Savings Interest Rates, Switch Offers and Guides for The Co-operative Bank

Who they are

The Co-operative Bank traces its roots to 1872, when it began as the Loan and Deposit Department of the Co-operative Wholesale Society. It grew into a mid-sized high street bank with a genuinely distinctive identity: it is the only UK high street bank with a customer-led ethical policy incorporated into its articles of association - a policy first introduced in 1992 and revised in 2015 following input from over 320,000 customers.

Ownership has shifted considerably over the years. In January 2025, the bank was acquired by Coventry Building Society, returning it to mutual ownership twelve years after it had been held by a group of US private equity and hedge funds. For savers, the key practical point right now is that the two organisations retain their separate banking licences, meaning you have FSCS protection as a customer of each organisation as you do now - and the bank expects this to be the case for several years. If you hold savings with both Co-operative Bank and Coventry Building Society, your deposits are protected separately under each licence.

Savings accounts

The Co-operative Bank offers a broad range of savings products. The headline rate is 7.00% on the Regular Saver Account, though this is a variable rate and monthly deposits are capped, so the actual interest you earn depends on how much you put in each month. For easy access, the Online Saver pays 2.00% and the Select Access Saver 5 offers 3.28% with limited withdrawals. The Smart Saver and the easy access Cash ISA both sit at 1.40%, while the Online Cash ISA pays 2.00%.

If you are willing to lock money away, the 1, 2 and 3 Year Fixed Term Deposits all pay 4.31% - requiring a minimum of £1,000. The fixed rate ISA range (1 and 2 year) pays 4.34%, needing at least £5,000 to open. There is also a children's Future Fund at 1.40% and a pair of Base Rate Tracker accounts, paying slightly more if you hold a Co-operative Bank current account. All accounts shown here carry FSCS protection up to £120,000.

Switching to The Co-operative Bank

Both the standard Current Account and the Everyday Extra (£12 per month) come with a switch incentive worth up to £300. The process uses the Current Account Switch Service, so your direct debits and standing orders move automatically. To earn the first £125, you need to complete a full CASS switch and then within 30 days pay in £1,500, make five card payments, have two active direct debits, and register for online or mobile banking. A further £75 is available - £25 per month for up to three months - by repeating those activity requirements. Existing customers of The Co-operative Bank group or Coventry Building Society who held an eligible account on 21 June 2026 can earn an additional £100 loyalty payment, taking the total to £300.

Both current accounts link to the 7.00% Regular Saver, which is worth factoring in alongside any switch bonus when working out overall value.

Is it right for you?

If ethics matter to you as much as the rate, the Co-operative Bank is hard to match on the high street. It commits to not providing banking services to businesses that conflict with its Ethical Policy - for example, declining organisations involved in fossil fuel extraction or businesses conflicting with its stance on human rights and animal welfare. That is a genuine point of difference for savers who care where their money goes.

On rates, the fixed and ISA range is competitive but not always the absolute market leader. The Regular Saver stands out, but remember the monthly cap limits how much interest you can actually accumulate. Rates change regularly, so use the live figures shown on this page to compare what is on offer right now before you decide.