Online Saver
2.34% gross / AER variable
An instant access account for existing customers who want to manage their savings online or through our mobile app.
Regular Saver
Like the idea of an account that encourages you to save? Whether you’re wanting to save up for something special, or just want to get into a good savings habit, Regular Saver can help with that.
Available exclusively to Co-operative Bank current account holders, you’ll also get a higher rate of interest compared with our other instant access savings accounts. And for added peace of mind, you can access your money whenever you want.
Features
- Earn 7.00% interest (gross / AER variable)
- Have the account for a 12 month term
- Open with as little as £1, and save up to a maximum of £250 per calendar month
- Open it as a sole or joint account
Not the right account for you? Take a look at our other savings accounts.
With our Regular Saver Issue 1, you can:
- Pay into the account as often as you want, as long as you don’t pay in more than £250 in a single calendar month – if you exceed the maximum monthly limit, any amount over £250 will be returned to you
- Change the amount you save each calendar month at any time – no minimum monthly deposit
- Set up a standing order during the application process to help you start saving, although this is optional
- Access your money at any time, whether that’s online, through our mobile app, by telephone, or in branch.
Please note:
- You must already have one of our Co-operative Bank current accounts before you apply
- To keep the account open, you must pay in at least £1 within 30 days of it being opened
- Your interest will be paid into your account at the end of the 12 month term. This interest and any savings you have in the account will then be automatically transferred to an instant access Smart Saver account – this account pays a lower variable interest rate than the Regular Saver account.
To apply you must:
- Be a UK resident aged 16 or over
- Have a Co-operative Bank current account – if you're applying for a joint account, just one of you needs to have a current account with us
- Not already have a Regular Saver of the same issue – if you have a joint Regular Saver, you cannot open one on your own.
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 and read and saved copies of the important documents below.
If you'd like to set up a standing order during the application process, make sure you've got your account details ready.
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.
Account name
Regular Saver Issue 1
What is the interest rate?
7.00%
gross / AER variable
Interest is calculated daily and will be paid into the account at the end of the 12 month term. If this date doesn’t fall on a Business Day, it will be paid on the next Business Day.
The 12 months will start from the date we receive and accept your initial deposit.
Can The Co-operative Bank change the interest rate?
Yes, the interest rate is variable, which means it can go up or down.
We may change your interest rate for various reasons. Please see the ‘Changing these terms and ending this agreement’ section of our General Terms and Conditions (PDF) for more details.
When we increase our interest rates, we’ll tell you about the change within 30 days after it’s happened.
When we decrease our interest rates, we’ll inform you by personal notice at least two months before we make the change.
What would the estimated balance be after 12 months based on 12 regular monthly deposits of £250?
Monthly deposit amount
£250
Balance at end of 12 months
£3,114.21
Interest earned
£114.21
We have worked this out assuming:
- You make 12 regular monthly deposits on the first day of each calendar month
- The 12 months start on 1 January
- We haven’t changed 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
- Be aged 16 or over
- Have either a Co-operative Bank Current Account, Current Account Plus, Privilege current account, Privilege Premier current account, Student current account, Cashminder account, Everyday Extra current account or any other account we specify in the future.
Please note:
- You can only have one Regular Saver of the same issue at any one time
- If you have an earlier issue of the Regular Saver you can still apply for this issue.
You can open an account:
- Online
- In branch
- In sole or joint names
- With a minimum deposit of £1 – to be paid within 30 days.
Please note:
- You don’t have to pay into the account each calendar month, however the maximum you can deposit each calendar month is £250.
How do I pay into this account?
You can:
- Set up a monthly standing order
- 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 manage your account through online banking, through our mobile app, over the phone, or in branch
- You can also contact us over the phone or in branch.
Can I withdraw money?
Yes. You can make as many withdrawals as you like.
You can withdraw money:
- Through online banking or our mobile app, 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.
What happens at the end of the 12 month term?
At the end of the 12 month term your account will mature, and the balance, including any interest, will be put into an instant access variable rate Smart Saver account. The Smart Saver pays a lower rate of interest than the Regular Saver. The current interest rates on our variable rate savings accounts can be found on our savings hub, or by contacting us.
We’ll send you a letter when your 12 month term is coming to an end. It’ll remind you of your maturity date, provide details of the Smart Saver (including the interest rate), and let you know what options are available to you.
On maturity, you can access your money in branch, over the phone, by post, through online banking, and through our mobile app.
Additional information
The Regular Saver account is subject to availability and may be withdrawn from sale at any time without notice.
If you are or have previously been made bankrupt, you are eligible to apply.
Interest earned from this account will count towards your Personal Savings Allowance. You may need to pay tax to HM Revenue and Customs if the total interest you earn is greater than your Personal Savings Allowance. Visit the Government’s website for more information.
Don't have a current account with us yet?
Our Regular Saver is exclusively for Co-operative Bank customers. So if you haven't already, you'll just need to open a current account with us first.
Apply online
It will take around 10 minutes to complete this application.
Make sure you:
- have your current account sort code and account number ready before applying for a Regular Saver – you can find these on the front of your debit card, in online banking and our mobile app
- use the same details that we already hold for you so we can locate your current account – you can check these on the mobile app or on your statement.
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.
General questions
How does the Regular Saver work?
The account is exclusively available to our Co-operative Bank current account customers.
- It is available for 12 months from account opening. - The maturity date is set to 12 months from the date the account is funded for the first time, you have 30 days to make a deposit. - A maximum of £250 can be deposited into the account each calendar month, anything paid in above this will be returned.
To help you make the most of this account you can set up a standing order during your application or once your account is open.
- At the end of the 12 months the interest and any savings you have in the account will be automatically transferred to an instant access Smart Saver account. This account pays a lower variable interest rate than the Regular Saver account.
Can I apply for a new Regular Saver Account if I have one open already?
No, you can only have one Regular Saver of the same issue at any one time, even if you’re not saving the maximum allowance of £250 per month.
What happens if I overpay into this account?
The maximum calendar monthly limit you can pay in to a Regular Saver account is £250. Any amount over £250 will be returned to you. Continuous overpayments will result in the account being closed.
Can I make withdrawals?
Yes, the account is instant access which means you can withdraw as often as you like.
When will I be paid interest?
Your interest is calculated daily and will be paid into your account at the end of the 12 month term. After this, the interest and any savings you have in the account will be automatically transferred to an instant access Smart Saver account. This account pays a lower variable interest rate than the Regular Saver account.
What will happen to my interest if I close my account before the 12 month term ends?
Interest is calculated daily. If your account is closed before the end of the 12 month term then any interest you have earned up to that point will be paid to you.
Is there a term for this account?
Yes, the Regular Saver account runs for a 12 month term from account opening. At the end of the 12 months the interest and any savings you have in the account will be automatically transferred to an instant access Smart Saver account.
Maturity questions
What happens when the 12 months ends?
We’ll send you a letter to let you know your 12 months is coming to an end.
Your account will mature and the balance, including any interest, will be put into an instant access variable rate Smart Saver. The Smart Saver pays a lower rate of interest than the Regular Saver.
On maturity, you can withdraw your money in branch, over the phone, by post, via online banking and our mobile banking app.
What happens with my new Smart Saver?
Once your money has been transferred into a Smart Saver, you can:
- Access your money in branch, over the phone, by post, through online banking and through our mobile banking app - Review if you have a standing order set up as payments will continue to be made into your new Smart Saver after your Regular Saver has matured. It is important to review whether you still want to make regular deposits or cancel the standing order if needed. - Think about how you are planning to use your savings and if another account would better suit you.
What if I want to continue to save in a Regular Saver?
You can only have one Regular Saver of the same issue at any time. So if you already have one open you will need to wait until the account has matured into a Smart Saver before you can apply for a new one of the same issue. If you apply before that date your account application will not be accepted.
Can I reinvest the money from my old Regular Saver?
The Regular Saver is designed to help you grow you savings. Once it matures it’s up to you what you do next. There are many types of savings accounts, with different rates and features and it is important to think about how you are planning to use and access your savings in the future. We have a range of savings accounts to suit different savings goals, so please take time to look at these and think about whether another account would better suit you. Compare our savings accounts
Helpful guides on what to do next
Read our lump sum guide and find ideas of what you can do with the money you've saved in your Regular Saver.
Review our 'Is your savings account right for you?' guide to help you consider if your savings set up is still working for you.
Other ways you can save with us
If our Regular Saver account isn’t right for you, there are plenty of other ways to save with us.
Select Access Saver 4
Up to 2.93% 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.
Co-operative Bank Fixed Term Deposit
Up to 3.84% gross / AER fixed (annually)
Monthly interest option available.
An account designed for those who want to lock away a lump sum for 1, 2 or 3 years, and earn a fixed rate of interest.
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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 p.l.c. 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.
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