Business Select Instant Access

Business Select Instant Access savings account

Account highlights

Our Business Select Instant Access Account is an instant access business savings account with easy, same-day access so funds are available whenever you need them. 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.

1.63% AER

Earn interest at a variable rate of 1.62% gross, 1.63% AER, paid twice a year

£0

No minimum or maximum account balance required

Instant access

Make immediate withdrawals with no penalty charge

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.

Key information

How to withdraw funds

  • Make immediate withdrawals with no penalty charge
  • You can make withdrawals through online or telephone banking to your linked Co-operative Bank business current account.

Ready to apply?

Check your eligibility and apply.

Start an application

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

£16.30

Interest after 12 months

£1,016.30

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.

Account details

The information provided below is a summary of the key features of our Business Select Instant Access Account and is not to be a substitute for reading its terms and conditions.

Summary box

Business Select Instant Access Savings Account

The Business Select Instant Access Savings Account

1.62% gross

1.63% 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.

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.

£1,016.30 balance after 12 months

£1,000 deposit

£16.30 interest earned

This example is for illustrative purposes only and assumes:

  • 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.

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.

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.

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.

For existing Co-operative Bank customers

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.

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

Download Savings accounts rates and information sheet PDF

Download FSCS Information Sheet and Exclusions List PDF

Please note: these 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.

If your account requires two signatories or fewer

If your account requires two signatories or fewer, 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 need to download and complete our editable PDF application form below. Select the appropriate option for your business below, then click “Start an application” to be directed to the application form.

After you’ve completed the editable PDF application form, you can:

Apply by email

To apply by email, please send your application to:

SMEaccountopening@co-operativebank.co.uk

This email address is for receiving requests to open accounts only. We will not be able to respond to any emails received that do not contain a request to open an account.

Send the application by post

If you would prefer to submit your application by post, send your completed forms to:

Business Account Opening

The Co-operative Bank

P.O. Box 4931,

Interface Business Park,

Bincknoll Lane,

Royal Wootton Bassett,

SN4 4PL

Take your application form to a branch

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.

Apply

Does your business have an account with The Co-operative Bank?

Are you

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.

Glossary

Gross is the rate of interest payable before any tax is taken off.

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 means that it could go up or down.

A business day is usually Monday to Friday excluding bank holidays.

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?

35 Day Notice

For those who can give 35 days’ notice to withdraw money

  • Withdrawals made via telephone banking to your current account

  • Interest rate 2.12% gross / 2.13% AER variable calculated daily and paid twice a year

95 Day Notice

For those that do not need to withdraw often

  • Withdrawals made via telephone banking to your current account

  • Interest rate 2.50% gross / 2.51% AER variable calculated daily and paid twice a year

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.