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Online Saver
A savings account exclusively for existing Co-operative Bank current account holders who want instant access to their money, either online or through our mobile app.
Account overview
With our Online Saver, you can:
- Earn 2.00% interest (gross / AER variable)
- Start saving with as little as £1
- Access your money easily using online banking or our mobile app, 24/7
- Open multiple accounts and split your money to create separate savings pots
- Transfer money in and out, as often as you want
- Earn a variable rate of interest, paid every year on 5 April.
Please note:
- You must already have one of our Co-operative Bank current accounts before you apply
- You must also be a UK resident aged 16 or over
- This account is online only, so you cannot deposit or withdraw cash or cheques
- It’s only available as a sole account, not a joint account.
Not the right account for you? Take a look at our other savings accounts.
The following summary box includes the key account features and:
- you must read it before applying
- it is not intended as a substitute for reading the terms and conditions
You can also download this information in a PDF file.
Account name
Online Saver
What is the interest rate?
2.00%
gross / AER variable
Interest is calculated daily and paid annually on 5 April into your Online Saver account.
Can The Co-operative Bank change the interest rate?
Yes. The interest rate is variable, which means that it could go up or down.
If we increase the rate, we’ll apply the higher rate immediately and we’ll tell you about the change within 30 days.
If we decrease the rate, we’ll give you 2 months' notice of the change.
For more details about when and how we might change the rate, see the 'Changes' section of our Savings General Terms and Conditions (PDF).
What would the estimated balance be after 12 months based on a £1,000 deposit?
£1,020.00
This calculation is for illustrative purposes only and assumes:
- There are no changes to the interest rate in the 12 month period
- You haven’t made any additional deposits or withdrawals.
How do I open and manage my account?
Opening an account
To open an account you must:
- Be a UK resident aged 16 or over
- Have one of our Co-operative Bank current accounts
- Be registered for online banking.
You can open an account:
- Through online banking or our mobile app
- In a sole name only
- With a minimum opening deposit of £1 — to be paid within 30 days.
If the minimum amount of £1 isn’t paid within 30 days, we may close the account.
There is a maximum balance of £1,000,000.
How do I manage this account and get in contact?
You can only manage your account via online and mobile banking, but if you do have any queries about your account you can contact us by phone or visit us in branch.
Can I withdraw money?
Yes. You can make as many withdrawals as you like.
You can only withdraw money via electronic transfer through online or mobile banking.
Additional information
If you are or have previously been made bankrupt, you can still 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.
Don't have a current account with us yet?
Our Online Saver is exclusively for Co-operative Bank customers. So if you haven't already, you'll just need to open a current account with us first.
Apply for an Online Saver account
To apply, you must:
- Be a UK resident aged 16 or over
- Have a Co-operative Bank current account.
Approval is based on an assessment of your personal circumstances. To help protect you and ourselves against fraud, we’ll share the personal information from your application with fraud prevention agencies.
Before you apply:
- Please make sure you’ve read the summary box information, and read and saved copies of the important documents below.
Other ways you can save with us
If our Online Saver account isn’t right for you, there are plenty of other ways to save with us.
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.
Base Rate Tracker
Up to 3.50% for current account holders, up to 3.25% for non-current account holders (gross/AER variable).
An account for those who want us to do the hard work - we track the Bank of England base rate and your interest rate moves with it.
Select Access Saver 5
Up to 3.28% 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.
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Protecting your money
We work hard to keep your money safe and secure. Find out how we protect you from fraud.
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. What is AER?
Business day is usually Monday to Friday excluding bank holidays.
Calculated daily means the interest earned is based on the amount of money in your account at the end of each business day.
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 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
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