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14 day notice account

With as little as £1, you can open a 14 day notice account and start earning interest on your balance.

Summary Box

Account Name


Business Select - 14 day notice account

What is the interest rate?


Balance

£1+

Gross*

0.03%

AER**

0.03%


Interest is calculated daily and will be paid into your account on 5 April and 5 October. Where these dates fall on a non-Business Day^^, interest will be paid on the preceding Business Day^^.

Can The Co-operative Bank change the interest rate?


Yes - the interest rate is variable, which means it can go up or down.

When we increase our interest rates - the new interest rate will apply immediately and we will tell you about the change within 30 days of applying it by displaying information on our website or by branch notices, national press advertisements, statement messages or inserts, or by writing to you (this can include email), or by any combination of these methods.

When we decrease our interest rates - we will tell you by personal notice at least two months before we make the change. Personal notice means by post or email.

For full details of the circumstances in which we may change interest rates, please refer to our Terms & Conditions.

What would the estimated balance be after 12 months based upon a £1,000 deposit?


Initial deposit at account opening

£1000.00

Balance after 12 months

£1000.30

Interest earned after 12 months

£0.30

We have worked this out assuming:

  • You haven't made any additional deposits or withdrawals during the 12 month period
  • We have not made any changes to interest rates during 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 on 5 April and 5 October, rather than 12 months after account opening.

How do I/we open and manage my account?


Can I/we apply for this account?

To be eligible for this account, you and any other signatories to the account must:

  • Be 18 years old or over
  • Have had no County Court Judgements (CCJs) in the last six years
  • Not have been declared bankrupt or entered into an IVA in the last six years
  • Not have missed any payments on personal credit obligations in the last six months
  • Have a business address in the UK
  • Reside in the UK.
How do I/we apply for this account?

You can apply for an account by completing an application form in one of the following ways:

  • Download the application form from our website, complete and post to us
  • You can take your application form to your local branch where we will be able to check that the form has been completed correctly before we send it on to our account opening team.

Is there a minimum and a maximum balance?

The minimum opening balance is £1. There is no maximum balance.

How do I/we make deposits into this account?

You can pay money in by:

  • Immediate funds transfer from another of your Co-operative Bank accounts using Telephone or Online Banking.
How do I/we contact you to discuss this account?

You can contact us by telephone to discuss this account.

Can I/we withdraw money?


Yes - You can withdraw your money at any time as this account has no restrictions on withdrawals.

You can make withdrawals through the following ways:

Telephone Banking - through electronic transfers to your linked Co-operative Bank Business Current Account. However, if you have not provided us with 14 days advance notice you will lose 14 days interest on the amount withdrawn.

Additional Information


We will pay interest without deducting 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 tax, we recommend that you contact your local tax office or HM Revenue & Customs or visit
www.gov.uk/apply-tax-free-interest-on-savings

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 tax is deducted.

**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 and the key parties must meet the following criteria

You and the key parties must:

  • Hold a Co-operative Bank Business Current Account
  • 18 years old or over
  • Had no County Court Judgements (CCJs) in the last 6 years
  • Not have been declared bankrupt or entered into an IVA in the last 6 years
  • Not missed any payments on personal credit obligations in the last 6 months
  • Have a business address in the UK
  • Reside in the UK.

If you are a Limited Company the following criteria also applies:

  • The directors have never been disqualified
  • The business has never been subject to insolvency, or an intention to dissolve
  • The business has not had a negative net worth in the last set of financial accounts.

Your application is subject to status and based on an assessment of your financial circumstances.

If you are eligible to apply for one of our business deposit accounts please read the important documents below and save copies of them for future reference.


Ready to apply?

Please complete the relevant application form for your business entity.

Limited companies and limited liability partnerships

Download Limited companies and limited liability partnerships PDF

Sole traders and partnerships

Download Sole traders and partnerships PDF


Important documentation

Please make sure you read this important information before you apply for this product to ensure that it meets your needs. The useful documents below will provide you with all the details you need to make your decision.

How we use your personal information

Download How we use your personal information PDF

Business account Terms and Conditions

Download Business account Terms and Conditions PDF

Deposit accounts rates and information sheet

Download Deposit accounts rates and information sheet PDF

FSCS Information Sheet and Exclusions List

Download FSCS Information Sheet and Exclusions List PDF

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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