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The Co-operative Bank Fixed Term Deposits

Available exclusively for maturing Co-operative Bank customers, our fixed term deposits have been designed specifically for medium term saving, and reinvesting funds at maturity.


  • A choice of 1, 2 or 3 year fixed term deposits with interest rates ranging from 0.97% to 1.25% AER.

    • The interest is fixed and will not change for the term chosen by you.
  • Deposit between £1,000 and £1,000,000.
  • You can choose whether you want to receive your interest on maturity or as a monthly income.

    • Interest on maturity will be paid as a lump sum into your account at the end of the term.

      Monthly interest will be paid directly into a nominated account of your choice.

  • Designed for medium-term saving.

    • You can’t withdraw or add to your fixed term deposit before maturity, so you need to make sure that you don’t need access to your savings during the term.
  • Can be opened as a sole or joint account.
  • Receive annual statements if you select a 2 or 3 year term.
  • On maturity your money will be transferred to a variable rate instant access account.

Compare our fixed term deposit accounts

The main differences between our fixed term deposits are the lengths of their term and the interest rate you could earn.

1 Year Co‑operative Bank Fixed Term Deposit
Interest paid on maturity
1.00% Gross / AER
Interest paid monthly
0.96% Gross
0.97% AER
2 Year Co‑operative Bank Fixed Term Deposit
Interest paid on maturity
1.09% Gross / AER
Interest paid monthly
1.06% Gross
1.06% AER
3 Year Co‑operative Bank Fixed Term Deposit
Interest paid on maturity
1.25% Gross / AER
Interest paid monthly
1.21% Gross
1.22% AER

Summary Box for 1 Year Co-operative Bank Fixed Term Deposit

  • The information provided below is a summary of the key features of our 1 Year Fixed Term Deposit and is not intended to be a substitute for reading its terms and conditions.

Account name


1 Year Co-operative Bank Fixed Term Deposit

What is the interest rate?


Interest paid on maturity
Gross 1.00% AER 1.00%
Interest paid monthly
Gross 0.96% AER 0.97%
  • Interest is calculated daily.

Interest paid on maturity will be paid into your account on the first business day following maturity.

Interest paid monthly will be paid on the monthly anniversary of when you opened the account. If this date doesn't fall on a business day, it will be paid on the next business day. You can choose whether you’d like interest to be paid to another account with us or with another provider.

  • Once you have selected to have your interest paid either on maturity or monthly, you cannot change this.

Can The Co-operative Bank change the interest rate?


No - the interest rate on your account is fixed and will not change during the 1 year term.

What would the estimated balance be at the end of the fixed term, based on a £1,000 deposit?


Initial deposit at account opening

£1,000


Balance after 1 year

£1,010.00


Interest earned

£10.00

We have worked this out assuming:

  • You have chosen to receive your interest paid on maturity

How do I open and manage my account?


Can I apply for this account?

To apply, you must be:

  • A UK resident.
  • Aged 16 or over.
  • Reinvesting funds from a Co-operative Bank Fixed Term Deposit account on maturity when it reaches the end of its existing term.
  • This account can be opened as a sole or joint account.

How do I apply for this account?

You can re-invest in this account by:

  • Post - by completing and returning the reinvestment form sent within your pre-maturity pack.
  • Over the phone.
  • In Branch - by speaking to one of our advisors.

Is there a minimum and a maximum balance?

The minimum opening balance is £1,000.

The maximum balance is £1,000,000.

How do I make deposits into this account?

You can pay your initial deposit into this account by reinvesting funds from a Co-operative Bank Fixed Term Deposit account on maturity when it reaches the end of its existing term. If you would like to add additional money to the account at the time of re-investment, you can do this with cash, cheque or by transfer from another account held with us or another provider.

  • Further deposits and withdrawals are not permitted during the term of 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?


No - You can't make withdrawals from this account until maturity so you should consider whether the amount you want to deposit leaves you with adequate emergency funds.

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.

On maturity, you can access your money in branch, over the phone, by post, through online banking and through our mobile app.

Additional information


This is a limited issue product and may be withdrawn at any time.

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.

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

Summary Box for 2 Year Co-operative Bank Fixed Term Deposit

  • The information provided below is a summary of the key features of our 2 Year Fixed Term Deposit and is not intended to be a substitute for reading its terms and conditions.

Account name


2 Year Co-operative Bank Fixed Term Deposit

What is the interest rate?


Interest paid on maturity
Gross 1.09% AER 1.09%
Interest paid monthly
Gross 1.06% AER 1.06%
  • Interest is calculated daily.

Interest paid on maturity will be paid into your account on the first business day following maturity.

Interest paid monthly will be paid on the monthly anniversary of when you opened the account. If this date doesn't fall on a business day, it will be paid on the next business day. You can choose whether you’d like interest to be paid to another account with us or with another provider.

  • Once you have selected to have your interest paid either on maturity or monthly, you cannot change this.

Can The Co-operative Bank change the interest rate?


No - the interest rate on your account is fixed and will not change during the 2 year term.

What would the estimated balance be at the end of the fixed term, based on a £1,000 deposit?


Initial deposit at account opening

£1,000


Balance after 2 years

£1,021.91


Interest earned

£21.91

We have worked this out assuming:

  • You have chosen to receive your interest paid on maturity

How do I open and manage my account?


Can I apply for this account?

To apply, you must be:

  • A UK resident.
  • Aged 16 or over.
  • Reinvesting funds from a Co-operative Bank Fixed Term Deposit account on maturity when it reaches the end of its existing term.
  • This account can be opened as a sole or joint account.

How do I apply for this account?

You can re-invest in this account by:

  • Post - by completing and returning the reinvestment form sent within your pre-maturity pack.
  • Over the phone.
  • In Branch - by speaking to one of our advisors.

Is there a minimum and a maximum balance?

The minimum opening balance is £1,000.

The maximum balance is £1,000,000.

How do I make deposits into this account?

You can pay your initial deposit into this account by reinvesting funds from a Co-operative Bank Fixed Term Deposit account on maturity when it reaches the end of its existing term. If you would like to add additional money to the account at the time of re-investment, you can do this with cash, cheque or by transfer from another account held with us or another provider.

  • Further deposits and withdrawals are not permitted during the term of 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?


No - You can't make withdrawals from this account until maturity so you should consider whether the amount you want to deposit leaves you with adequate emergency funds.

This account matures on its two 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.

On maturity, you can access your money in branch, over the phone, by post, through online banking and through our mobile app.

Additional information


This is a limited issue product and may be withdrawn at any time.

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.

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

Summary Box for 3 Year Co-operative Bank Fixed Term Deposit

  • The information provided below is a summary of the key features of our 3 Year Fixed Term Deposit and is not intended to be a substitute for reading its terms and conditions.

Account name


3 Year Co-operative Bank Fixed Term Deposit

What is the interest rate?


Interest paid on maturity
Gross 1.25% AER 1.25%
Interest paid monthly
Gross 1.21% AER 1.22%
  • Interest is calculated daily.

Interest paid on maturity will be paid into your account on the first business day following maturity.

Interest paid monthly will be paid on the monthly anniversary of when you opened the account. If this date doesn't fall on a business day, it will be paid on the next business day. You can choose whether you’d like interest to be paid to another account with us or with another provider.

  • Once you have selected to have your interest paid either on maturity or monthly, you cannot change this.

Can The Co-operative Bank change the interest rate?


No - the interest rate on your account is fixed and will not change during the 3 year term.

What would the estimated balance be at the end of the fixed term, based on a £1,000 deposit?


Initial deposit at account opening

£1,000


Balance after 3 years

£1,037.96


Interest earned

£37.96

We have worked this out assuming:

  • You have chosen to receive your interest paid on maturity

How do I open and manage my account?


Can I apply for this account?

To apply, you must be:

  • A UK resident.
  • Aged 16 or over.
  • Reinvesting funds from a Co-operative Bank Fixed Term Deposit account on maturity when it reaches the end of its existing term.
  • This account can be opened as a sole or joint account.

How do I apply for this account?

You can re-invest in this account by:

  • Post - by completing and returning the reinvestment form sent within your pre-maturity pack.
  • Over the phone.
  • In Branch - by speaking to one of our advisors.

Is there a minimum and a maximum balance?

The minimum opening balance is £1,000.

The maximum balance is £1,000,000.

How do I make deposits into this account?

You can pay your initial deposit into this account by reinvesting funds from a Co-operative Bank Fixed Term Deposit account on maturity when it reaches the end of its existing term. If you would like to add additional money to the account at the time of re-investment, you can do this with cash, cheque or by transfer from another account held with us or another provider.

  • Further deposits and withdrawals are not permitted during the term of 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?


No - You can't make withdrawals from this account until maturity so you should consider whether the amount you want to deposit leaves you with adequate emergency funds.

This account matures on its three 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.

On maturity, you can access your money in branch, over the phone, by post, through online banking and through our mobile app.

Additional information


This is a limited issue product and may be withdrawn at any time.

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.

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

To apply, you need to be:

  • Aged 16 and over
  • A UK resident
  • Reinvesting funds from a Co-operative Fixed Term Deposit account, on maturity when it reaches the end of its existing term.

How can I re-invest?

We'll write to you a few weeks before your Co-operative Bank Fixed Term Deposit account matures. In this letter we will detail the interest rates offered to you if you reinvest and the ways in which you can re-invest.

Tools

Our savings tools can help you plan a budget and learn more about our ISAs.

Help for existing customers

Help and information about savings accounts for our existing customers.

Important documents

pdf

Terms and conditions

Download PDF (2.8MB)
pdf

How we use your personal information

Download 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).

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