Account overview
Rising interest rates are often good news when it comes to making money with your savings.
With our Base Rate Tracker Savings Account, we do all the hard work for you by tracking the Bank of England base rate — so if it goes up, the interest rate we pay on your savings will also go up by the same amount.
With a Base Rate Tracker Savings Account, you can:
Benefit from interest rates ranging from 2.25% to 5.00% gross/AER variable depending on your account balance — the more you save the more you earn
Benefit from interest rates that move with the Bank of England base rate
Receive interest paid every year on 5 April
Open your account as a sole or joint account
Manage your account online, through our mobile app, by telephone, in branch, or by post.
Please note:
To apply, you must be a UK resident aged 16 or over
You must already have one of our Co-operative Bank current accounts before you apply - if you’re applying for a joint account, just one of you needs to have a current account with us
This account has limited availability, so we may stop accepting applications at any time
As rates track the Bank of England base rate, they can go down, as well as up
The account tracks the base rate until 30 June 2025 and will then be reviewed
Your initial deposit must be paid within 30 days of opening the account
Maximum balance of £1,000,000
Minimum interest rate of 0%.
How does the Base Rate Tracker Savings Account work?
Our Base Rate Tracker Savings Account pays you a different rate of interest depending on your balance amount and the Bank of England base rate.
The interest rate is variable and tracks at a margin below the Bank of England base rate. The tracking rate is dependent on your account balance, as shown below.
These interest rates are based on the Bank of England base rate of 5.25%. To monitor the Bank of England base rate visit the Bank of England's website.
Interest rate changes take effect within 14 business days of a base rate change. The account tracks the base rate until 30 June 2025 and will then be reviewed, we will notify you of any changes at this time.
Not the right account for you? Take a look at our other savings accounts.
The account summary information is displayed in the summary box below — you must read it before applying. You can also download this information in a PDF format.
Base Rate Tracker Savings Account terms, conditions and summary box (PDF)
Account name
Base Rate Tracker Savings Account
What is the interest rate?
Interest rate (Gross / AER)
2.25% on balances £1+ which is tracking at 3.00% below Bank of England base rate
2.75% on balances £10,000+ which is tracking at 2.50% below Bank of England base rate
3.25% on balances £25,000+ which is tracking at 2.00% below Bank of England base rate
3.75% on balances £50,000+ which is tracking at 1.50% below Bank of England base rate
4.25% on balances £75,000+ which is tracking at 1.00% below Bank of England base rate
5.00% on balances £100,000+ which is tracking at 0.25% below Bank of England base rate
- Based on Bank of England base rate of 5.25%. To monitor the Bank of England base rate visit the Bank of England's website.
- The interest rate is variable and tracks at a margin below the Bank of England base rate dependent on your account balance (see above) until 30 June 2025. We will notify you of any changes at this time.
- The minimum interest rate is 0.00%. This means that we may pay you no interest dependent on your account balance and the defined margin below Bank of England base rate at that time.
- The interest rate earned will apply to the whole balance in your account.
- Interest is calculated daily and will be paid into your account annually on 5 April.
Can The Co-operative Bank change the interest rate?
Yes. The interest rate is variable, so it can go up or down dependent on the Bank of England base rate.
If the base rate changes, the new interest rate on your account will apply without notice, no more than 14 business days following a change in the base rate.
What would the estimated balance be after 12 months?
Balance after 12 months
£1,022.50 based on a £1,000 deposit
£10,275.00 based on a £10,000 deposit
£25,812.50 based on a £25,000 deposit
£51,875.00 based on a £50,000 deposit
£78,187.50 based on a £75,000 deposit
£105,000.00 based on a £100,000 deposit
This calculation is for illustrative purposes only and assumes:
- The Bank of England base rate as at 3 August 2023 remains unchanged at 5.25% during the 12 month period
- You don’t make any additional deposits or withdrawals during the 12 month period.
How do I open and manage my account?
Opening an account
To open an account you must:
- Be a UK resident aged 16 or over
- Have either a Co-operative Bank Current Account, Current Account Plus, Privilege current account, Privilege Premier current account, Student current account, Cashminder account, Everyday Extra current account or any other account we specify in the future.
You can open an account:
- Online
- In branch
- In sole or joint names
- With a minimum deposit of £1 – to be paid within 30 days.
There is a maximum balance of £1,000,000.
How do I pay into this account?
You can:
- Transfer money from your Co-operative Bank accounts or other bank accounts
- Pay in cash or cheques at a branch
- Pay in cheques by post or at your local Post Office.
How do I manage this account and get in contact?
- You can manage your account via online and mobile banking, over the phone or in branch.
- You can contact us over the phone or via a branch.
Can I withdraw money?
Yes. You can make as many withdrawals as you like.
You can withdraw money:
- Online - by transfer to an account with us or another provider
- In branch
- By telephone banking
- By requesting a bankers cheque - there is a charge for this.
Additional information
The Base Rate Tracker Savings Account is subject to availability and may be withdrawn from sale at any time without notice.
If you are or have previously been made bankrupt, you are eligible to apply.
Interest earned from this account will count towards your Personal Savings Allowance. You may need to pay tax to HM Revenue & Customs if the total interest you earn is greater than your Personal Savings Allowance.
Visit the Government’s website for more information.
Don't have a current account with us yet?
Our Base Rate Tracker is exclusively for Co-operative Bank customers. So if you haven't already, you'll just need to open a current account with us first.
Standard Current Account - our no-fee current account.
Everyday Extra - our packaged bank account that comes with worldwide travel insurance, UK & European breakdown cover, and mobile phone insurance, all for just £15 per month. Exclusions and limitations apply.
Cashminder - for people with no credit history or a low credit score who want a basic bank account they can use online and on mobile.
Student bank account - comes with an interest-free overdraft you can ask to increase each year, starting at £1,400. Eligibility and T&Cs apply.
Apply for a Base Rate Tracker Savings Account
If you’re eligible, you can apply either online, or in branch.
To apply, you must:
- Be a UK resident aged 16 or over
- Have a Co-operative Bank current account before you apply - if you’re applying for a joint account, just one of you needs to have a current account with us.
Approval is based on an assessment of your personal circumstances. The Co-operative Bank reserves the right to decline to accept any application and/or deposit.
To help protect you and ourselves against fraud, we’ll share the personal information from your application with fraud prevention agencies.
Before you apply:
- Please make sure you’ve read the summary box information, and read and saved copies of the important documents below.
Apply online
It will take you around 10 minutes to complete this application.
You'll now be taken to the application form. Please note that both parties can withdraw funds and make transactions on this account.
Apply in branch
If you’d prefer to speak to someone in person, you also have the option to apply in one of our branches.
Other ways you can save with us
If the Base Rate Tracker Savings Account isn’t right for you, there are plenty of other ways to save with us.
Select Access Saver 2
Up to 4.09% gross / AER variable
A limited access account for those who want a higher interest rate if they don't withdraw, but have easy access to their money when they need it.
Regular Saver
7.00% gross / AER variable
An instant access account exclusive to existing current account holders, who will be rewarded with a higher interest rate when they save up to £250 a month.
Co-operative Bank Fixed Term Deposit
Up to 4.53% gross / AER fixed (annually)
Monthly interest option available.
An account designed for those who want to lock away a lump sum for 1, 2 or 3 years, and earn a fixed rate of interest.
Savings terms explained
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.
Business day is usually Monday to Friday excluding bank holidays.
Calendar month means from midnight on the first day of a month to 11.59:59pm on the last day of the month.
Fixed interest means the rate stays the same until the account matures.
Gross is the rate of interest payable before any tax is taken off.
Tax-free means you will not pay any tax on your interest.
Tax year runs from 6 April to 5 April.
Variable interest means that it could go up or down.
Please note: any reference to tax is based on our understanding of current tax regulations which may change in the future and depend on the customer's individual financial circumstances.
The Co-operative Bank reserves the right to decline or accept any application and/or deposit.
Financial Services Compensation Scheme
Your eligible deposits held by a UK establishment of The Co-operative Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: The Co-operative Bank, Britannia and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please read further information on the FSCS scheme here or visit their website.
Not found what you're looking for?
Contact our support team