The Co-operative Bank

Who they are

The Co-operative Bank was founded in 1872, born from the co-operative movement. It is a British retail and commercial bank based in Manchester, established originally as a bank for co-operators and co-operatives, which evolved during the 20th century into a mid-sized UK high street bank.

The bank is probably best known for its ethical stance. 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 in line with over 320,000 customer responses. That policy commits the bank to not providing banking services to businesses that conflict with its ethical position - for example, declining services to organisations involved in fossil fuel extraction or those that conflict with its stance on human rights and animal welfare.

After a turbulent period in which it passed through private equity and hedge fund ownership following a capital shortfall in 2013, the bank has returned to mutual hands. In January 2025, The Co-operative Bank was acquired by Coventry Building Society, returning it to mutual ownership 12 years after it had been acquired by a group of US private equity and hedge funds. Between the two organisations, there are now over 100 branches, more than 4 million members and customers, and over 300 years of combined experience.

Savings accounts

The Co-operative Bank's savings range currently on DepositScout is focused on one product: its Regular Saver Account.

The Regular Saver pays a variable rate of 7.00% AER and is available from as little as £1. Access is instant, which is unusual for a regular saver - many competitors lock your money away for a fixed term. That flexibility does come with the caveat that the rate is variable, so it can change.

On FSCS protection, deposits are protected up to £120,000 - higher than the standard £85,000 that most banks offer. This reflects the bank's position within the Coventry Building Society group. It is worth checking current licence-sharing arrangements if you already hold savings with Coventry, since balances across brands sharing a banking licence may count towards a single protection limit.

Regular savers generally suit people who can commit to saving a set amount each month rather than depositing a lump sum. They tend to reward discipline, and the headline rate here is genuinely competitive.

Switching to The Co-operative Bank

There is currently no active switch offer listed on DepositScout for The Co-operative Bank at this time. That can of course change, so it is worth checking the live data on this page for any updates.

The bank does support the Current Account Switch Service, which means moving your everyday banking here - direct debits, standing orders and all - takes around seven working days and is guaranteed under the CASS rules.

For those drawn to the ethical angle, the Co-operative Bank offers a packaged current account called the Everyday Extra. As covered in our guide to UK packaged accounts, it stands out for offering travel insurance on trips of up to 45 days, which is longer than most rivals, and RAC-backed breakdown cover. Worth a look if you want your current account to work harder alongside your savings.

Is it right for you?

If ethics matter to you in banking, The Co-operative Bank has a genuine and long-standing commitment that goes beyond marketing. For the fifth year running, the bank has been rated the UK's best high street bank in ESG by risk rating agency Sustainalytics. That is a meaningful credential, not just a slogan.

On the savings side, the offering is lean. One product - a variable-rate regular saver - means this is not the destination for savers hunting for cash ISAs, fixed bonds or easy access accounts from a single provider. It suits someone who wants to add a disciplined monthly savings habit alongside accounts held elsewhere, and who values banking with an institution whose lending and investment choices align with their values.

App reliability is worth noting as a consideration. Some customer reviews point to occasional outages as a frustration, so if seamless mobile banking is a priority for you, it is worth weighing that alongside the ethical credentials.

As ever, the specific rate shown above can change at any time. Check the live figures on this page before opening any account.