Fixed rate savings accounts

Lock away a lump sum for 1, 2 or 3 years and earn a fixed rate of interest with a fixed rate savings account; also known as a fixed rate bond or a fixed term deposit.

Fixed rate savings account features

With a fixed rate savings account, you:

  • Can start saving with £1,000 or more
  • Will know how much you’ll earn with a fixed interest rate
  • Can choose monthly or annual interest payments
  • Have the option to open a sole or joint account.

The Co-operative Bank Fixed Term Deposit

1 Year Fixed Term Deposit interest rates

4.28% gross/AER for interest paid annually
4.25% gross for interest paid monthly
4.33% AER for interest paid monthly

2 Year Fixed Term Deposit interest rates

3.90% gross/AER for interest paid annually
3.87% gross for interest paid monthly
3.94% AER for interest paid monthly

3 Year Fixed Term Deposit interest rates

3.87% gross/AER for interest paid annually
3.84% gross for interest paid monthly
3.91% AER for interest paid monthly

If you have £1,000 or more to lock away and want a fixed interest rate, our Co-operative Bank Fixed Term Deposit could be an option for you.

Important things to know

  • You can deposit between £1,000 and £1,000,000
  • You must deposit any funds during the 14 days after opening your account – you won’t be allowed to after this point
  • Withdrawals aren’t allowed during your chosen term
  • At the end of the term, you can access your money.

Fixed rate cash ISAs

You can also earn tax-free interest on your savings with a fixed rate cash ISA. Save up to £20,000 this current tax year with our Co-operative Bank Fixed Rate Cash ISA.

Understanding savings accounts

Here are some tools and practical guides to help you start saving.

Savings accounts explained

Learn more about savings accounts, and how to earn more interest.

Find out how savings accounts work

Personal Savings Allowance

Find out about the Personal Savings Allowance and how it could affect you.

Learn about the Personal Savings Allowance

Why choose The Co-operative Bank

Born from the co-operative movement in 1872, we’re proud to be the only UK high street bank with a customer-led Ethical Policy.

Our customers know their money will be kept safe and not be used in a way that conflicts with their values and ethics.

Learn more about what makes us ethical

Savings terms explained

AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.

Business day is usually Monday to Friday excluding bank holidays.

Calendar month means from midnight on the first day of a month to 11.59:59pm on the last day of the month.

Fixed interest means the rate stays the same until the account matures.

Gross is the rate of interest payable before any tax is taken off.

Tax-free means you will not pay any tax on your interest.

Tax year runs from 6 April to 5 April.

Variable interest means that it could go up or down.

Please note: any reference to tax is based on our understanding of current tax regulations which may change in the future and depend on the customer's individual financial circumstances.

The Co-operative Bank reserves the right to decline or accept any application and/or deposit.

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 Co-operative Bank 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.

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