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 2.65% 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 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.

Online Saver terms, conditions and summary box (PDF)

Summary box

Online Saver


gross / AER variable

Interest is calculated daily and paid annually on 5 April into your Online Saver account.

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).


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.

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 our mobile app, in branch or via a telephone appointment
  • 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.

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

You can only withdraw money via electronic transfer through online or mobile banking.

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 account

If you’re eligible, you can apply through our mobile app, in branch or via a telephone appointment.

If you need to request a telephone appointment to open this account, please send an email to and include only your name, post code and telephone number in the request. Please do not include your account number or any other personal details. In your email, you can also let us know if you’d prefer a morning or afternoon appointment and someone from our team will be in touch to arrange a suitable time.

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:

Apply in branch

If you’d rather not apply via the mobile app or a telephone appointment, 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.

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.

Compare all of our savings accounts

Smart Saver

1.81% gross / AER variable

A savings account for both existing customers and new customers who want to manage their savings online, through our mobile app, in branch, or by phone.

Cash ISA

1.81% tax-free AER variable

An instant access cash ISA for those who want to manage their tax-free savings online, on mobile, through telephone banking, or in branch.

Select Access Saver

Up to 3.25% 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.

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.

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 read further information on the FSCS scheme here or visit their website.

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