If you convert your Current Account Plus to a Standard current account, a lower rate of interest will be paid: 0.34% Gross/AER* on balances over £1.
Your Current Account Plus links to a Savings Plus account, opened automatically, so you don't need to do anything. You can transfer money easily and earn interest while you save. It pays a rate of interest which is guaranteed to track 0.5% below the Bank of England Base Rate for the life of your Current Account Plus.
† The credit interest rate on your Savings Plus account was designed to track the Bank of England base rate. However, following the reductions which have taken the base rate to its lowest ever level, we've not reduced the rates on this savings account by the full percentages at this time.
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The Co-operative Bank reserves the right to decline any application.
Credit facilities provided by The Co-operative Bank are subject to status and our lending policy.
Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on the customer's individual financial circumstances.
*EAR - (Equivalent Annual Rate) The equivalent to paying and compounding debit interest over a whole year.
*Gross - The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
*AER - (Annual Equivalent Rate) Illustrates what the interest rate would be if interest was paid and compounded once each year.