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Smart Saver

Take control of your savings, and make transactions online, over the phone, through our mobile app or by visiting us in branch.

  • Earn a variable rate of 0.25% gross AER, paid annually.
  • Open an account with £1 (maximum £1,000,000).
  • Make unlimited withdrawals and deposits to your account with instant access to online and mobile app banking.
  • You can also make deposits and withdrawals in branch, over the phone, or at the Post Office®.
  • We’ll issue you with a cash card so that you can withdraw your cash at any LINK machine across the UK.
  • Available as a sole or joint account.
  • You can opt-in for paperless statements.

Summary Box for Smart Saver

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

Account name

Smart Saver

What is the interest rate?

Interest paid annually
Gross variable 0.25% AER variable 0.25%
  • 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 as soon as possible after it's happened. This includes notifying you through 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 £1,002.50
Interest earned £2.50

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).
  • Aged 16 or over.
  • This account can be opened as a sole or joint account.

How do I apply for this account?

You can apply for this account:

  • Online - through our website.
  • In branch by speaking to one of our advisers.
  • Through online banking - existing customers can easily apply through the 'Products' section within 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.
  • Visiting any Co-operative Bank branch to pay in cash or cheques.
  • Sending cheques to us by post.
  • Visiting any Post Office® in the UK where you can pay in cheques and cash.

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.
  • Telephone Banking - through electronic transfers to other accounts with us or another provider.
  • Branch - withdraw cash over the counter and/or make electronic transfers to other accounts with us or another provider.
  • ATMs - You can use your cash card to withdraw up to £250 per day in cash, nationwide.
  • Post Office® - Visit any Post Office® branch to withdraw up to £250 per day in cash using your cash card.
  • You can also request a cheque withdrawal over the phone or in branch however there is a charge for this.

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.

ATMs - There are over 69,000 ATMs in the UK. Some ATMs may charge for cash withdrawals.

To apply, you must be:

  • A UK resident.
  • 16 or over.

Approval is based on an assessment of your personal circumstances.

Ready to apply?

Please read our terms and conditions 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.
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Important documents

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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