Account overview
Our Select Access Saver 3 is the account that gives you the opportunity to earn a higher rate of interest, when you withdraw less.
With our Select Access Saver 3, you can:
- Earn 4.59% interest (gross/AER variable) if you make one withdrawal or less in a calendar year
- Earn 1.25% interest changing to 1.18% (gross/AER variable) on 22/01/2025 if you make two withdrawals or more in a calendar year
- Start saving with as little as £1
- Open it as a sole or joint account
- Make unlimited deposits
- Manage your account online, through our mobile app, by telephone, in branch, or by post.
Please note:
- You must be a UK resident aged 16 or over to apply
- As this is a limited access savings account, you’ll lose the opportunity to receive the higher rate of interest for the remainder of the calendar year if you make two withdrawals or more
- You can only have one Select Access Saver 3 account at a time
- If you close a Select Access Saver 3 account, you cannot open another one in that same calendar year.
What is a limited access savings account?
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.
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 as a PDF.
Select Access Saver 3 terms, conditions and summary box (PDF)
Account name
Select Access Saver 3
What is the interest rate?
If you make 1 withdrawal or less in a calendar year:
4.59%
gross/AER variable.
If you make 2 withdrawals or more in a calendar year:
1.25% rate up to 21/01/2025
1.18% rate from 22/01/2025
gross/AER variable.
Interest is calculated daily and will be paid into your account annually on 5 April.
What happens after my 2nd withdrawal in a calendar year?
The lower interest rate will apply from your 2nd withdrawal for the remainder of the same calendar year.
After my 2nd withdrawal, when will I get the higher interest rate again?
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 one withdrawal before getting the lower interest rate.
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?
£1,045.90 where you have made 1 withdrawal or less in a calendar year, giving you the higher interest rate.
£1,011.80 where you have made 2 withdrawals or more in a calendar year, giving you the lower interest rate.
This calculation is for illustrative purposes only and assumes:
- The new interest rate from 22/01/2025 applies
- The day the 12 months starts is also the day you made your last withdrawal
- We haven't changed the interest rate in the 12 month period
- You haven't made any additional deposits.
As you'll receive the higher interest rate until your 2nd 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 one withdrawal.
How do I open and manage my account?
Opening an account
To open an account you must be a UK resident aged 16 or over.
Please note:
- You can only have one Select Access Saver account of the same issue at a time
- If you close a Select Access Saver account, you cannot open another one of the same issue in that same calendar year
- If you have an earlier issue of the Select Access Saver you can still apply for this account.
You can open an account:
- Online
- In branch
- In a 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.
How do I pay into this account?
You can:
- Transfer money from your Co-operative Bank accounts or other bank accounts
- Pay in cash or cheques at a branch
- Pay in cheques by post or at your local Post Office.
How do I manage this account and get in contact?
- You can contact us by phone or by visiting a branch
- You can also manage your account via online banking and mobile banking.
Can I withdraw money?
Yes — you can make as many withdrawals as you like.
However, you'll get a lower rate of interest after your second withdrawal in a calendar year.
You can withdraw money:
- Through mobile or online banking — by transferring your money to another account with us, or another provider
- In branch
- Through telephone banking
- By requesting a bankers cheque — please note, 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 Select Access Saver 3
To apply, you must:
- Be a UK resident aged 16 or over
- Not already hold a Select Access Saver 3, or have closed one in the current calendar year.
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:
- Please make sure you’ve read the summary box information above, and read and saved copies of the important documents below.
Apply online
It will take around 10 minutes to complete this application.
You'll now be taken to the application form. Please note that both parties can withdraw funds and make transactions on this account.
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.
Other ways you can save with us
If our Select Access Saver account isn’t right for you, there are plenty of other ways to save with us.
Online Saver
2.53% gross / AER variable
An instant access account for existing customers who want to manage their savings online or through our mobile app.
Smart Saver
1.75% 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.
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.
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Changes to scam reimbursements
There is now more protection for victims of certain types of scams. Read more about the changes to scam reimbursements
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 Co-operative Bank 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