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 in a PDF format.
The Co-operative Bank Fixed Term Deposit
1 Year Fixed Term Deposit
3.71% gross/AER for interest paid annually
3.68% gross for interest paid monthly
3.75% AER for interest paid monthly
2 Year Fixed Term Deposit
3.62% gross/AER for interest paid annually
3.59% gross for interest paid monthly
3.65% AER for interest paid monthly
3 Year Fixed Term Deposit
3.46% gross/AER for interest paid annually
3.43% gross for interest paid monthly
3.49% AER for interest paid monthly
Interest can either be paid to you annually or monthly. Once you’ve chosen this you can’t change your mind during the term.
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.
Interest is calculated daily on the assumption that there are 365 days in each year. This means you don’t get an extra day’s interest in a leap year.
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 to another account of your choice — either with us or another provider.
Interest is calculated daily.
No, the interest rate is fixed. It won't change until the account matures at the end of your term.
Balance at end of fixed term
£1,037.10 would be the balance after 1 year fixed term
£1,073.71 would be the balance after 2 year fixed term
£1,107.42 would be the balance after 3 year fixed term
We've worked this out assuming:
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.
You've got 14 days from when we open your account to pay in the minimum balance of £1,000. You can do this in one lump sum or through multiple payments. If after 14 days you haven't met the minimum balance, we'll close the account and return any funds to you.
You can pay your initial deposit(s) into this account by cash, cheque or transfer from another account held with us or another provider.
No further deposits are allowed after the 14 days from account opening, but you can have more than one fixed term deposit.
You can contact us, and manage the account:
No. You can't make withdrawals from this account until maturity. You should consider whether the amount you want to deposit leaves you with adequate emergency funds.
At the end of the fixed term, your account matures and your money will be put into a Smart Saver account. 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 — such as re-investing or withdrawing.
On maturity, you can access your money in branch, over the phone, by post, through online banking and through our mobile app.
This is a limited issue product and may be withdrawn without notice at any time.
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 on this.
If you’re eligible, you can apply either online, or in branch.
Approval is based on an assessment of your personal circumstances. To help protect you and ourselves against fraud, we’ll share the personal information from your application with fraud prevention agencies.
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.
If you’d prefer to speak to someone in person, you also have the option to apply in one of our branches.
Please read the important documents below and save copies of them for future reference.
Please note: We're making changes to our terms and conditions. You'll find a summary of what's changing in the updated PDF below. These changes will take effect from 4 June 2025. For Fixed Term deposits where the term ends after 4 June 2025, the changes will take effect at the end of the fixed term.
If the Co-operative Bank Fixed Term Deposit account isn’t right for you, there are plenty of other ways to save with us.
An account for those who want us to do the hard work - we track the Bank of England base rate and your interest rate moves with it
A fixed rate cash ISA for those with a lump sum to save or transfer, who don't need immediate access to their savings.
Monthly interest option available.
Available exclusively for Co-operative Bank customers whose Fixed Term Deposits are about to mature.
There is now more protection for victims of certain types of scams. Read more about the changes to scam reimbursements.
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.
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 depend on the customer's individual financial circumstances.
The Co-operative Bank reserves the right to decline to accept any application and/or deposit.
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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