This comparison simply includes all savings accounts.
The Co-operative Bank Savings Accounts
Why we like it: No minimum monthly funding or monthly fee to maintain the account. Earn up to 15% cashback with Retailer Offers. Stress-free account switching in 7 days with the Current Account Switch Service. £300 ATM withdrawal per day, Arranged Overdraft facility (subject to status). Online and Mobile Banking with text and email alerts. Must be 18 or older and live in the UK permanently. 39.94% EAR overdraft charge. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. 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. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. 3 month interest holiday on the first £500 of an arranged overdraft. Best British Bank and Best Current Account in 2020 at the British Bank Awards. Awarded 5 stars by Defaqto. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: A bank account that can build credit history. No credit check during sign up. Apply straight from your mobile. Instant online decision. Get your Contactless Debit Mastercard within 3-5 working days. Add Creditbuilder onto your account and it could help build your credit rating at no extra cost. Deposit cash into your account at any Post Office UK branch. Money is available in your account immediately. Manage your account 24/7 from any device with the banking app - get real time balance information, statements, add payees send payments and apply for extras. Automatic payment alerts. UK based Customer Services Team. Your money is protected up to £85,000 by the FSCS (Financial Services Compensation Scheme)
Why we like it: Can be opened by or on behalf of any child up to the age of 18. Debit or cash card available for those aged between 13 and 18. Monthly interest. No monthly fee. For children under age 13, the account must be opened in trust and managed by an adult (trustee). If you’re aged between 13 and 18 years old and live permanently in the UK you can apply online by telephone or in branch. No overdraft facility. 1% interest on the entire balance once the balance is £100, 2.00% AER/1.98% gross (variable) on the entire balance once the balance is £1,500, 3.00% AER/2.96% gross (variable) on the entire balance once the balance is £1,500 or over (up to a maximum of £2,000). Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Register for a free Raisin UK Account to apply for product. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted
Why we like it: Register for a free Raisin UK Account to apply for product. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted
Why we like it: Register for a free Raisin UK Account to apply for product. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted
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: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. 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: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. 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: 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: Market Leading. Balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest. Eligible deposits covered by UK FSCS.
Compare The Co-operative Bank savings accounts
It is important to make sure your money is working hard enough for you, to reach your savings goals quickly.
If you want to find the best savings options for you, then you could review the options with The Co-operative Banking Group.
Historically, interest rates with current accounts have been some of the lowest on the market. However, high street banks have started to increase their current accounts’ interest rates.
The recent trend of high interest current accounts has meant that more people are using their current account for their savings.
The Co-operative Banking Group has a current account that has competitive interest and various rewards for swapping accounts.
Instant Access Savings Accounts
Instant access accounts are popular amongst some savers, as they typically provide unlimited access along with the ability to earn interest.
The Co-operative Banking Group’s instant access account allows you to make a withdrawal at your convenience, as well as enable you to earn a modest amount of interest on your savings.
Typically, where a bank offers both instant and easy access accounts there is very little difference between the two. When this occurs, it is possible that the easy access account is more likely to have a delay in relation to deposits, withdrawals or transfer transactions.
The Select Access Saver from The Co-operative Bank offers a tiered rate of interest. The fewer times you withdraw from the Select Access Saver over the course of the year, the higher the interest you will receive.
If you are confident that you will not need your savings for a prolonged period of time, you could earn competitive interest with fixed rate bonds. Often fixed rate bonds provide some of the best interest rates on the market, providing you do not withdraw from your savings.
The Co-operative Bank’s fixed rate bonds have their best rates of interest, which run between 1 and 3 years. It should be noted that often the longer bonds pay the higher rates of interest.
If you want to benefit from £20,000 tax-free interest ISA allowance, you could explore the Co-op’s ISAs.
The Co-op offer four different ISA options: Cash ISA, Online Cash ISA, Britannia Additional Allowance ISA and Britannia Fixed Rate Cash ISA.
