How to pay money into a savings account

Whether you’re saving for a holiday, a wedding or even just a rainy day, savings accounts are a great way to put your money away.

Want to know more about savings accounts? Find out how savings accounts work, how to open a savings account, and how to pay in money here.

How to pay money into your account?

How do savings accounts work?

How do I earn more interest on my savings?

How interest rates on savings are calculated?

What type of savings account is best for me?

How to pay money into your account

Once you’ve decided which account is right for you, you can start enjoying the benefits by paying money into your account. There are a number of different ways to do this:

Online banking

Some of our savings accounts can be managed through online banking. Once your account has been opened, you will be able to transfer funds into your savings account online instantly from another Co-operative Bank account.

Mobile banking

If you’ve downloaded our app, you can make deposits to and from your savings account instantly from another Co-operative Bank account. If you’d like to manage your savings using our app, make sure that you choose a compatible savings account.

Pay in with cash

You can deposit cash into your account in any of our Co-operative Bank branches. Use our branch locator to find the branch that’s nearest to you.

We recommend you use the branch when you pay in cash. You should never send cash through the post.

Pay in by cheque

You can pay cheques into your account by visiting a Co-operative bank branch or by visiting your local Post Office. You can also post it to us direct. Find out the specifics about paying in cheques here.

Over the phone

To pay over the phone, please give us a call and we will be happy to make a transfer from your existing Co-operative Bank account.

Britannia Accounts

Please find out here how to pay into your Britannia savings account.

How do savings accounts work?

Savings accounts are a safe place to store your money, but how do they work?

  • You deposit money into your savings account. The account provider earns interest on this money.
  • In return, the bank pays you some of the interest on the funds in your account each year.
  • The amount of interest you earn depends on the type of savings account you have.

Money you keep in a savings account is protected by the Financial Services Compensation Scheme (FSCS). The FSCS is the UK‘s deposit guarantee scheme that would return your money in the unlikely event that any bank is unable to meet its financial commitments or stops trading.

We offer a range of different savings accounts for you to choose from, each suited to a different type of saver. It’s important you choose the right account for you.

How do I earn more interest on my savings?

You can get the most interest on your money by putting as much as possible into a savings account.

Savings accounts pay interest on the amount you keep in them; the more money you have, the more interest you earn.

How interest rates on savings are calculated

If your account has and an interest rate of in 12 months you'll have
£1000 2% £1020

What type of savings account is best for me?

To get the savings account best suited to your needs, you should consider what type of saver you are.

Are you saving for the long-term or short-term? Do you need constant access to your savings or are you able to lock it away for a period of time to earn more interest?

The best way to save and earn interest is by finding the right account for you and adding funds to it as regularly as you can.

To find out more about the different savings accounts we offer, follow the link below.

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

Not found what you're looking for?

Contact our support team