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Online Saver

Access your savings online or through the mobile app 24/7


  • Earn interest at a variable rate of 0.31% gross AER, paid annually.
  • Open an account with a £1 minimum.
  • Make unlimited withdrawals and deposits with instant access through online and mobile app banking.
    • You cannot deposit or withdraw cash and/or cheques from this account.
  • Available as a sole account only.
  • You'll receive paperless statements, that will be made available through online banking.

Summary Box for Online Saver

  • The information provided below is a summary of the key features of our Online Saver and is not intended to be a substitute for reading its terms and conditions.

Account name


Online Saver

What is the interest rate?


Interest paid annually
Gross variable 0.31% AER variable 0.31%
  • Interest is calculated daily and will be paid into your account on 5 April annually.

Can The Co-operative Bank change the interest rate?


Yes, the interest rate 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.
  • For any other valid reason.

When we increase our interest rates we'll tell you about the change within 30 days after it's happened. This includes notifying you through our website, national press advertisements, statement messages or statement inserts. We may also send you a letter in the post, or email you.

When we decrease our interest rates we'll inform you by personal notice at least two months before we make the change.

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 £1,000 deposit?


Initial deposit at account opening £1,000
Balance after 12 months £1,003.10
Interest earned £3.10

We have worked this out assuming:

  • You haven't made any additional deposits or withdrawals.
  • We have not changed the interest rate in 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 annually on 5 April, rather than 12 months after account opening.

How do I open and manage my account?


Can I apply for this account?

To apply, you must:

  • Be a UK resident (for tax purposes).
  • Be 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, or any other account we specify in the future.
  • Be registered for and apply through our online banking.
  • This account can only be opened as a sole account.

How do I apply for this account?

You can only apply for this account through the 'Products' section of online banking therefore you need to be an existing customer who is registered for online banking.

Is there a minimum and a maximum balance?

The minimum opening balance is £1.

The maximum balance is £1,000,000.

How do I make deposits into this account?

You can pay money in by:

  • Electronic transfers from another account held with us or another provider.
  • Arranging a standing order from another UK bank account.
  • You cannot deposit or withdraw cash and/or cheques from this account.

How do I contact you to discuss this account?

You can contact us by telephone or in branch to discuss this account.

Can I withdraw money?


Yes, you can withdraw your money whenever you want as this account has no restrictions on the number of withdrawals.

You can make withdrawals through the following ways:

  • Online and Mobile Banking - through electronic transfers to other accounts with us or another provider.
  • You cannot deposit or withdraw cash and/or cheques from this account.

Additional information


Interest earned from this account will count towards any of your available personal savings allowance.

We will pay interest without deducting income 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 income tax, we recommend that you contact your local tax office or HM Revenue and Customs or visit 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 income tax is deducted (if you do pay tax).

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

To apply, you need to be:

  • 16 or over.
  • A UK resident.
  • Be registered for and apply through our online banking.
  • A Co-operative Bank current account customer.
  • You can have either a Co-operative Bank Current Account, Current Account Plus, Privilege Current Account, Privilege Premier Current Account, Student Current Account, Cashminder account, or any other account we specify in the future.

Approval is based on an assessment of your personal circumstances.

Ready to apply?

Please read our Terms and Conditions, Summary of changes to our Co-operative Bank Savings Terms and Conditions with effect from 13th January 2018 and other important documents before applying.
  • All the information you’ve read so far (e.g. features, eligibility) can be found in the important documents below. We recommend that you save a copy of these important documents for future reference.
Start application

Important documents

Please note, Our Terms and Conditions are changing with effect from the 13th January 2018. Please see the below Summary of changes document which explains what we're changing and why.

Summary of changes to our Co-operative Bank Savings Terms and Conditions with effect from 13th January 2018 and Account Charges Leaflet.

Download Summary of changes to our Co-operative Bank Savings Terms and Conditions with effect from 13th January 2018 and Account Charges Leaflet. PDF (208KB)

Summary box (including interest rates)

Download Summary box (including interest rates) PDF (168KB)

How we use your personal information

Download How we use your personal information PDF (622KB)

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.

The Co-operative Bank reserves the right to decline or accept any application and/or deposit.

smile, The Co-operative Bank and Britannia are trading names of The Co-operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS).