Fixed Term Savings
For businesses who do not need access to their money for a set period of time and can benefit from a fixed rate of interest.
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6 month and 1 year fixed terms available
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Get 3.40% gross fixed on a 6 month term account or 3.31% gross fixed for a one year term
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Minimum £10,000 deposit, Maximum deposit of £10,000,000
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You can have multiple Business Fixed Term Savings accounts
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All our savings accounts are protected by the FSCS up to £85,000
Choose your fixed term length
6 months or one year terms available. Funds cannot be withdrawn during the account term.
Earn interest
6 month fixed term earns 3.40% gross, 3.43% AER, and one year fixed term benefit from 3.31% gross, 3.31% AER. The interest rate is fixed for the duration of the selected term, and interest is paid at term end.
Minimum £10,000 deposit
Maximum £10,000,000 deposit
How does it work?
- Choose your fixed term, either 6 months or one year
- Choose how much to deposit on the application form, you cannot add funds to the deposit amount once the account is opened
- Ensure the full deposit amount is available in your existing business bank account within 14 days of your account opening. If you do not have a business bank account you will need to open one before completing the Fixed Term Savings application form
- Your nominated deposit will be transferred automatically once the account is opened
- We will contact you towards the end of your fixed term for your account maturity instructions. If you do not give us these, we will return the full balance and accrued interest to the linked business bank account.
Please note; the AER for the 6-month Business Fixed Term Savings account is calculated on the assumption that at the end of the fixed term you can reinvest the initial deposit and any interest earned at the same interest rate for the remainder of the year.
Ready to check your eligibility and apply?
A choice of how to manage your account
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Telephone banking
You can ask for information about your Business Fixed Term Savings account via telephone banking
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In-branch banking
You can speak to someone about your Business Fixed Term Savings account in a branch
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You cannot view this account in Mobile or Online banking
Account name
Business Fixed Term Savings account
What is the interest rate?
Interest rate for Business Fixed Term savings
6 month term
3.40% Gross
3.43 % AER
One year term
3.31% Gross
3.31% AER
Interest is calculated daily and applied to your account when it matures at the end of fixed term, where this date falls on a non-business day, interest will be paid on the next business day.
Please note: the AER for the 6 month Business Fixed Term Savings account is calculated on the assumption that at the end of the fixed term you can reinvest the initial deposit and any interest earned at the same interest rate for the remainder of the year.
Can The Co-operative Bank change the interest rate?
No, the interest rate is fixed. It won't change until the account matures at the end of your term.
What would the estimated balance be at the end of the fixed term, based on a £10,000 deposit?
6 months
£10,170.31 balance after 6 months
£10,000 deposit
£170.31 interest earned
12 months
£10,331.25 balance after 12 months
£10,000 deposit
£331.25 interest earned
These calculations are for illustrative purposes only. They assume that you keep your account and the money in it until the end of the fixed term.
How do I 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:
- hold a Co-operative Bank business bank 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.
How do I/we apply for this account?
You can apply for this account by completing the application form on the savings section on our website. You’ll be asked to select your chosen fixed term when applying.
Opening your account and depositing money
- We will tell you when your Business Fixed Term Savings account has been opened. Once the account is opened, we will transfer the amount that you stated on your application form, out of your business bank account into your Business Fixed Term Savings account. You will have 14 days from the day your account is opened to make sure that the funds are available for us to do this. If after 14 days the funds aren’t available, we’ll close the account and contact you to confirm.
- You are only permitted to make a single deposit into the account which must be transferred from either your Co-operative Bank business bank account, or another matured Business Fixed Term Savings account.
- The minimum deposit is £10,000.
- The maximum deposit limit is £10,000,000.
- The fixed term you have chosen will begin on the day you make the single deposit.
- Once you have made your single deposit, you cannot make any further deposits to the account during the fixed term.
How do I contact you to discuss this account?
You can contact us by telephone to discuss this account.
Can I withdraw money?
No – This is a fixed term deposit and this means that you cannot make withdrawals, payments or close the account during the fixed term.
We will contact you in advance to inform you of your options at maturity. These will include reinvesting some or all of your savings (at the interest rates available at that time) and/or withdrawing some or all of your savings. Withdrawals at maturity will be transferred to your Co-operative Bank business bank account. If we have not received your instructions at the maturity date, we will transfer the matured balance, inclusive of credit interest, to your Co-operative business bank account.
Additional information
This is a limited issue product and may be withdrawn without notice at any time.
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 the particular circumstances of your business.
You may hold more than one Business Fixed Term Savings account with us at any time.
The Co-operative Bank reserves the right to decline or accept any application and/or deposit.
The information provided in the boxes above is a summary of the key features of this savings account and is not to be a substitute for reading its Product Terms and Conditions.
I'm ready to apply
Check your eligibility and apply for our Fixed Term Savings account.
Please make sure you have reviewed the account summary above before proceeding with your application.
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Please note: You must have a Co-operative Bank business bank account before applying for a savings account.
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 bank 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
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Please note: Your application is subject to status. This means we’ll assess your financial circumstances and complete credit checks.
Apply
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Savings terms explained
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.
Business day is usually Monday to Friday excluding bank holidays.
Gross is the rate of interest payable before any tax is taken off.
Variable interest means that it could go up or down.
Fixed interest means that the rate stays the same until the account matures.
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Changes to scam reimbursements
There is now more protection for victims of certain types of scams. Read more about the changes to scam reimbursements.
Financial Services Compensation Scheme
Your eligible deposits held by a UK establishment of The Co-operative Bank p.l.c. 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.