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THE CO-OPERATIVE BANK INCREASES INTEREST RATE ON ONE AND TWO YEAR FIXED RATE ISAS

  • Available from Thursday 2 March, 2017 to new and existing customers

The Co-operative Bank is today, (Thursday, 2 March, 2017) increasing the interest rate it offers on its one and two year fixed rate ISA products providing a more attractive return for those looking to make the most of their tax free savings allowance towards the end of the 2016/17 tax year.

The bank is now offering a one year fixed rate ISA at 0.95 per cent AER and a two year fixed rate ISA at 1.05 per cent AER, to complement the existing range of tax free savings accounts that include an online cash ISA and standard cash ISA.

Savers can deposit from £5,000 to £15,240 utilising this year’s tax allowance, or they can open an account from £1 if transferring previous year’s ISA funds. The products are designed for those who are happy to make a lump sum deposit for a one and two year period. No further deposits are allowed into the account once the product has been withdrawn from sale. Withdrawals can be made from the account before the account reaches maturity but savers will lose 180 days’ worth of interest on the amount withdrawn.

For details of the full ISA range offered by The Co-operative Bank please visit:

www.co-operativebank.co.uk/savings/isas

Stuart Beattie, Head of Savings and Business Banking at The Co-operative Bank, said: “We’re pleased to offer savers a competitive rate of return on our range of fixed rate ISAs, to complement our existing Cash ISA products. With The Co-operative Bank, savers can be reassured that their money will not be put to use in a way which conflicts with our Values and Ethics Policy, which has been shaped by our customers.”

The Co-operative Bank is the only UK high street bank with a customer- led ethical policy and, as part of our ethical banking commitment, we will not bank organisations who fail to meet our ethical criteria - for example, those who do not uphold basic human rights or whose activities significantly contribute to harming the habitat of endangered animal species, among other things.

For more information on The Co-operative Bank’s Ethical Policy, visit:

www.co-operativebank.co.uk/aboutus/ourbusiness/ethicalpolicy

-Ends-

Notes to editors

FRISA fixed until 05.04.2018 - 0.95%
FRISA fixed until 05.04.2019 - 1.05%

About The Co-operative Bank

The Co-operative Bank plc provides a full range of banking products and services to around 4 million retail and SME (Small and Medium Sized Enterprises) customers.  The Bank is committed to values and ethics in line with the principles of the co-operative movement.

The Co-operative Bank is the only high street bank with a customer-led ethical policy which gives customers a say in how their money is used.  Launched in 1992, the Policy has been updated on five occasions, with new commitments added in January 2015 to cover how the Bank operates its business, products and services, workplace and culture, relationships with suppliers and other stakeholders and campaigning.