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Base Rate Tracker

With our Base Rate Tracker Savings Account, we do all the hard work for you by tracking the Bank of England base rate — so if it goes up, the interest rate we pay on your savings will also go up by the same amount.

How it works

  • Your interest rate will depend on your balance and whether you have an eligible Co-operative Bank current account. And it will go up and down with the base rate.
  • Current account customers benefit from an interest rate of 1.50% to 4.25% (gross/AER variable).
  • Non-current account customers benefit from an interest rate of 1.25% to 4.00% (gross/AER variable).

  • About the interest rates

  • Your interest rate will track at a variable margin in relation to the base rate, and could be above, equal to or below the base rate – we’ll update the interest rate within 14 business days whenever the base rate changes.
  • The interest rates on this page are based on the Bank of England base rate of 4.50%.
  • We’ll automatically change your interest rate – if you open an eligible current account we’ll increase it, and if you no longer hold an eligible current account we’ll decrease it.

You can see a full list of the interest rates.

Read summary box and apply

Account overview

With a Base Rate Tracker Savings Account, you can:

  • Move with the market – the interest rate tracks to the Bank of England base rate

  • Enjoy instant access while earning interest on your balance daily. Interest is calculated daily and paid every year on 5 April

  • Open a sole or joint account – if you’re applying for a joint account, just one of you needs to have a current account with us

  • Manage your money at any time – online, through our mobile app, by telephone and in branch

  • Deposit up to a maximum balance of £1,000,000

  • Get the interest rate you earn applied to the whole balance in your account

  • Get higher interest rates if you've got an eligible current account.

Please note:

  • To apply, you must be a UK resident aged 16 or over

  • As the interest rate tracks the Bank of England base rate, it can go down as well as up

  • The minimum deposit is £1, this must be paid within 30 days of opening the account

  • The account has limited availability, so we may stop accepting applications at any time

  • If you have a Current Account Plus, Privilege Current Account or Privilege Premier Current Account, the savings account linked to your current account may be more suitable for you

  • The minimum interest rate of 0%.

Interest rates

These interest rates are variable and track at a margin in relation to the Bank of England base rate. They're based on the Bank of England base rate of 4.50%.

You'll get a higher interest rate if:

  • You've got an Eligible Current Account – a Current Account, Current Account Plus, Privilege current account, Privilege Premier current account, Student current account, Cashminder account or Everyday Extra current account (we may make more accounts eligible in future)
  • You've received confirmation that your Eligible Current Account is open – even if you open it after your Base Rate Tracker account.
Balance
Interest rate if you have an Eligible Current Account (gross / AER)
Interest rate if you do not have an Eligible Current Account (gross / AER)
Balance £100,000+
Interest rate if you have an Eligible Current Account (gross / AER) 4.25%
0.25% below base rate
Interest rate if you do not have an Eligible Current Account (gross / AER) 4.00%
0.50% below base rate
Balance £75,000+
Interest rate if you have an Eligible Current Account (gross / AER) 3.50%
1.00% below base rate
Interest rate if you do not have an Eligible Current Account (gross / AER) 3.25%
1.25% below base rate
Balance £50,000
Interest rate if you have an Eligible Current Account (gross / AER) 3.00%
1.50% below base rate
Interest rate if you do not have an Eligible Current Account (gross / AER) 2.75%
1.75% below base rate
Balance £25,000
Interest rate if you have an Eligible Current Account (gross / AER) 2.50%
2.00% below base rate
Interest rate if you do not have an Eligible Current Account (gross / AER) 2.25%
2.25% below base rate
Balance £10,000
Interest rate if you have an Eligible Current Account (gross / AER) 2.00%
2.50% below base rate
Interest rate if you do not have an Eligible Current Account (gross / AER) 1.75%
2.75% below base rate
Balance £1+
Interest rate if you have an Eligible Current Account (gross / AER) 1.50%
3.00% below base rate
Interest rate if you do not have an Eligible Current Account (gross / AER) 1.25%
3.25% below base rate

Not the account for you? View our other savings accounts.

Want a current account too?

We have a range of current accounts to suit your needs. If you open an eligible account after opening a Base Rate Tracker, you’ll then automatically get the higher rate of interest. Subject to status and eligibility criteria. Terms and conditions apply.

View current accounts

Summary box

The account summary information is displayed in the Summary Box below – you must read it before applying. You can also download this information as a PDF.

Base Rate Tracker Savings Account terms, conditions and summary box (PDF)

Base Rate Tracker Savings Account

If you have an Eligible Current Account - interest rate (gross / AER)

1.50% on balances £1+ (tracking at 3.00% below Bank of England base rate)

2.00% on balances £10,000+ (tracking at 2.50% below Bank of England base rate)

2.50% on balances £25,000+ (tracking at 2.00% below Bank of England base rate)

3.00% on balances £50,000+ (tracking at 1.50% below Bank of England base rate)

3.50% on balances £75,000+ (tracking at 1.00% below Bank of England base rate)

4.25% on balances £100,000+ (tracking at 0.25% below Bank of England base rate)


If you do not have an Eligible Current Account - interest rate (gross / AER)

1.25% on balances £1+ (tracking at 3.25% below Bank of England base rate)

1.75% on balances £10,000+ (tracking at 2.75% below Bank of England base rate)

2.25% on balances £25,000+ (tracking at 2.25% below Bank of England base rate)

2.75% on balances £50,000+ (tracking at 1.75% below Bank of England base rate)

3.25% on balances £75,000+ (tracking at 1.25% below Bank of England base rate)

4.00% on balances £100,000+ (tracking at 0.50% below Bank of England base rate)


  • Rates are based on Bank of England base rate of 4.50%, which can change. To monitor the Bank of England base rate visit the Bank of England's website.
  • The interest rates that apply to you will depend on whether you hold an Eligible Current Account with us, as set out in the Product specific terms and conditions (PDF). In the case of joint accounts, either or both of you may hold an eligible current account to receive the higher rates.
  • The interest rate (whether under the higher or lower rates) is variable and tracks at a variable margin that could either be below, equal to or above the Bank of England base rate (the Tracking Rate) dependent on your account balance. If the Bank of England base rate changes, the new interest rate on your account will apply without notice, no more than 14 Business days following a change in the base rate. You can check the latest base rate by visiting the Bank of England's website.
  • We may vary the Tracking Rates and/or the applicable Balance Tiers at any time in accordance with our rights to make changes set out in the General Terms and Conditions.
  • The interest rate earned will apply to the whole balance in your account.
  • The minimum interest rate is 0.00%. This means that we may pay you no interest, depending on your account balance and the defined margin below Bank of England base rate at any given time.
  • Interest is calculated daily and will be paid into your account annually on 5 April.
  • Yes. The interest rate is variable, so it can go up or down dependent on the Bank of England base rate.
  • If the base rate changes, the new interest rate on your account will apply without notice, no more than 14 business days following a change in the base rate.
  • Your interest rate may also change between the higher and lower rates depending upon whether you hold an Eligible Current Account. Further details are set out in the Product specific terms and conditions below.
  • We may also vary the Tracking Rates at any time in accordance with our rights to make changes set out in the ‘Changing these terms and ending this agreement’ section of our General Terms and Conditions. If we do vary the Tracking Rates, the interest rate you receive would change as a result of this.
  • When a change to the Tracking Rates results in an increase to the interest rates – we’ll tell you about the change within 30 days after it’s happened.
  • When a change to the Tracking Rates results in a decrease to the interest rates – we’ll inform you by personal notice at least two months before we make the change.

Balance after 12 months if you have an Eligible Current Account


£1,015.00 based on a £1,000 deposit

£10,200.00 based on a £10,000 deposit

£25,625.00 based on a £25,000 deposit

£51,500.00 based on a £50,000 deposit

£77,625.00 based on a £75,000 deposit

£104,250.00 based on a £100,000 deposit


Balance after 12 months if you do not have an Eligible Current Account


£1,012.50 based on a £1,000 deposit

£10,175.00 based on a £10,000 deposit

£25,562.50 based on a £25,000 deposit

£51,375.00 based on a £50,000 deposit

£77,437.50 based on a £75,000 deposit

£104,000.00 based on a £100,000 deposit


These calculations are for illustrative purposes only and assume:

  • The Bank of England base rate as at 6 February 2025 remains unchanged at 4.50% during the 12 month period
  • You haven't made any additional deposits or withdrawals
  • You have not moved between the higher and lower rates available as a result of opening or closing an Eligible Current Account
  • The Tracking Rates remain unchanged during the 12 month period.

Opening an account

To open an account you must:

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

You can open an account:

  • Online
  • In branch
  • In sole or joint names
  • With a minimum deposit of £1 – to be paid within 30 days.

There is a maximum balance of £1,000,000.

How do I pay into this account?

You can:

  • Transfer money from your Co-operative Bank accounts or other bank accounts
  • Pay in cash or cheques at a branch
  • Pay in cheques by post or at your local Post Office.

How do I manage this account and get in contact?

You can contact us, and manage the account:

  • Online
  • Over the phone
  • In branch
  • By post.

Yes. You can make as many withdrawals as you like.

You can withdraw money:

  • Online - by transfer to an account with us or another provider
  • In branch
  • By telephone banking
  • By requesting a bankers cheque - there is a charge for this.

The Base Rate Tracker Savings Account is subject to availability and may be withdrawn from sale at any time without notice.

If you are or have previously been made bankrupt, you are eligible to apply.

Interest earned from this account will count towards your Personal Savings Allowance. You may need to pay tax to HM Revenue & Customs if the total interest you earn is greater than your Personal Savings Allowance.

Visit the Government’s website for more information.

Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.

Apply for a Base Rate Tracker Savings Account

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

To apply you must:

  • Be a UK resident aged 16 or over
  • Have at least £1 for an initial deposit.

Before you apply, you must:

Approval is based on an assessment of your personal circumstances. The Co-operative Bank reserves the right to decline to accept any application and/or deposit. To help protect you and ourselves against fraud, we’ll share the personal information from your application with fraud prevention agencies.

Apply online if you have a current account

It will take around 10 minutes to complete this application.

To continue, confirm that you:
Please tick to confirm you've read all of the summary box information and the important documents below, and are eligible to apply for this account.

You'll now be taken to the application form for our Base Rate Tracker Savings Account for current account customers only. 

Apply if you have a current account

Apply online if you do not have a current account

It will take around 10 minutes to complete this application.

To continue, confirm that you:
Please tick to confirm you've read all of the summary box information and the important documents below, and are eligible to apply for this account.

You'll now be taken to the application form for the Base Rate Tracker Savings Account for non-current account customers only.

Apply if you do not have a current account

Apply in branch

If you’d prefer to speak to someone in person, 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. The Base Rate Tracker terms and conditions apply to any applications from 3 April 2025.

Please note: We're making changes to our terms and conditions. You'll find a summary of what's changing in the updated PDF below. These changes will take effect from 4 June 2025.

Other ways you can save with us

If the Base Rate Tracker Savings Account isn’t right for you, there are plenty of other ways to save with us.

Compare all of our savings accounts

Select Access Saver 4

Up to 2.93% gross / AER variable

A limited access account for those who want a higher interest rate if they don't withdraw, but have easy access to their money when they need it.

View Select Access Saver 4

Regular Saver

7.00% gross / AER variable

An instant access account exclusive to existing current account holders, who will be rewarded with a higher interest rate when they save up to £250 a month.

View Regular Saver

Co-operative Bank Fixed Term Deposit

Up to 3.84% gross / AER fixed (annually)

Monthly interest option available.

An account designed for those who want to lock away a lump sum for 1, 2 or 3 years, and earn a fixed rate of interest.

View Co-operative Bank Fixed Term Deposit

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
  • 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
  • Business day is usually Monday to Friday excluding bank holidays.

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.

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 £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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