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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 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.
Initial deposit at account opening | £1,000.00 |
Balance after 12 months | £1,000.90 |
We have worked this out assuming:
To apply, you must:
You can only apply for this account through the 'Products' section of online banking or the mobile app therefore you need to be an existing customer who is registered for online banking.
The minimum opening balance is £1.
The maximum balance is £1,000,000.
You can pay money in by:
Yes- Whenever you want as this account has no restrictions on the number of withdrawals.
You can make withdrawals through the following ways:
If you are or have previously been made bankrupt, you are eligible to apply.
Interest earned from this account will count towards any of your available 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 your local tax office or HM Revenue and Customs or visit gov.uk/hmrc/savingsallowance
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.
Gross - The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
AER - Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Approval is based on an assessment of your personal circumstances.
Ready to apply?
Please read our Terms and Conditions and other important documents before applying.Please read the important documents below, and save copies of them for future reference.
Product Specific Terms and Conditions & Summary Box (which contains interest rates)
Download Product Specific Terms and Conditions & Summary Box (which contains interest rates) PDF (604KB)The Co-operative Bank Savings General Terms and Conditions
Download The Co-operative Bank Savings General Terms and Conditions PDF (167KB)How we use your personal information
Download How we use your personal information PDF (622KB)Charges for Co-operative Bank Savings Accounts
Download Charges for Co-operative Bank Savings Accounts PDF (731KB)The Financial Services Compensation Scheme Information Sheet and Exclusion List
Download The Financial Services Compensation Scheme Information Sheet and Exclusion List PDF (3.36MB)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.
smile, The Co-operative Bank and Britannia are trading names of The Co-operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS).
The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
This stands for Annual Equivalent Rate and shows you the rate of interest you’d receive if it was compounded and paid once each year.
The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
When a rate is advertised as variable, it means that it could go up or down.
Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
When a rate is advertised as variable, it means that it could go up or down.
If you'd like more help & information, you can: