Online Saver

Only available to customers with one of our Co-operative Bank current accounts

For people who want instant access to their savings online and on mobile.

Open multiple accounts and split your money into separate savings pots for different things.


gross / AER variable


  • Start saving with £1
  • Manage online and on mobile only
  • Open multiple accounts to create separate savings pots
  • Instant access
  • Unlimited withdrawals
  • Sole accounts only
  • Earn a variable rate of interest, paid annually on 5 April
  • Paperless statements

Summary Box for Online Saver

Account name

Online Saver

What is the interest rate?


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?


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?

Open 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:

  • via online and mobile banking only
  • in 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 via a 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.

Apply for an Online Saver

You must:

  • be a UK resident
  • be 16 years of age or above
  • have a Co-operative Bank current account

Approval is based on a credit check, an assessment of your personal circumstances and is subject to status.

More about credit checks for savings accounts

Before you apply

Please read these important documents and save them for future reference.

Existing customers

Log into online banking and go to ‘Products’ to apply

Savings terms explained

AER stands for Annual Equivalent Rate and shows what the interest rate would be if it 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 depends on the customer's individual financial circumstances.

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

FSCS logo

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 click here for further information or visit

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