12 Month Fixed Rate Deposit Account

If you are looking to invest and do not require instant access to your funds, you could benefit from a fixed rate of return.

With a 12 Month Fixed Rate Deposit you can take advantage of an attractive rate of interest, over a fixed term. The amount, the term and the interest rate are fixed at the time of making the deposit, providing you with greater certainty when cash flow planning.

At the end of the term, you will get your initial capital, plus any interest accrued on your investment at the fixed rate, without any of the risks associated with investing in the stock market.

A Fixed Rate Deposit Account offers:

  • A higher rate of interest than our instant access accounts
  • Invest from as little as £10,000
  • The freedom to open as many Fixed Rate Deposit accounts as you like

Once you’ve invested in a Fixed Rate Deposit Account, no withdrawals are allowed for the duration of the investment period, and early account termination is subject to consent from the Bank.

You therefore need to make sure that you are considering your future business cashflow when investing for a fixed period of time.

View this account’s current interest rates

Account Name
12 Month Fixed Rate Deposit
What is the interest rate?
Interest Paid
Gross##
AER**
On Maturity
0.62%
0.62%
Can The Co-operative Bank change the interest rate?

No - the interest rate on your account is fixed. This means the interest will not change during the term of the deposit.

What would the estimated balance be after 12 months based on a £10,000 deposit?
12 month Fixed Rate Deposit
Initial deposit at account opening
Balance after 12 months
Interest earned
12 Month
£10,062.50
£62.50
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 £10,000. There is no maximum balance.

How do I/we make deposits into this account?

You can open your account using either a cheque deposit or by transfer from another account held in the same business name with The Co-operative Bank or any other UK bank. Further deposits are not permitted during the term of this account.

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?

No - You can't make withdrawals from this account until maturity, so you should consider your future business cashflow when investing for a fixed period of time.

This account matures on its one year anniversary and your money will be transferred to a variable rate instant access account unless you have provided us with your maturity instructions. We'll send you a letter before your maturity, to remind you of your maturity date and to let you know what options are available to you, when considering what you'd like to do with your money.

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.

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

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