The Co-operative Bank — fees, features, catches and eligibility
Important: This guide provides general information, not personalised financial advice. Financial products, rates and eligibility rules can change, so check the provider’s current terms before applying. You can check a firm’s details on the FCA Register.
Quick answer
The Co-operative Bank’s standard Current Account has no monthly fee and 0% currency conversion fees abroad, as of 4 October 2026. Customers can open a Regular Saver paying 7.00% gross/AER variable on up to £250 a month for 12 months.
It’s known for its customer-led Ethical Policy. It’s proposing to transfer its business to Coventry Building Society on 1 January 2027, subject to court approval.
Who it’s for
- People who want a bank with a published Ethical Policy
- Regular savers who can put away up to £250 a month
- Travellers who want 0% currency conversion fees on the debit card
- Small businesses wanting a no-fee digital business account
Who should avoid it
These are general points to weigh up, not advice. You may want to look elsewhere if:
- You want a guaranteed cash switch bonus — we saw a prize draw, not a fixed payment
- You hold savings with Coventry Building Society — FSCS cover may be shared after the planned transfer
- You want a mortgage or personal loan from the same bank — it doesn’t offer loans and offers mortgages to new customers only via brokers
Key features
- Current Account: no monthly fee, available as a joint account, optional overdraft
- 0% currency conversion fees abroad
- Regular Saver: 7.00% gross/AER variable, up to £250 a month, 12-month term
- Fixed Term Deposits at 4.25% AER for one, two or three years and Fixed Rate Cash ISAs at 4.25% for one or two years (Co-operative Bank, 19 October 2026)
- Switching in seven business days
- Business Bank Account with no monthly fee
Eligibility
- Aged 16 or over (18 or over for an overdraft) and UK resident
- Not two or more payments in arrears on credit
- No CCJs or defaults in the last two years, and not bankrupt in the last six
Fees and rates
| Item | Detail |
|---|---|
| Current Account monthly fee | £0 |
| Currency conversion abroad | 0% |
| Regular Saver | 7.00% gross/AER variable, up to £250 a month |
| Select Access Saver 5 | 3.28% AER variable with up to 2 withdrawals a year (1.00% with 3+) |
| Fixed Term Deposits | 4.25% gross/AER fixed (1, 2 or 3 yr, annual interest), £1,000 minimum (Co-operative Bank, 19 Oct 2026) |
| Fixed Rate Cash ISA | 4.25% tax-free/AER fixed (1 or 2 yr), £5,000 minimum (Co-operative Bank, 19 Oct 2026) |
| Business Bank Account | No monthly fee |
Figures as of 4 October 2026, taken from the provider’s own website; fixed savings and Fixed Rate Cash ISA rates re-checked on 19 October 2026. Rates and fees can change.
The catch
The “win back your bills” offer is a prize draw (10 winners a month, until 31 March 2027), not money every customer gets.
Applicants mustn’t have had a County Court Judgment or default in the last two years, or been declared bankrupt in the last six.
Check the latest terms on the Co-operative Bank’s site.
These go straight to each provider’s own website. They aren’t referral links and we don’t earn from them.
FAQs
Does the Co-operative Bank charge a monthly fee?
No, not on the standard Current Account, as of 4 October 2026.
What is the Co-operative Bank Regular Saver rate?
7.00% gross/AER variable on up to £250 a month for 12 months. You need a personal Co-operative Bank current account.
Is the Co-operative Bank moving to Coventry Building Society?
It’s proposing to transfer its business to Coventry Building Society on 1 January 2027, subject to court approval.
Is my money safe with the Co-operative Bank?
The Co-operative Bank is covered by the FSCS up to £120,000 per person. It’s proposing to transfer its business to Coventry Building Society on 1 January 2027, subject to court approval. If that goes ahead, deposits with the Co-operative Bank, smile and Coventry Building Society would share a single £120,000 limit.
Does the Co-operative Bank charge fees abroad?
It advertises 0% currency conversion fees on its Current Account. Cash machine operators may still charge.
Does the Co-operative Bank pay a switching bonus?
We saw a prize draw for customers, not a fixed switch payment, on 4 October 2026.
How long does switching to the Co-operative Bank take?
Seven business days with a full switch.
Can I open a joint account?
Yes, the Current Account is available as a joint account, with a card for each holder.
What is the Co-operative Bank’s Ethical Policy?
A customer-led policy, introduced in 1992, that shapes who the bank will and won’t finance.
Does the Co-operative Bank offer loans?
Not currently. It offers credit cards and overdrafts.
Does it have business accounts?
Yes, including a Business Bank Account with no monthly fee, Business Bank Account Plus (£10 a month) and Business Directplus.
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