saver.
Through the Regular Saver, The Co-operative Bank aims to encourage customers to build good savings habits.
Commenting on the launch John Ward, Director of Product at The Co-operative Bank said:
“We’re pleased to launch our Regular Saver account today and hope it will encourage more people to create good savings habits. As the only UK bank with a customer-led Ethical Policy, our savings customers can rest assured that their money will never be used to fund organisations involved in harmful activity such as the extraction or production of fossil fuels or any organisation that fails in its responsibility to respect human rights.”
The Co-operative Bank’s Regular Saver offers customers greater flexibility than similar accounts at other banks:
Contact
The Co-operative Bank Press Office
Landline: 0151 271 1985
| Account and rate (AER) | Max monthly deposit | Can you skip months? | Penalty-free withdrawals allowed? | Can deposits be made from external accounts? |
|---|
| The Co-operative Bank Regular Saver (Must be a current account holder, can open a current account to access the rate) 7.00% variable for one year | £250 | Yes | Yes. Customers that withdraw will simply accrue the same interest on a lower balance. | Yes |
| First Direct Regular Saver (Must be a current account holder, can open a current account to access the rate) 7.00% fixed for one year | £300 | No, minimum payment of £25 per month. | No and if you close early you’ll only get 2% interest for the time the money was in the account. | No. Payments can only be made by standing order from a First Direct current account. |
| Skipton Building Society Member Regular Saver (Must have been a member since before 11 Jan 2024) 7.00% fixed for one year | £250 | Yes | No, but early closure permitted. | Yes |
ENDS
Notes to Editors
Customers should note that:
They can only have one Regular Saver account of the same issue at any one time. Joint account holders cannot open an account on their own.
If they pay in more than the monthly limit, any amount over £250 will be returned to them.
To keep the account they must pay in at least £1 within the first 30 days of it being opened.
Interest will be paid in at the end of the 12 month term.
The Regular Saver will convert to Smart Saver following maturity.
For full details and terms and conditions, please visit: https://www.co-operativebank.co.uk/products/savings/regular-saver/
For further information please contact:
The Co-operative Bank Press Office
0151 271 1985
pressoffice@co-operativebank.co.uk
About The Co-operative Bank
The Co-operative Bank p.l.c. provides a full range of banking products and services to retail and SME (Small and Medium Sized Enterprises) customers and is committed to values and ethics in line with the principles of the co-operative movement.
In 1992, The Co-operative Bank took the pioneering step to become the first UK bank to launch a customer-led Ethical Policy, which gives the Bank’s customers a say on the ethical issues that are important to them, and how the Bank could help. These answers form the basis of our Ethical Policy, shaping the Bank’s ethical commitments, the way in which it will use customer’s money and the issues it will campaign for. Since 1992, the Ethical Policy remains unique in the UK and has been updated six times in consultation with the Bank’s customers, to reflect their changing priorities.
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