Your Fixed Term Deposit with The Co-operative Bank is about to mature — now what?
If you’ve already got a Fixed Term Deposit with us that’s about to mature, you might be thinking about what to do with your funds.
If you’re wanting to reinvest all or just some of it, one of our Maturity Fixed Term Deposits could be an option for you, with interest rates of up to 4.93% gross / AER (annually).
Guiding you through the maturity process
- Below, you can find out more about the maturity pack that you’ll receive in the post before your account matures
- You can also see the full range of maturity options available to you, and learn more about our Co-operative Bank Maturity Fixed Term Deposits
- If you decide that reinvesting with us is the right option for you, you can apply to reinvest using our online form, by post, or by visiting us in branch
- If you choose not to reinvest, you’ve got the option to withdraw your funds once your account has matured.
Our price promise
We’ll offer an interest rate guarantee if you decide to take out a Maturity Fixed Term Deposit with us. This means that if our rates increase or decrease between the date we send out your maturity pack and the date your original Fixed Term Deposit matures, we'll give you the better rate — as long as we receive your reinvestment intentions before the maturity date.
Please note, if the interest rate on this page is different to the one in your maturity pack, you’ll automatically receive the higher rate if you decide to apply.
Your maturity pack
If you already have a Fixed Term Deposit with us, we'll post you a maturity pack about 4 weeks before its maturity date. In this pack, you’ll find:
- The maturity date of your Fixed Term Deposit
- The current balance of your account
- Your maturity options, including interest rates on offer
- A printed form if you'd prefer to submit your application to us by post.
1. Reinvest all of your funds
Reinvest all of your funds in a new Maturity Fixed Term Deposit account.
With this option:
2. Partially reinvest your funds
Reinvest some of your funds in a new Maturity Fixed Term Deposit account.
With this option:
3. Withdraw all of your funds
If you decide not to reinvest, you can also choose to withdraw your funds.
If you’d like to close your account and have the funds sent to another bank account, you’ll need to wait until your maturity date. If this date doesn’t fall on a business day, your funds will be available on the next business day.
You can do this:
- In online banking
- Through our mobile app
- By calling us
- By visiting us in branch.
If visiting us in branch, please bring identification with you.
If you do nothing, your account will automatically mature into a variable rate, instant access Smart Saver account.
When reinvesting in a Co-operative Bank Maturity Fixed Term Deposit, you can:
Choose a 1, 2, or 3 year Maturity Fixed Term Deposit, with a fixed interest rate that won’t change during your chosen term
Choose to receive your interest annually or monthly, paid into the same account or another account of your choice
Open it as a sole or joint account
Deposit a minimum of £1,000 and a maximum of £1,000,000.
Please note:
You cannot make withdrawals until maturity, so you'll need to ensure that you will not require access to your savings during your chosen term
On maturity, your money will be transferred to a variable rate, instant access Smart Saver account.
The Co-operative Bank reserves the right to decline or accept any application or deposit.
The account summary information is displayed in the summary box below — you must read it before applying. You can also download this information in a PDF format.
Maturity Fixed Term Deposit terms, conditions and summary box (PDF)
Account name
Co-operative Bank Maturity Fixed Term Deposit
What is the interest rate?
1 Year Maturity Fixed Term Deposit
4.78% gross/AER for interest paid annually
4.75% gross for interest paid monthly
4.85% AER for interest paid monthly
2 Year Maturity Fixed Term Deposit
4.84% gross/AER for interest paid annually
4.81% gross for interest paid monthly
4.92% AER for interest paid monthly
3 Year Maturity Fixed Term Deposit
4.93% gross/AER for interest paid annually
4.90% gross for interest paid monthly
5.01% AER for interest paid monthly
Interest is calculated daily. It can either be paid to you annually or monthly. Once you've chosen this you can't change your mind during the term.
Annual interest
If you choose annual interest, you'll receive it on the first business day after each anniversary of the account opening date. Annual interest can either be paid into this account or another account of your choice — either with us or another provider.
Monthly interest
If you choose monthly interest, you’ll receive it on the monthly anniversary of the account opening date. If this date doesn't fall on a business day, it will be paid on the next business day. Monthly interest will be paid into another account of your choice — either with us or another provider.
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
£1,047.80 would be the balance after a 1 year fixed term
£1,099.14 would be the balance after a 2 year fixed term
£1,155.31 would be the balance after a 3 year fixed term
We've worked this out assuming:
- You’ve chosen to receive your interest annually
- You’ve chosen to add your interest to the account.
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:
- Filling in our online form below
- Completing and returning the reinvestment form sent within your pre-maturity pack, and sending it to us by post
- Calling us to arrange a telephone appointment
- Visiting us in branch.
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 us, and manage your account:
- By calling us
- In branch.
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
- 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.
- 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.
Ready to reinvest?
If you’re eligible for a Co-operative Bank Maturity Fixed Term Deposit, you can apply online, by post, or by visiting us in branch.
To apply, you must:
- Be a UK resident aged 16 or over
- Have at least £1,000 for an initial deposit
- Be reinvesting funds from a Co-operative Bank Fixed Term Deposit account that’s matured within the last month, or on maturity when it reaches the end of its existing term.
Before you apply:
- Make sure to remind yourself of the interest rate of your chosen Maturity Fixed Term Deposit. The rates differ depending on the length of the fixed term, and whether you’re choosing to receive your interest monthly or annually
- Please ensure you’ve read the summary box information, and read and saved copies of the important documents below.
Apply online
It will take around 10 minutes to complete this application.
If you are applying to reinvest by post, you do not need to fill in this online form.
Apply by post
If you’d prefer to apply by post, you can fill in and send us the postal form you received in your maturity pack.
Other ways to save with us
If you want to put away money regularly, have instant access to your savings, or earn tax-free interest on the money you save, check out some of our other types of savings accounts.
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 11.59pm 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.
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 read further information on the FSCS scheme here or visit their website.
Not found what you're looking for?
Contact our support team