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Cashminder – our basic bank account

For people with no credit history or who don't qualify for other accounts, who want a basic bank account they can manage online and through our mobile app.

Account overview

Our basic bank account has the features you need for everyday banking, without a monthly fee. It’s ideal for those who may not qualify for other current accounts.

This account might be for you if:

  • you’re new to credit and want to begin building a positive credit score
  • you do not qualify for other accounts
  • you’ve experienced bankruptcy, had a County Court Judgment (CCJ) or been in arrears

Please note, there is:

  • no credit check to open this account – there’s a credit reference check instead (does not leave a footprint on your credit file visible to other lenders)
  • no overdraft available – you cannot make a payment if there is not enough money in the account
  • no chequebook available

Cashminder account features

  • £0 opening fee and £0 annual fee

  • Available as a joint account

  • Get access to exclusive savings accounts

  • Each account holder gets their own contactless debit card

  • Manage your money online and in our mobile app

  • You can switch your account to us in just seven business days – we'll cover you if anything goes wrong.

  • You can use Apple Pay, Google Pay or Samsung Wallet.

Before you apply...

To apply, you must:

  • be aged 16 or over
  • be a UK resident
  • not have another Co-operative Bank or smile current account (unless you are in financial difficulty)

Get support with Cashminder account applications

Cashminder charges

There are no account opening or monthly charges for this account, but there are charges for certain types of transactions. You can see details of these charges below or download the account charges as a PDF.

Debit card payment in a foreign currency (Currency Conversion Charge)

The fee amount is 2.75% of the value of the transaction

The Currency Conversion Charge is applied when you make a purchase using your debit card in a foreign currency, or if you make a cash withdrawal in a foreign currency outside the UK using your debit card. Transactions are also converted into sterling using the Visa Scheme Exchange Rate. Find out more about using your card abroad.

Cash withdrawal in a foreign currency outside the UK

No fee

We don’t apply a charge for making a cash withdrawal on your debit card (but if you’re making a cash withdrawal in a foreign currency outside the UK, a Currency Conversion Charge will apply - see above). If you use your debit card to purchase foreign currency or travellers cheques in the UK, the way the merchant processes the transaction may result in a fee being applied to your account. If this happens, please contact us.

Single Euro Payment Area (SEPA) payments

Free

A fee will not be applied if you transfer or make a payment in euros to an EU member state, as well as Iceland, Liechtenstein, Norway, Monaco and Switzerland. Funds should be received by close of business on the next business day and both the remitter and beneficiary have to have an account within the SEPA region.

Structured USD payments

£8

A fee will be applied if you send a payment in US dollars to the United States. This type of payment can take up to five business days.

Real Time Euro Payments (TARGET2)

£25

A fee will be applied if you use this alternative method of sending money outside the UK in euros to an EU member state. This payment is received on the same day if it is sent before 2pm, but can take one to three Business Days if there are problems from the recipient’s side. Fax confirmation is required if the transfer is over £10,000.

SWIFT Service

  • 0.25% of the value of the transaction (min. £13, max. £35 plus postage, transmission and agent’s charges, where applicable). This fee will be applied if you send money outside the UK using the SWIFT service, which can reach almost anywhere in the world within one to four business days
  • No fee for SWIFT payments in sterling to an EU member state - free enquiries, amendments and cancellations relating to these

Enquiries, amendments and cancellations

£20 (plus postage, transmission and agent’s charges, where applicable)

A fee will be applied for:

  • enquiries from you regarding a payment you have made outside the UK, or requests to amend or cancel these payments
  • enquiries from banks outside the UK concerning your payment instructions (unless it's caused by an error made by us or one of our agents)

We will use our standard rate of exchange. Contact us for further information.

Payments equivalent to £100 or less

Free

Payments equivalent to over £100 and received in either euros or Swedish Krona currency

Free

Payments equivalent to over £100 received in a currency other than euros or Swedish Krona

£6 (plus postage, transmission and agent’s charges, where applicable)

Foreign cheque deposits

Service not available

You will not be charged where the charges are for the remitter’s account.

Faster Payments up to £100,000

Free

Payments made from your Co-operative Bank account to other UK bank accounts will automatically be Faster Payments. They should reach payees almost immediately.

CHAPS transfer

£25

These same-day electronic sterling transfers can be made for any amount, to clearing banks in the UK. They’re most often used for important, time-sensitive and high-value transactions, such as buying a property.

List of standing orders and Direct Debits

Free

Copy statement

A fee will be applied for each additional copy requested.

£2.50 per statement (with a cap of £10 for each request).

Status enquiry

A fee of £10 will be applied if you authorise a request for a status enquiry, asking whether you are likely to be able to pay back a loan, credit or meet regular payments such as rent.

Other charges

There may be occasions when we will make other charges to the account. These will be notified to you at the time and you may request information about our charges for any service we offer in branch, via telephone banking on 03457 212 212 and secure message when logged into online banking.

If your balance goes below zero

There is no overdraft facility available with this bank account. This means we won't let you make a payment out of the account if there is not enough money in it. However, there may be times where you make a payment that we can't stop, which will take the account balance below zero. We will not charge you for this but you will need to repay it.

Text alerts to support your finances

If a payment is due and you don’t have enough funds in your account, we’ll text you to let you know. This gives you time to move money into your account to cover the payment or contact us for help. If you don't do this, your payment won’t be made.

You’ll automatically receive these alerts if you have a UK mobile number on your account. You can stop these texts by calling us or visiting a branch.

Read more about text alerts

Switching

If you have an active current account with a different bank, you can apply to switch to us whenever you’re ready.

With the Current Account Switch Service, we’ll move all your Direct Debits, standing orders and bill payments to your new account with us. Once you've applied to switch, you do not need to do anything else as we take care of the rest.

You can choose what date you’d like to complete the switch and close your old account. Once the switch has started, it takes just seven business days to complete. And you'll be covered by the Current Account Switch Guarantee, so you do not need to worry about missing payments.

Some banks may reject a switch if you have linked products like savings pots, subscriptions, loans or business accounts. You can check with your current bank.

Current Account Switch Guarantee logo
Learn more about switching

Criminals recruit people to help them hide their criminal profits

Never open a bank account in your name for someone else to use, or agree to move money through your account for someone else – even if they offer you money in return. If you do this, you could be committing a crime with serious consequences.

Learn more about money muling

Apply for a Cashminder account

Existing customers can apply for this account using the mobile app or online banking.Log in to view bank accounts in online banking.

Before you apply:

  • You must read the Important documents below and save copies for future reference
  • To apply, you’ll need details of your addresses for the last three years both in and outside the UK
  • You’ll also need to tell us about your employment status, employer’s details, and your yearly salary
  • You’ll also need to disclose any overseas residencies you have, for tax purposes
  • If you are opening a joint account, you will need the same details for the other account holder.

Approval

Approval is based on an assessment of your personal circumstances and is subject to status and additional eligibility criteria.

You must read and save the important documents below for future reference.

To continue, confirm that you:
Please tick to confirm you've read and saved copies of all of the important documents below.

You'll now be taken to the application form.

Apply for a Cashminder account

Other ways to apply

If you prefer, you can get support with your application and book an appointment to speak with someone in branch, on a video call or over the phone.

Important documents

Please these documents and save for future reference.

Cashminder account charges (PDF)

Cashminder terms and conditions (PDF)

How we use your personal information (PDF)

Financial Services Compensation Scheme Information Sheet and Exclusion List (PDF)

Want access to exclusive savings accounts?

If you sign up to a current account with us, you’ll get access to some exclusive instant access savings accounts too.

Regular Saver account
7% gross / AER variable (annually)		 Deposit £0 - £250 per calendar month.
12 month term.
Base Rate Tracker
1.25% - 3.50% gross / AER variable (annually) depending on your account balance - rates will reduce if the current account closes		 Interest rate tracks at a defined margin below the Bank of England base rate.
Online Cash ISA
2.00% tax-free / AER variable (annually)		 Deposit up to £20,000 per tax year.
Available as sole accounts only.
Online Saver
2.00% gross / AER variable (annually).		 Start saving with as little as £1.
Available as sole accounts only.

Opening deposit is £1. Maximum balance is £1,000,000 (excluding Regular Saver).

View savings terms explained here.

Other ways you can save with us

If these accounts are not right for you, we have more accounts available.

Compare all savings accounts

Get help with your Cashminder account

Get support with applications

Set up online banking

Switch to us

Add or remove a joint account holder

Use contactless

Set up Apple Pay

Set up Google Pay

Set up Samsung Wallet

Report fraud

Go to help centre

  • Access to cash

    We know many people and businesses still need cash. That’s why the Financial Conduct Authority (FCA) has made rules to help protect your access to it. Learn more about access to cash

Legal information

Apple Pay, Google Pay and Samsung Wallet

Apple Pay is a trademark of Apple Inc., registered in the US and other countries. Google Pay is a trademark of Google LLC. Samsung Wallet is a trademark of Samsung Electronics. Use only in accordance with the law. Compatible device required.

Disclaimers

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.

The Co-operative Bank and smile are trading names of The Co-operative Bank p.l.c., which is a member of the Financial Services Compensation Scheme (FSCS).

Find out more about Financial Services Compensation Scheme | This will open in a new tab

Financial Services Compensation Scheme

Your eligible deposits held by a UK establishment of The Co-operative Bank p.l.c. are protected up to a total of £120,000 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 and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.

Please click here for further information or visit www.fscs.org.uk

Not found what you're looking for?

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