The Co-operative Bank
£49 Free Cash
Regular Saver (7.0%)£49profit
20mins to complete
Offer overviewChris · Your personal guide
The Co-operative Bank is a UK bank offering current accounts, savings and mortgages.
About £49 more than an easy-access account would pay you on the same deposits. The Regular Saver pays 7% on up to £250 a month for 12 months, and you can withdraw whenever you like with no penalty.
The rate is variable, so it can move during the term. You need a Co-op current account to open it: if you have already done the Co-op switch you are set, and if not, do that first and collect the switching bonus too.
Key terms
+£49
Interest rate7% AER
(variable)
Monthly depositUp to £250
Term12 months
Total max deposit£3,000
(12 × £250)
Withdrawal termsUnlimited withdrawals with no restrictions. Any money withdrawn can’t be re-deposited that month.
RequiresAn existing Co-op current account
Step by Step Guide
Start here
Open a Co-op Regular Saver
10 mins
- 1Log in to your Co-op online banking or mobile app
- 2Navigate to Savings and select ‘Regular Saver’
- 3Open 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
Up next · 2 steps
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.
Withdraw your balance
Ends in 12 months5 mins
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
3 steps to £49
Quick review
The Co-operative Bank
Wondering whether The Co-operative Bank is worth it beyond the bonus? Here is our honest take.
Ethical banking with a switch reward attached. Quidsy has the Co-op Regular Saver live right now, paying out £49 profit on monthly deposits over 12 months. Best suited if you want your money sitting somewhere with a customer-led ethical policy. Eligibility is tied to holding a Co-op current account first.
CategoryRegular Savers
Last updated
Chris' verdictYour personal guide, QuidsyIf you care about where your money sleeps at night, The Co-operative Bank is one of the few UK high street banks where the ethical position isn't just marketing. The customer-led policy is genuinely binding on what they will and won't lend against, and that's the main reason to choose them as a long-term home for your current account or savings.
Beyond ethics, the proposition is more "solid and free" than "market-leading on rates". The Current Account has no monthly fee, the mobile app does the job, and the Regular Saver has been one of the more competitive on the market when it's open to new applications. They also run periodic switch offers, which are a low-risk way to test the bank.
The two things to know going in: branch coverage is light, and any past worries about the 2013 capital crisis are now contained inside Coventry Building Society after the January 2025 takeover, with separate FSCS cover preserved. For ethically-minded switchers, easy yes. For best-in-class everything, look elsewhere.
The Co-operative Bank p.l.c. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No: 121885). Eligible deposits with The Co-operative Bank are protected up to £120,000 per person by the Financial Services Compensation Scheme (FSCS).