The Co-operative Bank Launches Select Access Saver Account

The Co-operative Bank is today (19 January, 2017) launching a new savings account, Select Access Saver 7, designed to offer savers the benefit of higher interest rates and with the ability to make up to four withdrawals each year.

Offering a competitive interest rate of 0.60 per cent gross AER, savers can make up to four withdrawals each calendar year without penalty. If a customer does make additional withdrawals, the interest rate will fall to 0.10 per cent gross AER which will apply for the remainder of that calendar year (up until 31 December). From 1 January the following calendar year, the rate will revert back to the higher interest level.

Summary of features:

• Access which allows customers up to four withdrawals per calendar year - once the withdrawal limit is exceeded the interest rate will reduce to 0.10 per cent gross AER for the rest of the calendar year. There is no limit on the number of withdrawals allowed.
• Minimum opening deposit of £500, maximum balance of £1,000,000.
• Once opened the balance can drop to £1 which is the minimum balance for this account.
• Available to open in The Co-operative Bank’s 105 branches, online, or by telephone and post
• Serviced via branches and telephone, to a nominated account.
• Statement based (no passbook or ATM card).
• Interest is paid annually on the first working day after January 1st each year.

See notes for link to full details

The launch of this new savings account adds to The Co-operative Bank’s range of savings options and represents a competitive rate in the market for this type of account.

Stuart Beattie, Head of Savings and Business Banking at The Co-operative Bank, said: “At The Co-operative Bank we’re committed to designing products that are fair and transparent – it’s part of our ethical approach to banking. In a low interest rate environment, we recognise that many savers are eager to achieve increased returns from their savings accounts but don’t want to lock their money away long term as you would in a traditional fixed rate savings bond.

“Select Access Saver 7 enables us to offer a competitive savings rate to our customers without asking them to lock their savings away. Unexpected expenses often crop up, whether that be needing to get a boiler repaired or having to fix your car if it breaks down, and knowing you can access your cash when you need it, without paying the penalty of a reduced interest rate is a fairer option for those that want to save but need some flexibility.”

With The Co-operative Bank, savers can be reassured that their money will not be put to use in a way which conflicts with our values and ethics, with our ethical commitment being shaped by our customers. Within our ethical policy we highlight in our ethical banking commitment that we will not provide any banking services to businesses or organisations that fail to uphold basic human rights within its sphere of influence, or whose activities significantly contribute to the degradation of endangered animal species’ habitats, as examples.

For more information on The Co-operative Bank’s Ethical Policy, visit http://www.co-operativebank.co.uk/aboutus/ourbusiness/ethicalpolicy