This comparison simply includes all savings accounts.
Co-op Current Account
Why we like it: Earn 0.60% 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.
Why we like it: Get set up in minutes. No paperwork, monthly fees or branch visits. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Real Mastercard exchange rates and real-time notifications in both currencies. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. Current account is completely free.: No charge for making electronic payments, domestic transfers or ATM withdrawals. Three-month interest holiday on the first £500 of an arranged overdraft. Earn Interest: current account pays 0.05% AER on balances up to £85,000.Card gone missing? Lock it in-app temporarily while you look for it or cancel it with a tap if you think it’s gone for good. Personal loan available that’s straightforward to use, competitively priced and tailored to you. Best British Bank and Best Current Account in 2018, 2019 and 2020 at the British Bank Awards. Awarded 5 stars by Defaqto too. Fully registered bank and a member of the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Earn 0.60% 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.
Why we like it: Get set up in minutes. No paperwork, monthly fees or branch visits. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Real Mastercard exchange rates and real-time notifications in both currencies. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. Current account is completely free.: No charge for making electronic payments, domestic transfers or ATM withdrawals. Three-month interest holiday on the first £500 of an arranged overdraft. Earn Interest: current account pays 0.05% AER on balances up to £85,000.Card gone missing? Lock it in-app temporarily while you look for it or cancel it with a tap if you think it’s gone for good. Personal loan available that’s straightforward to use, competitively priced and tailored to you. Best British Bank and Best Current Account in 2018, 2019 and 2020 at the British Bank Awards. Awarded 5 stars by Defaqto too. Fully registered bank and a member of the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
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.
