Smart Saver

For people who want instant access to their savings online, by mobile, over the phone or in branch.

Our Smart Saver offers you multi-channel access to manage your savings - allowing you to save whenever and however you like.


gross / AER variable


  • Earn a variable rate of interest, paid annually on 5 April
  • Start saving with £1
  • Manage online, by mobile, over the phone, in branch or pay in cheques at the Post Office®
  • Instant access
  • Unlimited withdrawals and deposits
  • Easily transfer money to other accounts with us or another provider
  • Sole and joint accounts available
  • Opt into paperless statements

Summary box for Smart Saver

Account name

Smart Saver

What is the interest rate?


gross / AER variable

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

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

There is a maximum balance of £1,000,000

If the minimum amount of £1 isn’t paid within 30 days we may close the account.

You can:

  • pay in cash or cheques at a branch
  • pay in cheques by post at your local post Office
  • transfer money from your Co-operative Bank accounts or other bank accounts

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
  • You can contact us over the phone or via a branch

Can I withdraw money?

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

You can withdraw money:

  • online - by transfer to an account with us or another provider
  • in branch
  • by telephone banking
  • by requesting a bankers cheque - there is a charge for this

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 a Smart Saver

You must:

  • be a UK resident

  • be 16 years of age or above

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.

New customers

Apply online. It will take around 10 minutes to complete this application. You can save your progress and come back at any time.

To continue, confirm that you:

Please check the box to confirm you have read the important documents before proceeding
I confirm I am eligible for this account, and have read and agree to all the important documents listed below.
info icon

You have confirmed you are eligible for the account and have read all the important documents

Apply now

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

Not found what you're looking for?

Contact our support team