Smart Saver

A savings account for those who want to have instant access to their money, whenever and wherever they need it.

Account overview

With our Smart Saver, you can:

  • Earn 1.81% interest (gross / AER variable)
  • Start saving with as little as £1
  • Access your money online, through our mobile app, by telephone, or in branch — you can also pay in cheques by post or at your local Post Office®
  • Open it as a sole or joint account
  • 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 be a UK resident to apply
  • You must also be aged 16 or over to apply.

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.

Smart Saver terms, conditions and summary box (PDF)

Summary box

Smart Saver


gross / AER variable

Interest is calculated daily and paid annually on 5 April into your Smart 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.

Open an account

To open an account you must be a UK resident aged 16 or over.

You can open an account:

  • Online
  • In branch
  • In sole or joint names
  • 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 pay into this account?

You can:

  • Pay in cash or cheques at a branch
  • Pay in cheques by post at your local Post Office®
  • Transfer money into your account from other bank accounts, whether they’re with us or another provider.

How do I manage this account and get in contact?

You can:

  • Manage your account via online and mobile banking, over the phone, or in branch
  • Contact us over the phone or visit us in branch if you have any queries about your account.

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

You can withdraw money:

  • Online — by transferring it to an account with us or another provider
  • In branch
  • By telephone banking
  • By requesting a bankers cheque — please note there is a charge for this.

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 a Smart Saver account

To apply, you must be:

  • A UK resident
  • Aged 16 or over.

Approval is based on an assessment of your personal circumstances. The Co-operative Bank reserves the right to decline to accept any application or deposit. 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 online

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. Please note that both parties can withdraw funds and make transactions on this account.

Apply now

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.

Other ways you can save with us

If our Smart Saver account isn’t right for you, there are plenty of other ways to save with us.

Compare all of our savings accounts

Online Saver

2.65% gross / AER variable

An instant access account for existing customers who want to manage their savings online or through our mobile app.

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.

Select Access Saver 2

Up to 4.09% 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.

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 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.

Not found what you're looking for?

Contact our support team