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This comparison simply includes all savings accounts.

123 Current Account Santander
Open With £500
Account Type Current Account
Interest AER 1.00%

Why we like it: Earn 1.00% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm.

Rewards with Co-op Current Account

The Co-op current account offers a basic bank account with no monthly fees which includes:

  • A Visa Debit Card
  • Cash withdrawals
  • Easy to set up Standing Orders, Direct Debits and payments
  • 24/7 Telephone and Internet Banking and excellent customer service
  • An overdraft facility can be requested (subject to checks) and is charged on the total overdraft balance at 18.9% EAR variable
  • The unplanned overdraft cost contains a £20 buffer, then a £10 per month service charge. The charges are maxed at £60 per quarter

 The minimum monthly pay-in for this account is £800.

 Free Rewards

  1. The Co-op are currently offering a joining reward of £150 and up to £5.50 per month. As incentives go, this one of the better ones around at the moment

New customers must complete a full switch to The Co-operative Bank using the Current Account Switch Service and switch at least 4 active Direct Debits. This excludes recipients of previous switching incentives.

To obtain the reward, you have to switch your current account within 7 days with the Switch service. Your salary, as well as direct debits, standing orders and bill payments will be automatically transferred and payments into and out of your old account will be redirected.

  1. To receive the extra £5.50 per month with the Everyday Rewards scheme you must meet certain criteria. However, if you hold the account for a year you can earn up to £216. After the first year this will become a maximum of £66 per year.

To get the monthly rewards, first you must sign up to Everyday Rewards and as long as you pay in £800 per month, pay four direct debits, use online or mobile banking, stay within your overdraft limit and receive paperless statements then you will receive a four pound a month reward.

If you meet all the criteria above, then you'll also get 5p per debit card transaction as part of Everyday Rewards, up to a maximum of £1.50 per month

Other Useful Information

  • Co-op Bank currently doesn't intend to change the switch rewards offered with this account
  • You need to fully switch using the Co-op's Switch Service which includes the transfer of four direct debits
  • You won’t receive the bonus if you've had a Co-op current account sign-up bonus since January 2014
  • You will be able to apply for the account online, however, you'll need to call or go into a branch to complete your switch
  • Co-op Bank shares the £75,000 UK savings safety guarantee with Britannia BS and Smile, so it’s worth making sure you don’t have more than this amount across the three banks


It’s worth noting that there is no in-credit interest for this account but this can be made up by the Everyday Rewards scheme. Overall this is a good basic account which offers everything you need along with a few bonus incentives.


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We've been comparing savings and current accounts for many years so you can trust you're in good hands.