The Co-operative Bank Fixed Term Deposits

Available exclusively for maturing Co-operative Bank fixed term deposit customers, our fixed term deposits have been designed specifically for customers who want to continue investing with us.

Features

  • A choice of 1, 2 or 3 year fixed term deposits with fixed interest rates that won't change for the term you choose.
  • Deposit between £1,000 and £1,000,000.
  • You can choose whether you want to receive your interest on maturity or as a monthly income.

Interest on maturity will be paid as a lump sum into your account at the end of the term.

Monthly interest will be paid directly into a nominated account of your choice.

You can’t withdraw or add to your fixed term deposit before maturity, so you need to make sure that you don’t need access to your savings during the term.

  • Can be opened as a sole or joint account.
  • Receive annual statements if you select a 2 or 3 year term.
  • On maturity your money will be transferred to a variable rate instant access account.

Compare our Fixed Term Deposit accounts

The main differences between our fixed term deposits are the lengths of their term and the interest rate you could earn.

Interest paid on maturity gross/AER Interest paid monthly gross Interest paid monthly AER
1 Year Co-operative Bank Fixed Term Deposit 0.18% 0.15% 0.15%
2 Year Co-operative Bank Fixed Term Deposit 0.25% 0.21% 0.21%
3 Year Co-operative Bank Fixed Term Deposit 0.31% 0.28% 0.28%

Summary Box for Co-operative Bank Fixed Term Deposit

Account name

Co-operative Bank Fixed Term Deposit

What is the interest rate?

Interest paid on maturity gross/AER Interest paid monthly gross Interest paid monthly AER
1 Year Co-operative Bank Fixed Term Deposit 0.18% 0.15% 0.15%
2 Year Co-operative Bank Fixed Term Deposit 0.25% 0.21% 0.21%
3 Year Co-operative Bank Fixed Term Deposit 0.31% 0.28% 0.28%

Interest is calculated daily.

Interest paid on maturity will be paid into your account on the first business day following maturity.

Interest paid monthly will be paid on the monthly anniversary of when you opened the account. If this date doesn't fall on a business day, it will be paid on the next business day. You can choose whether you'd like interest to be paid to another account with us or with another provider.

Once you have selected to have your interest paid either on maturity or monthly, you cannot change this.

Can The Co-operative Bank change the interest rate?

No - the interest rate on your account is fixed and will not change during the 1, 2 or 3 year term.

What would the estimated balance be at the end of the fixed term, based on a £1,000 deposit?

Balance at end of fixed term
1 Year Co-operative Bank Fixed Term Deposit £1,001.80
2 Year Co-operative Bank Fixed Term Deposit £1,005.00
3 Year Co-operative Bank Fixed Term Deposit £1,009.31

We have worked this out assuming:

  • You've chosen to receive your interest paid on maturity.

How do I open and manage my account?

Can I apply for this account?

To apply, you must be:

  • A UK resident.
  • Aged 16 or over.
  • Reinvesting funds from a Co-operative Bank Fixed Term Deposit account on maturity when it reaches the end of its existing term.
    This account can be opened as a sole or joint account.

How do I apply for this account?

You can re-invest in this account by:

  • Post - by completing and returning the reinvestment form sent within your pre-maturity pack.
  • Over the phone.
  • In Branch - by speaking to one of our advisors.

Is there a minimum and a maximum balance?

The minimum opening balance is £1,000.

The maximum balance is £1,000,000.

How do I make deposits into this account?

You can pay your initial deposit into this account by reinvesting funds from a Co-operative Bank Fixed Term Deposit account on maturity when it reaches the end of its existing term. If you would like to add additional money to the account at the time of re-investment, you can do this with cash, cheque or by transfer from another account held with us or another provider.

Further deposits and withdrawals are not permitted during the term of this account.

How do I manage this account and get in touch?

You can contact, and manage your account:

Can I withdraw money?

No - You can't make withdrawals from this account until maturity so you should consider whether the amount you want to deposit leaves you with adequate emergency funds.

When the account matures your money will be transferred to a variable rate instant access account unless you have provided us with your maturity instructions. We'll send you a letter before your maturity, to remind you of your maturity date and to let you know what options are available to you, when considering what you'd like to do with your money.

On maturity, you can access your money in branch, over the phone, by post, through online banking and through our mobile app.

Additional information

If you are or have previously been made bankrupt, you can still apply.

This is a limited issue product and may be withdrawn without notice at any time.

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 on this and interest on savings for children.

We will pay interest without deducting income tax. If you earn more interest than the amount permitted as tax free income, you will have to pay tax on the interest earned directly to HM Revenue & Customs. If you are not sure whether you will have to pay income tax, we recommend that you contact HM Revenue & Customs or visit www.gov.uk/apply-tax-free-interest-on-savings.

Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.

The Co-operative Bank reserves the right to decline or accept any application and/or deposit.

Our promise to you

Although our Co-operative Bank Fixed Term Deposits are limited issue and can be withdrawn without notice, we promise to honour the rates contained within your maturity pack as long as we receive your reinvestment instructions before your maturity date. On or after this date you may be offered a lower rate. However, if we increase the rate on the Fixed Term Deposit you have chosen between your letter being sent and your maturity date, you will automatically receive the higher rate.

These are the details of the current Co-operative Bank Fixed Term Deposits we are offering to customers with maturing accounts. If you have been offered higher rates in your maturity pack,we promise to honour those rates as long as we receive your reinvestment instructions before your maturity date. If more than one month has passed since your Co-operative Bank Fixed Term Deposit matured, you cannot reinvest in another Co-operative Bank Fixed Term Deposit. However, you may be able to apply for a Britannia Fixed Rate Bond. Customers must provide their instructions to reinvest within a month of maturity if they wish to reinvest into a Co-operative Bank Fixed Term Deposit.

To apply, you need to be:

  • Aged 16 or over
  • A UK resident
  • Reinvesting funds from a Co-operative Fixed Term Deposit account, on maturity when it reaches the end of its existing term.

How can I re-invest?

We'll write to you a few weeks before your Co-operative Bank Fixed Term Deposit account matures. In this letter we will detail the interest rates offered to you if you reinvest and the ways in which you can re-invest.

Help for existing customers

Help and information about savings accounts for our existing customers.

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 www.fscs.org.uk

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