Business Select Account

The simple way to plan ahead

Our Business Select account offers an easy way to manage your finances, earn interest, and save some cash for a rainy day.

Every business needs to budget for future plans - and for the unexpected. That's why we have created the Business Select account, to help you save as little or as much as you like, every month.

With as little as £1, you can open a Business Select account and start earning interest once your deposits have cleared, giving you a simple way to manage your money and complete peace of mind that you've got something put aside, just in case.

With Business Select, you can:

  • Put cash aside every month to cover your future outgoings
  • Earn interest straight away, through a tiered system of rates
  • Split funds between as many Business Select accounts as you like
  • Choose between instant access or 14-day notice accounts
  • Transfer funds instantly between your Co-operative Bank accounts with our useful sweep facility (only available on instant access accounts)
  • Receive your interest twice a year, in April and October
Account Name
Business Select - Instant Access Account
What is the interest rate?
Balance
Gross##
AER**
£1+
0.03%
0.03%
£100,000+
0.06%
0.06%
£250,000+
0.12%
0.12%
£500,000+
0.18%
0.18%

Interest is calculated daily and will be paid into your account on 5 April and 5 October. Where these dates fall on a non-Business Day^^, interest will be paid on the preceding Business Day^^.

Can The Co-operative Bank change the interest rate?

Yes - the interest is variable, which means it can go up or down.

We may change your interest rate for the following reasons:

  • to respond to a change in the Bank of England base rate or LIBOR (London Inter Bank Offered Rate) or other rate which impacts on the costs we incur
  • to respond to changes in our competitors' interest rates.

When we increase interest rates - we will tell you of the change as soon as possible after the increase has happened through national press advertisements, statement messages or statement inserts, or by writing to you or emailing you.

When we decrease interest rates - we will inform you by personal notice at least two months before we make the change.

Please note that if you are not a micro-enterprise or charity we may vary interest rates at any time. If we do so, we will tell you within 30 days of the change by statement message or within three days of the change by branch notice. 'Micro-enterprise' means a business with fewer than 10 employees and an annual turnover and/or balance sheet total of 2 million euros or less. 'Charity' means a charity with an annual income of £1 million or less.

For full details, please see the changes to interest rates section of the terms & conditions.

What would the estimated balance be after 12 months based on a range of deposits?
Initial deposit at account opening
Balance after 12 months
Interest earned
£1,000
£1,000.30
£0.30
£100,000
£100,060
£60
£250,000
£250,300
£300
£500,000
£500,900
£900

We have worked this out assuming:

  • You haven't made any additional deposits or withdrawals during the 12 month period.
  • We have not made any changes to interest rates during the 12 month period.

Please note: this example is intended to illustrate the interest that would be earned after 12 months. The balance shown does not take account of the fact that interest is paid on 5 April and 5 October, rather than 12 months after account opening.

How do I/we open and manage my account?

Can I/we apply for this account?

To be eligible for this account, you and any other signatories to the account must:

  • Be 18 years or over.
  • Have had no County Court Judgements (CCJs) in the last six years.
  • Not have been declared bankrupt or entered into an IVA in the last six years.
  • Not have missed any payments on personal credit obligations in the last six months.
  • Have a business address in the UK.
  • Reside in the UK.

How do I/we apply for this account?

You can apply for an account by completing an application form in one of the following ways:

  • Download the application form from our website, complete and post to us.
  • You can take your application form to your local branch where we will be able to check that the form has been completed correctly before we send it on to our account opening team.

Is there a minimum and a maximum balance?

The minimum opening balance is £1. There is no maximum balance.

How do I/we make deposits into this account?

You can pay money in by:

  • Immediate funds transfer from another of your Co-operative Bank accounts using Telephone or Online Banking.

How do I/we contact you to discuss this account?

You can contact us by telephone to discuss this account.

Can I/we withdraw money?

Yes - You can withdraw your money at any time as this account has no restrictions on withdrawals.

You can make withdrawals through the following ways:

  • Online Banking - through electronic transfers to your linked Co-operative Bank Business Current Account.
  • Telephone Banking - through electronic transfers to your linked Co-operative Bank Business Current Account.
Additional information

We will pay interest without deducting tax. If you earn more interest than the amount permitted as tax free income, you will have to pay tax on the interest earned directly to HM Revenue & Customs. If you are not sure whether you will have to pay tax, we recommend that you contact your local tax office or HM Revenue & Customs or visit www.gov.uk/hmrc/savingsallowance

Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.

##Gross - The gross rate of interest is the interest rate payable before any tax is deducted.

**AER - Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

^^Business Day - any day other than Saturday, Sunday or a bank holiday or public holiday in England and Wales.

Account Name
Business Select - 14 Day Notice Account
What is the interest rate?
Balance
Gross##
AER**
£1+
0.06%
0.06%
£100,000+
0.09%
0.09%
£250,000+
0.15%
0.15%
£500,000+
0.21%
0.21%

Interest is calculated daily and will be paid into your account on 5 April and 5 October. Where these dates fall on a non-Business Day, interest will be paid on the preceding Business Day.

Can The Co-operative Bank change the interest rate?

Yes - the interest is variable, which means it can go up or down.

We may change your interest rate for the following reasons:

  • to respond to a change in the Bank of England base rate or LIBOR (London Inter Bank Offered Rate) or other rate which impacts on the costs we incur
  • to respond to changes in our competitors' interest rates.

When we increase interest rates - we will tell you of the change as soon as possible after the increase has happened through national press advertisements, statement messages or statement inserts, or by writing to you or emailing you.

When we decrease interest rates - we will inform you by personal notice at least two months before we make the change.

Please note that if you are not a micro-enterprise or charity we may vary interest rates at any time. If we do so, we will tell you within 30 days of the change by statement message or within three days of the change by branch notice. 'Micro-enterprise' means a business with fewer than 10 employees and an annual turnover and/or balance sheet total of 2 million euros or less. 'Charity' means a charity with an annual income of £1 million or less.

For full details, please see the changes to interest rates section of the terms & conditions.

What would the estimated balance be after 12 months based on a range of deposits?
Initial deposit at account opening
Balance after 12 months
Interest earned
£1,000
£1,000.60
£0.60
£100,000
£100,090
£90
£250,000
£250,375
£375
£500,000
£501,050
£1,050

We have worked this out assuming:

  • You haven't made any additional deposits or withdrawals during the 12 month period.
  • We have not made any changes to interest rates during the 12 month period.

Please note: this example is intended to illustrate the interest that would be earned after 12 months. The balance shown does not take account of the fact that interest is paid on 5 April and 5 October, rather than 12 months after account opening.

How do I/we open and manage my account?

Can I/we apply for this account?

To be eligible for this account, you and any other signatories to the account must:

  • Be 18 years or over.
  • Have had no County Court Judgements (CCJs) in the last six years.
  • Not have been declared bankrupt or entered into an IVA in the last six years.
  • Not have missed any payments on personal credit obligations in the last six months.
  • Have a business address in the UK.
  • Reside in the UK.

How do I/we apply for this account?

You can apply for an account by completing an application form in one of the following ways:

  • Download the application form from our website, complete and post to us.
  • You can take your application form to your local branch where we will be able to check that the form has been completed correctly before we send it on to our account opening team.

Is there a minimum and a maximum balance?

The minimum opening balance is £1. There is no maximum balance.

How do I/we make deposits into this account?

You can pay money in by:

  • Immediate funds transfer from another of your Co-operative Bank accounts using Telephone or Online Banking.

How do I/we contact you to discuss this account?

You can contact us by telephone to discuss this account.

Can I/we withdraw money?

Yes - You can withdraw your money at any time as this account has no restrictions on withdrawals. However, if you do not provide at least 14 days advance notice of your withdrawal you will lose 14 days' interest on the amount withdrawn.

You can make withdrawals through the following ways:

  • Telephone Banking - through electronic transfers to your linked Co-operative Bank Business Current Account. However if you have not provided us with 14 days advance notice you will lose 14 days' interest on the amount withdrawn.
Additional information

We will pay interest without deducting tax. If you earn more interest than the amount permitted as tax free income, you will have to pay tax on the interest earned directly to HM Revenue & Customs. If you are not sure whether you will have to pay tax, we recommend that you contact your local tax office or HM Revenue & Customs or visit www.gov.uk/hmrc/savingsallowance

Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.

##Gross - The gross rate of interest is the interest rate payable before any tax is deducted.

**AER - Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

^^Business Day - any day other than Saturday, Sunday or a bank holiday or public holiday in England and Wales.

The Co-operative Bank, Platform, smile and Britannia are trading names of The Co-operative Bank p.l.c., P.O. Box 101, 1 Balloon Street, Manchester M60 4EP. Registered in England and Wales No. 990937.

The Co-operative Bank p.l.c. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (No.121885). Credit facilities are provided by The Co-operative Bank p.l.c. and are subject to status and our lending policy. The Bank reserves the right to decline any application for an account or credit facility. The Co-operative Bank p.l.c. is a member of the Council of Mortgage Lenders and subscribes to the Lending Code which is monitored by the Lending Standards Board. Find out more

FSCS logo

 

The Bank reserves the right to decline any application and/or deposit