This comparison simply includes all savings accounts.
Co-op Current Account
Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account
Why we like it: MARKET LEADING INSTANT ACCESS ACCOUNT. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2021. Must be UK resident and be aged 18 or older
Why we like it: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older
Why we like it: Easy access savings account that tracks the Bank of England base rate. Wave goodbye to the constant cycle of account hopping and forget waiting for banks to pass on higher interest rates. Interest rate moves with the Bank of England base rate, guaranteeing a fixed margin of up to 0.5% below, and adjusts the very next day. Easy access to your money with once a month withdrawals, without notice and without fees. Earn daily interest on your money, and experience the power of compounding to make your savings work harder. Maximum deposit £250,000. Wombat has partnered with GB Bank to bring you the Base Rate Tracker. GB Bank is an award-winning, fully authorised and regulated UK bank. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older
Why we like it: A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older.
Why we like it: Tiered interest: £1 to £10,000 – 4.80% Gross/AER, £10,001 to £50,000 – 4.80% Gross/AER, £50,001 to £500,000 – 4.80% Gross/AER. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older
Why we like it: Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.55% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. Must be UK resident. Must be aged 18 or older. FSCS protected
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Interest paid monthly or annually. Open in a single or joint name. Unlimited deposits and withdrawals. Covered by the FSCS. Must be UK resident. Must be aged 16 or older
Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: MARKET LEADING 6 MONTH FIXED RATE BOND. Interest paid at maturity. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2021. Must be UK resident and be aged 18 or older. No withdrawals permitted
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
- 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.
- 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.
