Cashminder – our basic bank account

For people with no credit history or a low credit score, who want a basic bank account they can manage online and through our mobile app.

Account overview

As a Cashminder account holder, you’ll get your own PVC-free debit card and be able to pay using Apple Pay, Google Pay, and Samsung Pay.

You’ll also be able to manage your money using online banking and our mobile app.

This account might be for you if:

  • You have no credit history or a low credit score
  • You have previously experienced bankruptcy
  • You’re aged 16 or over
  • You’re a UK resident
  • You do not have another Co-operative Bank or smile current account (unless you are in financial difficulty).

Please note:

  • There's no credit check to open this account, though we do vigilantly monitor fraud
  • There’s no charges for opening this account, and no monthly charge
  • There’s no overdraft available with this account, or cheque book
  • It's also available as a joint account.

Checks we perform when you apply for a Cashminder account

We perform a credit reference check rather than a credit check. When we carry out credit reference searches to validate your information, we don't leave a footprint visible to other lenders on your credit file.

Cashminder charges

While Cashminder is our most basic bank account, there are charges for certain types of transactions such as using your debit card abroad or sending money outside of the UK. You can see details of these charges below. You can also download these 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


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.

Structured USD payments


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)


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.

Enquiries, amendments and cancellations

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

A fee will be applied if you make an enquiry regarding a payment you have made outside the UK or a request to amend or cancel the payment. These fees are also payable for our handling of enquiries from banks outside the UK concerning your payment instructions. However, where this investigation has resulted from an error by The Co-operative Bank, or one of its agents, the fee will be waived.

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

If the payment is equivalent to £100 or less


If the payment is over the equivalent of £100 and received in either euros or Swedish Krona currency


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

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

You will not be charged where the charges are for the remitter’s account. Foreign cheques deposited - service not available.

Transfer via CHAPS


Faster Payments up to £100,000


List of standing orders and Direct Debits


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.


Switching with the Current Account Switch Service is easy and if there are any problems, the Current Account Switch Guarantee covers you. It takes 7 working days to switch. Your payments are redirected and transferred automatically. Please see answers to some switching questions below or visit our switching page for more information.

Current Account Switch Guarantee logo
  • Are you opening a joint account?

Joint bank accounts are designed to help people manage their money together.

If you're opening a joint account:

  • You’ll both get your own debit card for making payments
  • Both of you can withdraw or make payments from the account, or make changes to it such as applying for an overdraft – and neither of you need the other’s permission to do so
  • Both of you will be liable for any debt on the account.

Want access to exclusive savings accounts?

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

If these accounts aren't right for you, or you want to save without having a current account with us, we have plenty of other accounts available.

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

Apply for a Cashminder account

If you’re eligible, you can apply either online, or in branch.

To apply, you must:

  • Be aged 16 or over
  • Be a UK resident.


Approval is based on an assessment of your personal circumstances. To help protect you and us against fraud, we'll share the personal information from your application with fraud prevention agencies.

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.

Apply online

It will take around 10 minutes to complete this application.

Apply in branch

If you’d rather not apply online, you also have the option to apply in one of our branches.

Find your nearest branch

Important documents

Please read the important documents below and save copies of them for future reference.

Not the right account for you?

If our Cashminder account isn't right for you, there are other ways to bank with us.

Take a look at our full range of bank accounts.

Current Account

Our free, day-to-day current account.

Our standard, no-fee current account comes with the opportunity to opt-in to earn rewards for you or for a charity, as well as the option to apply for an overdraft. You can manage your money in-branch, through our online banking services, and in our mobile app.

Everyday Extra account

Our packaged bank account featuring helpful, everyday extras for just £15 per month.

Includes mobile phone insurance, RAC UK & European breakdown cover, and worldwide travel insurance all for just £15 per month. You can manage your money in-branch, through our online banking services, and in our mobile app.

Student Account

Our student account features an interest-free overdraft you can request to increase each year, starting at £1,400.

Our Student Account offers you an interest-free overdraft that you can request to increase each year; all with a bank that's committed to doing things differently. Overdraft is subject to status. Eligibility criteria and T&Cs apply.

Help and support

Whether you’re considering applying for a Cashminder account with us or already have one, find the help and support you need.

General help and support

Here are some resources you might find useful:

Our service quality information

The Financial Conduct Authority requires us to publish information about our personal current accounts. View our personal current account service quality information.

Financial Services Compensation Scheme

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.

Please read further information on the FSCS scheme here or visit their website.

Not found what you're looking for?

Contact our support team