Our Select Access Saver is the account that gives you the opportunity to earn a higher rate of interest, when you withdraw less.
A limited access account allows you to earn a higher rate of interest on your money when you limit the number of withdrawals you make within a given timeframe. It’s ideal for those who don’t need to access to their savings very often, but still want access if they need it.
The account summary information is displayed in the summary box below — you must read it before applying. You can also download this information as a PDF.
Select Access Saver
3.25% gross/AER variable if you make 4 withdrawals or less in a calendar year.
1.31% gross/AER variable if you make 5 withdrawals or more in a calendar year.
Interest is calculated daily and will be paid into your account annually on 5 April.
The lower interest rate will apply from your 5th withdrawal for the remainder of the same calendar year.
The interest rate on your account will revert to the higher rate on the last Business Day of the calendar year. From that date, you’ll be able to make another four withdrawals before getting the lower 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).
£1,032.50 where you have made 4 withdrawals or less in a calendar year, giving you the higher interest rate.
£1,013.10 where you have made 5 withdrawals or more in a calendar year, giving you the lower interest rate.
This calculation is for illustrative purposes only and assumes:
As you'll receive the higher interest rate until your 5th withdrawal, you're unlikely to experience a full 12 months at the lower rate. This scenario has been used to demonstrate the impact of making more than four withdrawals.
To open an account you must be a UK resident aged 16 or over.
You can open an account:
There is a maximum balance of £1,000,000.
Yes — you can make as many withdrawals as you like.
However, you'll get a lower rate of interest after your fifth withdrawal in a calendar year.
You can withdraw money:
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.
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.
An instant access account for existing customers who want to manage their savings online or through our mobile app.
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.
An instant access cash ISA for those who want to manage their tax-free savings online, on mobile, through telephone banking, or in branch.
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.
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.
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