Business savings accounts
At The Co-operative Bank, our business savings accounts offer flexible solutions and provide assurance that your money will not be used in a way that conflicts with our customers' values and ethics. Through our values and ethics polls, over 320,000 customer responses have helped to shape our Ethical Policy.
Business Select Accounts
With as little as £1, you can open a Business Select Savings Account and start earning interest on your balance, giving you a simple way to manage your money.
Instant Access Savings Account
A savings account with easy, same-day access available by transferring money to your Business Current Account. Interest is calculated daily and paid to your account twice a year, in April and October.
Summary box
What is the interest rate?
Balance
£1 +
Gross
0.50%
AER**
0.50%
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 value
£1000.00
Balance after 12 months
£1005.00
Interest after 12 months
£5.00
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.
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:
Online Banking- through electronic transfers to your linked Co-operative Bank Business Current Account.
Telephone Banking- through electronic transfers to your linked Co-operative Bank Business Current Account.
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.
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 savings accounts please read the important documents below and save copies of them for future reference.
Ready to apply?
Please fill in the relevant application form for your business entity.
- These forms should not be used to make changes to the information that the Bank holds about your business or any key account parties. The signatories and signing authority for the new account will be the same as the existing arrangements for your Business Current Account.
Limited companies and limited liability partnerships
Download Limited companies and limited liability partnerships PDFSole traders and partnerships
Download Sole traders and partnerships PDFCommunity Banking
Download Community Banking PDFImportant 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 PDFBusiness account Terms and Conditions
Download Business account Terms and Conditions PDFSavings accounts rates and information sheet
Download Savings accounts rates and information sheet PDFFSCS Information Sheet and Exclusions List
Download FSCS Information Sheet and Exclusions List PDFThe following savings account products are no longer available for new applications.
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14 Day Notice Savings Account
Balance
£1 +
Gross
0.50%
AER**
0.50%
Please note: Rate is correct as of 26/02/2019 - but is subject to variation unless otherwise stated.
Interest is calculated daily on the full cleared balance, and credited monthly.
Corporate Treasury Account
Balance
£1 +
Gross%*
0.12
AER%**
0.12
Corporate Reserve
Balance
£1 +
Gross%*
0.12
AER%**
0.12
Public Sector Reserve
Balance
£1 +
Gross%*
0.12
AER%**
0.12
Please note: Rates correct as of 27/03/2019 - but are subject to variation unless otherwise stated.
Interest is calculated daily on the full cleared balance, and credited monthly.
Any reference to tax is based upon our understanding of current tax regulations which may change in the future and depends upon the customer’s individual financial circumstances.
The Bank reserves the right to decline any application and/or deposit.
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.
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).
Financial Services Compensation Scheme
Your eligible deposits with The Co‑operative Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: The Co‑operative Bank, Britannia and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please click here for further information or visit www.fscs.org.uk
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