35 Day Notice Business savings account
Account highlights
Our 35 Day Notice Account is a business savings account that gives you a shorter notice period than our 95 Day Notice Account. Only existing customers can apply for this savings account through this page. If you are new to The Co-operative Bank, you can apply for a savings account as part of your application for one of our business current accounts.
£0
No minimum or maximum account balance required
35 days
To avoid loss of interest you must give 35 days’ notice before taking money out.
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.
How to withdraw funds
- You must give 35 days' notice to withdraw without a charge.
- You can make withdrawals through telephone banking to your linked Co-operative Bank business current account.
Ready to apply?
Check your eligibility and apply.
Illustrative example
A representation of what your balance could be after 12 months if you were to make a £1,000 deposit and make no withdrawals over that time.
£1,000.00
Initial deposit value
£20.40
Interest after 12 months
£1,020.40
Balance after 12 months
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 opening.
We have worked this example out assuming the new interest rates from 21 October apply.
Account name
35 Day Notice Account
What is the interest rate?
Interest rate for 35 Day Notice Account
Up to 20 October 2024
2.12% gross
2.13% AER
Up to 21 October 2024
2.03% gross
2.04% AER
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 and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
£1,020.40 balance after 12 months
£1,000 deposit
£20.40 interest earned
This example is for illustrative purposes only and assumes:
- the new interest rates from 21 October apply
- there has been no interest rate change in the 12 months
- you have not made any additional deposits
- you have not made any withdrawals
Please note: We have not taken into account that interest is paid on 5 April and 5 October, rather than 12 months after opening.
How do I open and manage my account?
Eligibility
To be eligible for this account, you and any other key individuals to the account must:
- hold a Co-operative Bank business current account
- be 18 years old or over
- have 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 have 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
Applying
If your account requires two signatories or fewer, you can apply by completing our online application form below.
If your account requires three signatories or more, you will need to download and complete our editable PDF application form below. Then, you will need to email or post it to us using the contact details on the form.
Alternatively, you can take the completed form to your nearest branch where we can check that it has been completed correctly and send it to our account opening team. Please note that you will need to make an appointment at the branch before you bring the form to us.
How do I 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.
There is no minimum or maximum balance restrictions for this account.
How do I contact you to discuss this account?
You can contact us by telephone to discuss this account.
Can I withdraw money?
Yes. But you must give 35 days' notice to withdraw from the account.
However, you can make a withdrawal without giving us the required 35 days' notice but you'll be charged the value of 35 days' interest on the amount you withdraw, using the account's interest rate.
This charge will be taken from any interest you've earned but have not yet been paid. If you have not earned enough interest to cover the charge, the outstanding sum will be taken from your remaining deposit(s). If the unpaid interest and your remaining deposit(s) do not cover the charge, the Bank may recover the funds by other means, i.e. by exercising its right of set off.
You can make withdrawals through telephone banking 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.
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.
How to apply
Please note: your application is subject to status. This means we’ll assess your financial circumstances and complete credit checks.
Please make sure you have reviewed the summary box above before proceeding with your application.
For new to bank customers
Only existing customers can apply for this savings account through this page. If you are new to The Co-operative Bank, you can apply for a savings account as part of your application for one of our business current accounts.
You will also need to follow Steps 1 and 2 below before you commence our online account application process.
Step 1. Check if you’re eligible
To be eligible for this account, you and any other key individuals to the account must:
- hold a Co-operative Bank business current account
- be 18 years old or over
- have 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 have 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.
Step 2. Read and save the important documents
Please make sure you read and save these important documents 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.
Download How we use your personal information PDF
Download Business account Terms and Conditions PDF
Step 3. Complete an application form
Please note: this forms should not be used to make changes to the information that the Bank holds about your business or any key individuals. You can add or change signatories to your account following the change of signatories process. The signatories and signing authority for the new account will be the same as the existing arrangements for your business bank account.
You can apply by completing our online application form below. Select the appropriate option for your business below, then click “Start an application” to be directed to the application form.
If your account requires three signatories or more
If your account requires three signatories or more, you will receive an additional signing pack email from the Account Opening team to capture all required signatures.
Apply
Application timeline
for existing Co-operative Bank customers
-
As little as 20 minutes
Submit your completed forms
Complete the application form, sign it in line with your account mandate and submit or send it to us.
-
Within 5 business days
Get a decision
Once received, your application will be checked and we’ll contact you if we need additional information.
-
Within 10 business days
Set up
Within two days of your application being approved, we’ll send you the account details and add them to your online banking account, if you have one.
Gross
Gross is the rate of interest payable before any tax is taken off.
AER
AER stands for Annual Equivalent Rate. It shows what the interest rate would be if interest were paid and added to your account each year.
Variable interest
Variable interest means that it could go up or down.
Business day
A business day is usually Monday to Friday excluding bank holidays.
Signatory
Any individual named as a signatory on an account has the authority to run it e.g. sign cheques, letter requests and company instructions.
If there is more than one signatory on an account, a signing instruction may be in place. This means that all requests must be signed by the required number of signatories before they are carried out.
We ask you to confirm the signatories on your account when you open a business account with us.
Not the account for you?
95 Day Notice
For those that do not need to withdraw often
Business Select Instant Access
For those wanting an easy access savings account
Financial Services Compensation Scheme
Your eligible deposits held by a UK establishment of 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 Co-operative Bank and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please read further information on the FSCS scheme here or visit their website.