Rising interest rates are often good news when it comes to making money with your savings.
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.
Benefit from interest rates ranging from 2.25% to 5.00% gross/AER variable depending on your account balance — the more you save the more you earn
Benefit from interest rates that move with the Bank of England base rate
Receive interest paid every year on 5 April
Open your account as a sole or joint account
Manage your account online, through our mobile app, by telephone, in branch, or by post.
To apply, you must be a UK resident aged 16 or over
You must already have one of our Co-operative Bank current accounts before you apply - if you’re applying for a joint account, just one of you needs to have a current account with us
This account has limited availability, so we may stop accepting applications at any time
As rates track the Bank of England base rate, they can go down, as well as up
The account tracks the base rate until 30 June 2025 and will then be reviewed
Your initial deposit must be paid within 30 days of opening the account
Maximum balance of £1,000,000
Minimum interest rate of 0%.
Our Base Rate Tracker Savings Account pays you a different rate of interest depending on your balance amount and the Bank of England base rate.
The interest rate is variable and tracks at a margin below the Bank of England base rate. The tracking rate is dependent on your account balance, as shown below.
These interest rates are based on the Bank of England base rate of 5.25%. To monitor the Bank of England base rate visit the Bank of England's website.
Interest rate changes take effect within 14 business days of a base rate change. The account tracks the base rate until 30 June 2025 and will then be reviewed, we will notify you of any changes at this time.
Not the right account for you? Take a look at our other savings accounts.
The account summary information is displayed in the summary box below — you must read it before applying. You can also download this information in a PDF format.
Base Rate Tracker Savings Account
2.25% on balances £1+ which is tracking at 3.00% below Bank of England base rate
2.75% on balances £10,000+ which is tracking at 2.50% below Bank of England base rate
3.25% on balances £25,000+ which is tracking at 2.00% below Bank of England base rate
3.75% on balances £50,000+ which is tracking at 1.50% below Bank of England base rate
4.25% on balances £75,000+ which is tracking at 1.00% below Bank of England base rate
5.00% on balances £100,000+ which is tracking at 0.25% below Bank of England base rate
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.
£1,022.50 based on a £1,000 deposit
£10,275.00 based on a £10,000 deposit
£25,812.50 based on a £25,000 deposit
£51,875.00 based on a £50,000 deposit
£78,187.50 based on a £75,000 deposit
£105,000.00 based on a £100,000 deposit
This calculation is for illustrative purposes only and assumes:
To open an account you must:
You can open an account:
There is a maximum balance of £1,000,000.
Yes. You can make as many withdrawals as you like.
You can withdraw money:
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.
If you’re eligible, you can apply either online, or in branch.
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.
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.
An instant access account for existing customers who want to manage their savings online or through our mobile app.
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.
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.
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.
Not found what you're looking for?
Contact our support team