The Co-operative Bank Current Account - The Co-operative Bank

The Co-operative Bank Current Account

The Co-operative Bank
0 % AER
Headline Interest Rate
£ 125
Switching bonus
  • Overdraft facility
  • Customer rating: 4.29 (out of 5)
  • No monthly charge
  • Minimum Monthly Credit: £ 800
    • Open by:
Account offers sign up bonus
Earn rewards each month
No interest paid on balances

This account may be appropriate for you if

  • You can deposit at least £ 800 per month
  • You are older than 16

Switching bonus

Member of Current Account Switching Service: No
Maximum Switching Bonus: 125
Switching Bonus Conditions: £125.00 switching incentive, with another £25 going to Centrepoint. Terms and conditions apply.
Match Current Overdraft Offer: No

Credit Interest

Annual Interest Paid By Balance:
BalanceAnnual Interest Paid
£ 5000 %
£ 1,0000 %
£ 5,0000 %
£ 10,0000 %
£ 25,0000 %
Headline Interest Rate: 0 % AER
Monthly Reward: £ 4
Reward Conditions:
Customers will receive a monthly payment of £4 providing the account is credited with a minimum of £800 per month, that the customer stays in credit, or within their agreed formal overdraft limit, that the customer logs in to online banking or the mobile banking app at least once during the month, that the customer has opted in for paperless statements and that at least four direct debits have been paid out. To be rewarded up to an additional £1.50, customers must meet the full criteria above and they will be rewarded an extra 5p every time they use their debit card. (Up to a maximum of £1.50 a month.) The customer can choose to donate their monthly Everyday Rewards payment to one of five chosen charities instead of having it paid to their account.

Overdrafts

Cost of Authorised Overdraft:
ScenarioCost
£ 250 overdrawn by 5 days£ 1
£ 500 overdrawn by 10 days£ 2
£ 1,000 overdrawn by 30 days£ 14
Overdraft Available: Yes
Authorised Overdraft Rate: 18.9 % (equivalent to 1.46 % per month)
Unauthorised Overdraft Rate (APR/EAR): 18.9 % (equivalent to 1.46 % per month)
Overdraft Fees Apply From: £ 20 overdrawn
Cost of Unauthorised Overdraft: £10 per month, max £60 per quarter
Cost of £100 Overdraft Breach for 10 Days: £ 10

Payment options

ATM Card
Cheque Book
Passbook
Debit CardVisa
Standing Order
Direct Debits

Access and usage

Banking by
Bank
Post
Phone
Internet
Maximum ATM Withdrawal: £ 250

Perks

Preferential rates onmortgage, loan
Prepaid card
Home emergency cover
Extended warranty cover
Airport lounge access
Preferential travellers money rates
Preferential travellers cheque rates
Free life insurance
Free home insurance
Free car insurance
Breakdown cover
Voucher and discount deals
Entertainment deals
Mobile phone cover

Charges

Charges for Unpaid Items: None
Charges for Paid Items: £ 10
Maximum Charges for Paid Items (Over Credit Limit): £ 60 per quarter

Cost Abroad

ATM Charge Europe: £ 2 when withdrawing the equivalent of £ 100
ATM Charge World: £ 2 when withdrawing the equivalent of £ 100
Debit Card Charge Europe: No exchange rate fees
Debit Card Charge World: No exchange rate fees

Additional Charges

Charge for Replacement Statement: £ 3
ATM Withdrawal Charge: £ 0
Bankers Draft Charge: £ 10
Special Clearance Charge: £ 10
Charge For Cheque Receipts: £ 5
Bankers Reference Charge: £ 10
CHAPS Charge: £ 25
Charges For Cancelled Cheques: £ 5

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Customer ratings

About the bank

  • Protection Scheme: This account is covered by the Financial Services Compensation Scheme.
  • Banking Licence Held By: The Co-operative Bank