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Co-operative Bank Fixed Term Deposit for existing customers

The Co-operative Bank Fixed Term Deposit is only available to customers who have an existing Co-operative Bank Fixed Term Deposit and would like to reinvest their funds at maturity.


We will 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.

 

Our promise to you

Although our Co-operative Bank Fixed Term Deposits are limited issue and can be withdrawn without notice, we promise to honour the rates contained within your maturity pack as long as we receive your reinvestment instructions before your maturity date; on or after this date you may be offered a lower rate. However, if we increase rate on the Fixed Term Deposit you have chosen between your letter being sent and your maturity date you will automatically receive the higher rate.

These are the details of the current Co-operative Bank Fixed Term Deposits we are offering to customers with maturing accounts. If you have been offered higher rates in your maturity pack, we promise to honour those rates as long as we receive your reinvestment instructions before your maturity date.

If more than 1 month has passed since your Co-operative Bank Fixed Term Deposit matured, you cannot reinvest in another Co-operative Bank Fixed Term Deposit. However, you may be able to apply for a Britannia Fixed Rate Bond.

Customers must provide their instructions to reinvest within a month of maturity if they wish to reinvest into a Co-operative Bank Fixed Term Deposit.

Personal Savings Allowance

Following the introduction of the new personal savings allowance we will pay you gross interest on your savings. For more information about this and to find out how you may need to pay tax on the interest please visit www.gov.uk/hmrc/savingsallowance

1 Year Fixed Term Deposit

1 Year Fixed Term Deposit
Interest Credited
Gross AER%
Annual Interest 1.00 1.00
Monthly Interest 0.96 0.97

 

 

Key Product Information
Account name Fixed Term Deposit
Interest rates (AERs) The minimum balance for this account is £1,000.00. The interest rate is fixed for the term you choose.
Tax status Interest will be paid without the deduction of tax
Condition for bonus payment No bonus payments exist for this Account
Withdrawal arrangements It is not possible to make withdrawals from this account until maturity so you should consider whether the amount you want to deposit leaves you with adequate emergency funds
Access Branch/Post/Phone

2 Year Fixed Term Deposit

2 Year Fixed Term Deposit
Interest Credited
Gross AER%
Annual Interest 1.09 1.09
Monthly Interest 1.06 1.06

 

 

Key Product Information
Account name Fixed Term Deposit
Interest rates (AERs) The minimum balance for this account is £1,000.00. The interest rate is fixed for the term you choose.
Tax status Interest will be paid without the deduction of tax
Condition for bonus payment No bonus payments exist for this Account
Withdrawal arrangements It is not possible to make withdrawals from this account until maturity so you should consider whether the amount you want to deposit leaves you with adequate emergency funds
Access Branch/Post/Phone

3 Year Fixed Term Deposit

3 Year Fixed Term Deposit
 Interest Credited Gross AER%
Annual Interest 1.25 1.25
Monthly Interest 1.21 1.22

 

 

Key Product Information
Account name Fixed Term Deposit
Interest rates (AERs) The minimum balance for this account is £1,000.00. The interest rate is fixed for the term you choose.
Tax status Interest will be paid without the deduction of tax
Condition for bonus payment No bonus payments exist for this Account
Withdrawal arrangements It is not possible to make withdrawals from this account until maturity so you should consider whether the amount you want to deposit leaves you with adequate emergency funds
Access Branch/Post/Phone

Features and Benefits

  • A choice of 1, 2 or 3 year products to suit your needs.
  • Attractive fixed interest rate.
  • You have the comfort of knowing the interest rate you will receive on your savings.
  • If you would like to see your savings grow, you can choose to have your interest paid as a lump sum on maturity
  • If you would like your savings to earn you an income, you can have your interest paid into your bank account monthly
  • Choose to save between a minimum of £1,000.00 and a maximum of £1,000,000.00.
  • When your account matures, your money is transferred to a Smart Saver Account.
  • Can be opened as a joint account.
  • It is not possible to add to this account or withdraw funds from it until maturity.

If you want to use your ISA allowance take a look at our Cash ISAs for Maturing Customers.

Once your account has matured and your new Fixed Term Deposit has been opened, we will write to you to confirm your new account number and the interest rate you will earn for the term of the account.

Ways to reinvest

By post
We will write to you a few weeks before your account is due to mature enclosing a maturity options form. Simply complete the maturity options form, sign and return it to us in the envelope provided in enough time to reach us before your maturity date.  

By phone
Call us on 0800 666 768 and we can sort this out for you over the phone.

In branch
We'd recommend booking an appointment by calling your local branch during normal working hours. To ensure we're able to deal with your reinvestment, please bring along some identification with a signature.

Definitions

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.

Tax Free - The contractual rate of interest payable where interest is exempt from income tax.

Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on the customer’s individual financial circumstances.

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

Remember you can subscribe to a Co-operative Bank/ Britannia Cash ISA as long as you have not subscribed to another cash ISA with another provider in the current tax year.

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). Find out more