A current account gives you access to the features and benefits needed to manage day to day banking. You can check and manage your balance, pay bills, make purchases online or in-store and more. It also offers a safe place to get your money paid into.
Applying for a bank account online is easy. Make sure to check your eligibility before starting your application.
Overdrafts are intended for short term borrowing and not suitable for long term borrowing.
An arranged overdraft is a set amount you've agreed with us in advance. You will be charged debit interest when you use your arranged overdraft.
You can find out more about our overdrafts, including how to apply for a new limit, or change an overdraft limit you already have, by visiting our overdrafts page. You must make regular payments into your account to reduce the amount you owe.
If you already have an arranged overdraft limit with us, which you'd like to remove, you can do this by contacting us.
To help manage your money and avoid/minimise debit interest you might pay, we send overdraft text alerts if you go into or you're about to go into an arranged or unarranged overdraft. We will also send alerts if you have payments due that may not be paid.
As long as we have your mobile number, you'll be automatically opted in for overdraft text alerts. You can opt out of arranged and/or unarranged overdraft alerts at any time by contacting us.
Approval is based on a credit check, an assessment of your personal circumstances and is subject to status.
The representative APR provided can enable you to compare the costs across different products and providers.
As an example, the interest cost of borrowing £500 is:
This is based on borrowing £500 on the first day of our charging period and assumes this overdrawn balance remains until it is repaid at the end of 7, 30 or 60 days. This example does not include any interest-free amounts that are provided on some accounts.
You can use our calculator to work out how much your anticipated arranged overdraft borrowing would cost over different periods of time.
This is a scheme you can opt into at no extra cost, which rewards you for Everyday Banking each month.
We are making some changes to Everyday Rewards from 1st July 2021. You'll be able to be rewarded up to £2.20 each month (£1 for qualifying plus an additional 2p for each debit card transaction, up to the maximum of £1.20). Please read our Everyday Rewards benefits and summary of changes 1st July 2021 document on our Everyday Rewards page.
When you switch your current account to The Co‑operative Bank, we do all the hard work.
The interest rate you'll have to pay on any overdrawn balance:
£60 monthly cap
We have a £60 cap on interest for any type of overdraft (arranged overdraft or unarranged overdraft) in one charging period. This means the maximum you will ever pay for using an overdraft per charging period is £60.
The monthly cap refers to the charges applied in a charging period not a calendar month. Please refer to the Account Charges Leaflet for details of the charging periods.
Below is a standard definition to allow you to compare unarranged overdraft charges across different providers, but in practice we don't actually charge fees for allowing or refusing a payment where you have a lack of funds.
A Statement of Fees will be sent to you at least once every 12 months. It’s an overview of all the fees and charges applied to your current account within the time period shown on the statement. We will also include any debit or credit interest and refunds where applicable.
It will be sent to you by post, even if you have opted in to paperless statements. You won’t be able to see this when you are logged into online banking.
Please read the Important Documents below and save copies of them for future reference.
Our lending commitments and what we ask of youDownload Our lending commitments and what we ask of you PDF (112KB)
You'll go into an unarranged overdraft if you go over your agreed limit or your account balance falls below £0 without an arranged overdraft in place. You will be charged debit interest for going into an unarranged overdraft.
Your payments might be refused if you try to go over your overdraft limit or try to go overdrawn without having arranged an overdraft. If we do allow the payment(s) this will mean you've entered into an unarranged overdraft and you will be charged debit interest.
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 following: The Co‑operative Bank, Britannia and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
The Co-operative Bank reserves the right to decline any application.
Whether we can offer you credit depends on your circumstances and our lending policy. We may decline your application based on your circumstances or our lending policy. We may be able to offer a product that's different to the one advertised.
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).
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