Business Select Account

The simple way to plan ahead

Our Business Select account offers an easy way to manage your finances, earn interest, and save some cash for a rainy day.

With as little as £1, you can open a Business Select account and start earning interest on your balance, giving you a simple way to manage your money.

With Business Select, you can:

  • Put cash aside every month to cover your future outgoings
  • Earn interest straight away
  • Choose between instant access or 14-day notice accounts
  • Transfer funds instantly between your Co-operative Bank accounts
  • Receive your interest twice a year, in April and October

To be eligible for a Business select deposit account, you must hold a Business current account with us.

Account Name
Business Select - Instant Access Account
What is the interest rate?
Balance
Gross##
AER**
£1+
0.03%
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 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 on a £1,000 deposit?
Initial deposit at account opening
Balance after 12 months
Interest earned
£1,000
£1,000.30
£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 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:

  • 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/hmrc/savingsallowance

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.

Account Name
Business Select - 14 Day Notice Account
What is the interest rate?
Balance
Gross##
AER**
£1+
0.03%
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 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 on a £1,000 deposit?
Initial deposit at account opening
Balance after 12 months
Interest earned
£1,000
£1,000.30
£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 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. However, if you do not provide at least 14 days advance notice of your withdrawal you will lose 14 days' interest on the amount withdrawn.

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/hmrc/savingsallowance

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.

The Bank reserves the right to decline any application and/or deposit