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Smart Saver

Take control of your savings, and make transactions online, over the phone, through our mobile app or by visiting us in branch.


  • Earn a variable rate of 0.34% gross AER, paid annually.
  • Open an account with £1 (maximum £1,000,000).
  • Make unlimited withdrawals and deposits to your account with instant access to online and mobile app banking.
  • You can also make deposits and withdrawals in branch, over the phone, or at the Post Office®.
  • We’ll issue you with a cash card so that you can withdraw your cash at any LINK machine across the UK.
  • Available as a sole or joint account.
  • You can opt-in for paperless statements.

Summary Box for Smart Saver

  • The information provided below is a summary of the key features of our Smart Saver account and is not intended to be a substitute for reading its terms and conditions.

Account name


Smart Saver

What is the interest rate?


Gross 0.34% AER 0.34%
  • Interest is calculated daily and will be paid into your account annually on 5 April.

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 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 a £1,000 deposit?


Initial deposit at account opening £1,000.00
Balance after 12 months £1,003.40

We have worked this out assuming:

  • The 12 month starts on 5 April.
  • You haven't made any additional deposits or withdrawals.
  • We have not changed the interest rate in the 12 month period.

How do I open and manage my account?


Can I apply for this account?

To apply, you must be:

  • A UK resident (for tax purposes).
  • Aged 16 or over.
  • This account can be opened as a sole or joint account.

How do I apply for this account?

You can apply for this account:

  • Online
  • In branch
  • Through online banking - existing customers can easily apply through the 'Products' section within online banking.

Is there a minimum and a maximum balance?

The minimum opening balance is £1.

The maximum balance is £1,000,000.

  • You've got 30 days from when we open your account to pay in the minimum balance of £1. If after 30 days you haven't met the minimum balance, we may close the account immediately and return any funds to you.

How do I make deposits into this account?

You can pay money in by:

  • Electronic transfers from another account held with us or another provider (such as by using their app or setting up a standing order).
  • Cash or cheques.
  • Visiting any Post Office® in the UK where you can pay in cash or cheques.

How do I contact you to discuss this account?

By telephone or visiting a branch.

Can I withdraw money?


Yes - whenever you want as this account has no restrictions on withdrawals.

You can make withdrawals through the following ways:

  • Online and Mobile Banking through electronic transfers to other accounts with us or another provider.
  • Telephone Banking - through electronic transfers to other accounts with us or another provider.
  • Branch - withdraw cash over the counter and/or make electronic transfers to other accounts with us or another provider.
  • ATMs - You can use your cash card to withdraw up to £250 per day in cash, nationwide.
  • Post Office® - Visit any Post Office® branch to withdraw up to £250 per day in cash using your cash card.
  • You can also request a Banker's cheque withdrawal over the phone or in branch however there is a charge for this.

Additional information


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.

ATMs - There are over 69,000 ATMs in the UK. Some ATMs may charge for cash withdrawals.

To apply, you must be:

  • A UK resident.
  • 16 or over.

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.
  • All the information you’ve read so far (e.g. features, eligibility) can be found in the important documents below. We recommend that you save a copy of these important documents for future reference.
Get started

Important documents

Product Specific Terms and Conditions & Summary Box (which contains interest rates)

Download Product Specific Terms and Conditions & Summary Box (which contains interest rates) PDF (836KB)

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).