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Help and support for savings customers

17 April 2020

Use this page to find help and support with your Co-operative Bank or Britannia savings account.

If you cannot find your question in the main links at the top, try the General questions sections for more common queries.

With the impact of coronavirus and the Government guidance for people to stay at home, our telephone lines are exceptionally busy so we ask you to only call us if absolutely essential. This will help us to protect our services and allow us to support our most vulnerable customers.

We want to keep our branches open wherever possible to support customers at this challenging time - we have taken action to ensure both the safety of our customers and colleagues.

Check our branch locator before visiting us as our opening hours may vary.

Help for Co-operative Bank savings customers

Make a payment, transfer funds or close my Co-operative Bank savings account
Open a new Co-operative Bank savings account
Change to a new Co-operative Bank savings account
General questions for Co-operative Bank savings customers

Help for Britannia savings customers

Transfer funds or close my Britannia savings account
Open a new Britannia savings account
Change to a new savings account
General questions for Britannia savings customers
I have been informed that my Britannia savings account is being transferred to a new savings account

Help for Co-operative Bank savings customers

Please only contact us if absolutely necessary.

Making a payment, transferring funds or closing your account

If you want to make a payment or transfer funds you can simply and securely do this through online banking, or via the mobile app.

If you hold a Cash ISA and decide you’d like to transfer it to a new ISA provider it’s important that you talk to them first instead of contacting us. They’ll arrange the move directly with us so that your savings remain tax-free.1

In the event you would like to close your savings account, please contact us and we will do our best to answer your call as quickly and efficiently as possible – with the current challenges faced it might a bit longer for us to get to you however we hope you understand and thank you for bearing with us.

Open a new savings account, change to a new savings account

View our full range of savings accounts online, including access to all the latest and up to date information you need before applying.

If you’re an existing Current Account customer you can also apply for our Online Saver and Online Cash ISA savings accounts by logging in to Online Banking (subject to eligibility).

If you would like to move your money to another one of our savings accounts, we suggest you apply for the account you want and once open move money across (note: if you are transferring money from a Cash ISA please consider how this may impact your ISA Allowance).

General questions for Co-operative Bank customers

Why are you reducing my interest rate?

The Bank of England has recently announced some changes to the base rate, reducing it from 0.75% to 0.10%.  This means that we are having to reduce the interest rate on your savings account(s). Find out more about the base rate change

I have a Fixed Rate Savings account, are you changing my interest rate?

No, if you hold a fixed interest rate savings account (for example Fixed Rate Bond, Fixed Term Deposit or Fixed Rate ISA the interest rate you have now will remain the same throughout the term of the product.

How can I open a new savings account with The Co-operative Bank?

You can apply for any of our savings accounts through our website, without the need to ring in or visit one of our branches.

Our website is also continually updated with the latest information on interest rates for all of our savings products.

Where can I find details of my interest rate?

You do not need to contact us to find out the interest rate on the savings account you hold. You can find the interest rate applicable to your savings account on your statement within online banking or our mobile app or in the letter we sent you. All our savings rates can be viewed on our website.

View all our savings rates

I was recently informed you were reducing my interest rate in April, why are you reducing this again in June?

The Bank of England has recently announced some changes to the base rate. The base rate was reduced from 0.75% to 0.25% on 11 March and then reduced further from 0.25% to 0.10% on 19 March. This means that further to the reduction in interest rates we previously announced, we are having to reduce the interest rate on our savings accounts again. Find out more about the Bank of England base rate changes

Will my interest rate change still take effect from 22 April 2020, even if I received a letter about another interest rate change from 24 June 2020? **

Yes, if you were written to notifying of a change to your interest rate on 22 April 2020 this will still take place as planned. A further interest change will take effect from 24 June 2020.

I’ve received a letter from you but wasn’t aware I had a savings account with you

Our latest records show that you still hold an account with us.

You do not need to do anything as the interest rate changes will happen automatically.

If you wish to find out more about this account or other savings accounts we offer please use our website.

I asked you to close my savings account after I received a previous letter from you, however I have just received a new letter. Is my account still open?

We’re sorry that you have continued to receive letters from us following your request to close your savings account. If you haven’t received notification from us confirming your account has closed please contact us.

I have received a letter in error but it is not for me, why have you sent this to my address?

We’re sorry you have received this, if possible please can you indicate on the envelope ‘Not known at this address – return to sender’ and repost this as it will then help us update our records.

Help for Britannia customers

Please only contact us if absolutely necessary.

Transferring funds or closing your account

If you want to transfer funds you can do this by contacting us.

If you hold a Cash ISA and decide you’d like to transfer it to a new ISA provider it’s important that you talk to them first. They’ll arrange the move directly with us so that your savings remain tax-free.1

In the event you would like to close your savings account, then please contact us and we will do our best to answer your call as quickly and efficiently as possible – with the current challenges faced it might a bit longer for us to get to you however we hope you understand and thank you for bearing with us.

Open a new savings account-or change to a new savings account

View our range of savings accounts online, including access to all the latest and up to date information you need before applying.

If you’re an existing Current Account customer you can also apply for our Online Saver and Online Cash ISA savings accounts (subject to eligibility)

If you would like to move your money to another one of our savings accounts, we suggest you apply for the account you want and once open move money across (note: if you are transferring money from a Cash ISA please consider how this may impact your ISA Allowance).

General questions for Britannia customers

Why are you reducing my interest rate?

The Bank of England has recently announced some changes to the base rate, reducing it from 0.75% to 0.10%. This means that we need to reduce the interest rate on your savings account(s). Find out more about the base rate change

I have been informed that my Britannia savings account is being transferred to a new savings account, why are you doing this?

In addition to changing our interest rates we have also taken a decision to simplify our savings range and have written to those customers who are impacted by this change.

If you have received a letter from us, you do not need to do anything as these changes will happen automatically with your account number and sort code staying the same.

Any regular payments to and from your account will also continue as normal.

I have a Fixed Rate Savings account, are you changing my interest rate?

No, if you hold a fixed interest rate savings account (for example Fixed Rate Bond or Fixed Rate ISA) the interest rate you have now will remain the same throughout the term of the product.

How can I open a new savings account with The Co-operative Bank?

You can apply for any of our savings accounts online, without the need to ring in or visit one of our branches

Our website is also continually updated with the latest information on interest rates for all of our savings products.

Where can I find details of my interest rate?

You do not need to contact us to find out the interest rate on the savings account you hold – view all of our savings account interest rates.

I was recently informed you were reducing my interest rate in April, why are you reducing this again in June?

The Bank of England has recently announced some changes to the base rate. The base rate was reduced from 0.75% to 0.25% on 11 March and then reduced further from 0.25% to 0.10% on 19 March. This means that further to the reduction in interest rates we previously announced, we are having to reduce the interest rate on our savings accounts again. Find out more about the Bank of England base rate changes

Will my interest rate change still take effect from 22 April 2020, even if I received a letter about another interest rate change from 24 June 2020? **

Yes, if you were written to notifying of a change to your interest rate on 22 April 2020 this will still take place as planned. A further interest change will take effect from 24 June 2020.

I’ve had a letter from you, however I did not know I had a savings account with you?

Our latest records show that you still hold an account with us.

You do not need to do anything as the interest rate changes will happen automatically.

The letter we sent you informs of the savings account you hold with us, if you wish to find out more about other savings accounts, you can view our savings accounts here.

I have received a letter in error but it is not for me, why have you sent this to my address?

We’re sorry you have received this, if possible please can you indicate on the envelope ‘Not known at this address – return to sender’ and repost this as it will then help us update our records.

I have a Select Access Saver 10 / 11 query, why is the reduction bigger than the 0.65% rate reduction in base rate announced by the Bank of England over recent weeks?

In an extended period of low interest rates we have carefully considered the rates we offer across our off-sale Select Access Saver accounts against our current on-sale account and aligned interest rates.

We have also given consideration to the interest rates across our full range of savings accounts to balance the needs of all of our savings customers.

Enquiries if you have received a letter from us informing that we are moving you to a new product

Will I retain my account number?

Yes – your account number will stay the same.

Will I get / need a new passbook?

No – you can still continue to use the passbook you currently have.

Will any regular payments or standing orders into my account continue to be received?

Any regular payments to and from your account will continue as normal and will happen automatically.

Do I / you need to change the name of the account in my current passbook?

You do not need to do anything as changes will take place automatically, however if you choose to visit us in future we will update your passbook in branch

Why are you removing the tiers when I am being moved to a new account?

We have taken a decision to change interest rates across our savings accounts in light of recent changes announced by the Bank of England to interest rates.

We have also taken the decision to bring into line some of the interest rates across our products which previously were tiered.

What are the terms and conditions for my new account?

A copy of your new terms and conditions were included in the letter we sent you.

How can I access the funds from this account?

You can access funds through the same methods you could previously.

 

Tax-free is the contractual rate of interest payable where interest is exempt from Income Tax.

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