The Co-operative Bank

The Co-operative Bank: personal and business banking with co-operative roots

The Co-operative Bank is a UK banking institution that offers personal and business banking services. Its origins date back to the co-operative movement in 1872 and it presents itself as the original ethical bank. The institution structures its proposition around a customer-led ethical policy, introduced in 1992 and built on three pillars: commitment to the planet, to people and to the community.

Bank accounts

The account range includes a standard current account, a packaged bank account, a basic bank account, a student bank account and a Ukrainian refugee account. The institution also offers optional overdrafts, with a calculator to review their cost. Related topics include joint bank accounts, switching my bank account, promotions and offers terms and conditions, and Privilege and Privilege Premier bank account help.

Savings and investment

In the savings section, the bank offers instant access savings accounts, fixed rate savings accounts, limited access savings accounts, ISAs and children's savings accounts. Related products also include maturity fixed rate ISA, maturity fixed term deposits and matured Child Trust Fund. The website includes a savings interest calculator and help sections, along with information on interest rates for current savings products and savings products no longer available, and on Britannia savings simplified.

The institution offers a 1 or 2 year Fixed Rate Cash ISA with a fixed rate of up to 4.09% tax-free / AER, with a minimum amount of £5,000 and interest paid annually. Withdrawals during the fixed term are subject to a charge equivalent up to 120 days' interest on the amount withdrawn.

Mortgages

The bank serves existing The Co-operative Bank mortgage customers, who can manage, repay or switch to a new deal. The institution does not currently offer mortgages to new customers, unless it's via a broker. Available services include switching your deal, requesting a redemption statement, borrowing additional funds and moving home. The website includes new deal, repayment and overpayment calculators, as well as help on mortgage balance, overpayments, requests and changing the mortgage term.

Credit cards and loans

In the credit area, the bank offers credit cards, including a balance transfer credit card, a 3 year fixed rate credit card and a Co-operative members credit card. It offers help for persistent debt and for lost or stolen cards. Regarding loans, the institution does not currently offer loans and points to its credit cards and overdrafts as short-term borrowing options. It also provides content on understanding credit cards, a credit card repayment calculator, managing my credit card, disputing a payment and overdraft.

Insurance

The insurance offering covers buildings and contents, home emergency and accidental damage. The Everyday Extra packaged account includes worldwide travel insurance, UK & European breakdown cover and mobile phone insurance. The website includes insurance FAQs and help managing your existing home insurance, as well as access to your policy or making a claim and getting a home insurance quote.

Channels and digital services

The bank offers online banking, mobile banking, branch banking, telephone banking, Post Office banking and Open Banking. It has a mobile app that allows you to check your balance, make payments, search recent transactions, transfer money, set up new payments, instantly freeze and unfreeze your card, apply for savings accounts and credit cards, receive fraud alerts and manage your personal details. The institution states that it has over 2 million customers.

The website includes a branch locator, a service status for online services, help with registering for and using online banking, and an application tracking portal. It also offers help sections on managing your account, card, payments, security and fraud, travelling abroad, identification requirements, financial difficulties, financial support and bereavement.

Current promotions

The site shows a promotion in which up to £5,000 in household bills is paid each month to 10 customers, with an end date of 31 March 2027 and subject to eligibility criteria and terms and conditions. Also, in collaboration with VISA, cash prizes of up to £2,500 per month are drawn for UK residents aged 18 or over who use their debit card or digital wallet, with the same end date. The institution also notes that debit cards do not charge currency conversion fees for all current account customers.

Corporate evolution

The institution proposes to transfer its business to Coventry Building Society from 1 January 2027. Coventry Building Society is owned by its members, not shareholders. The bank indicates that some things may change, but how customers bank will stay the same.