+£49
Regular Saver (7.0%)20 mins
The Co-operative BankRegular Saver (7.0%)
£49 Free Cash•20 mins
£49 Free Cash
+£49What is The Co-operative Bank?
The Co-operative Bank is one of the UK’s original ethical banks, founded in 1872. They’re known for their strong ethical policy that refuses to invest in harmful industries like fossil fuels, weapons manufacturing, and unethical labour practices.
Despite the similar name, The Co-operative Bank is now separate from the Co-op retail chain. They serve around 3 million customers and offer a full range of banking products including current accounts, savings, and mortgages.
You’ll need a Co-op current account to open this Regular Saver. If you don’t already have one, we’d recommend doing the Co-op bank switch first — you’ll pick up a switching bonus and get the current account you need in one step.
Launched
1872
Customers
3m+
Google Play
4.6 (51k)
★★★★★★
Key Terms
Profit
+£49
Interest rate
7% AER
(variable)
Monthly depositUp to £250
Term12 months
Total max deposit
£3,000
(12 × £250)
Withdrawal terms: Unlimited withdrawals with no restrictions. Any money withdrawn can’t be re-deposited that month.
Requires: An existing Co-op current account
Step by Step Guide
Chris's overview
Optional·2 min read
The Co-op Regular Saver pays 7% on up to £250 a month for 12 months. That’s around £49 more than you’d earn in a standard easy-access account on the same deposits.
You can withdraw whenever you want with no penalties. The 7% rate is variable, so it could change during the term.
You need a Co-op current account to open this. If you’ve already done the Co-op bank switch, you’re all set. If not, do that first — you’ll pick up the switching bonus too.
1
Open a Co-op Regular Saver
10 mins
- Log in to your Co-op online banking or mobile app
- Navigate to Savings and select ‘Regular Saver’
- Open the account — you’ll need to make a minimum deposit of £1 within 30 days to activate it
- Your 12-month term starts from the date Co-op receives your first deposit
2
Make your first transfer
5 mins
- Transfer your chosen amount (up to £250) into your new Regular Saver
- This first deposit officially starts your 12-month term
- You can transfer from your Co-op current account or any other UK bank account
Transfer up to £250 each calendar month
2 min
- Deposits are per calendar month, so transfer early (ideally the 1st) to earn interest for the full month.
- Automate it: set up a standing order to your Regular Saver. If your salary arrives at the end of the month, schedule the order for the 1st of the month.
- Prefer doing it manually? Set a monthly reminder instead.
- You can deposit any amount from £1 to £250 per calendar month. Any overpayment above £250 will be returned.
3
Withdraw your balance365d
5 mins
Your 12-month term ends
- After 12 months, your balance plus all earned interest is paid into a Co-op Smart Saver account automatically
- The Smart Saver pays a lower variable rate — so move your money to the best available savings account
- Co-op will write to you before maturity with your options
- You can withdraw via online banking, mobile app, phone, or in branch
Offer Complete
Done? Tick off each step above to see your total.
The Co-operative Bank Full Review
Completed the offer? Awesome! Here's our full review on why The Co-operative Bank could work well for you going forward.
The Co-operative Bank was founded in 1872 and is one of the UK's original ethical banks. They're particularly known for their customer-led ethical policy, which was the first of its kind in UK banking. With around 3 million customers, they're smaller than the big high street banks but have a loyal following, particularly among customers who value ethical banking principles.
Is The Co-operative Bank safe?
Yes. The Co-operative Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA (firm reference 121885). Your deposits are protected up to £120,000 by the Financial Services Compensation Scheme (FSCS). Despite the similar name, The Co-operative Bank is now a separate company from the Co-op retail chain – they parted ways in 2017, though the bank kept the name and branding.
Who is The Co-operative Bank for?
The Co-operative Bank is ideal for customers who value ethical banking. Their ethical stance means they refuse to invest in fossil fuels, weapons manufacturing, companies with poor human rights records, and businesses involved in animal testing for cosmetics. If you want your bank to align with your values, they're worth considering as a longer-term bank beyond just the switch bonus.
Top Co-operative Bank Features
1
Strong ethical policy
Customer-led ethical policy that refuses to invest in harmful industries like fossil fuels, weapons, and poor labour practices.
2
Solid mobile app
4.8 stars on App Store (80k reviews) and 4.6 on Google Play (51k reviews). Covers all the features you'd expect from a full-service bank.
3
No monthly fees
The Everyday Current Account has no monthly fee, making it straightforward for the switch offer.
4
FSCS protected
Deposits protected up to £120,000 by the Financial Services Compensation Scheme.
Pros and Cons
Pros
- ✓Strong ethical banking principles
- ✓Good mobile app with high ratings
- ✓No monthly account fee
- ✓Generous switch bonus with optional stay incentives
Cons
- ✗Smaller branch network than major high street banks
- ✗Hard credit check on application
- ✗Must use CASS to switch (closes your old account)
Our Verdict
The Co-operative Bank offers a solid switch bonus that's easy to qualify for. The main £100 bonus requires minimal effort – just switch via CASS, deposit £1,000, and make 10 transactions within 25 days. If you want to maximise your earnings, the optional stay incentive adds another £75 over three months. The ethical banking stance is a genuine differentiator if that matters to you, though you don't need to stay long-term to benefit from the switch offer.
