Ethical and sustainable practices are central to The Co-operative Bank, which gets involved in a variety of social and economic campaigns. With free or discounted tech for invoicing and payments, as well as the capability to integrate accounting software, The Co-operative Bank also gives you the chance to streamline multiple aspects of your business’s finances. It also offers a strong option for charities and community groups, with an account charging minimal fees to eligible organisations.
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The Co-operative Bank Business Bank Account
NerdWallet's Review Summary
There is a lot to like from The Co-Operative Bank for start ups. The bank offers start-up guidance and other support tools, plus deals on insurance, HR tools and more. The bank also places ethics at the forefront of its mission, so it may appeal strongly to socially conscious new business owners.
The Co-operative Bank key features:
- Account options: Business owners can choose from six different current account options.
- FSCS protection: Your eligible deposits, up to £85,000 across all of your accounts, are protected by the Financial Services Compensation Scheme (FSCS).
- Borrowing: Account holders can access borrowing through an overdraft, a charge card for expenses, a credit card, or a variable rate business loan.
- Account management: Manage your money online, over the phone, via the app or in a branch
NerdWallet's Pros & Cons
Pros:
- The Co-operative Bank offers some accounts with no monthly fees.
- No fees for basic transactions.
- You can manage your Co-op account online, over the phone, via the mobile app and in a branch.
- You can apply for a business overdraft, credit card, charge card and loan.
Cons:
- There are no branches in Northern Ireland.
- Mixed mobile app reviews
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Key features
- Sole traders, limited companies, LLPs and charitiesThe Co-op offers accounts to most business types, including sole traders, limited companies, limited liability partnerships, charities, credit unions and co-operatives.
- Free invoicing softwareAccounts include access to Go Get Paid, an app which aims to simplify managing payments and invoicing customers.
- Overdraft and credit facilitiesWith your Co-operative Bank business account, you may be able to access overdraft, credit card and business loan facilities.
- Point of saleAccount holders get access to extensive point of sale offering from Clover for just £1 per month for their first year.
- Integrate accounting softwareAvoid tax headaches and bookkeeping struggles by integrating accounting software from QuickBooks, Xero or Sage.
- FSCS protectionEligible deposits, of up to £85,000 across all accounts, are protected by the Financial Services Compensation Scheme (FSCS).
The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. This was subsequently reinforced by an additional survey in 2024. They are unlikely to be the only product features and restrictions that you should consider. Pros and cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.
The Co-operative Bank business account full review
Founded in 1872, The Co-operative Bank aims to be sustainable and promote ethical values. The bank incorporates the principles of Environmental, Social and Governance (ESG) in its business and launched an Ethical Policy in 1992.
The Co-operative Bank has a range of business accounts available that cater for different kinds of businesses.
All accounts come with free accounting software integration, free invoicing app Go Get Paid, and a choice of how you bank, whether that’s online, in a branch, over the phone or via the mobile app.
Business Directplus account
Available to businesses of all sizes, the Business Directplus account does not charge a monthly account fee for the first 30 months it is open, as long as your balance stays above £1,000. After 30 months have elapsed, or when your balance dips below £1,000, the account costs £7 a month.
You can deposit £1,000 in cash and 25 cheques a month for free, but charges apply after you have used that allowance.
Business Current account
Available to startups and growing businesses that bank digitally, the Co-op Business Current account has no monthly charge.
It also includes unlimited free basic transactions (direct debits, faster payments, debit card purchases, and ATM cash withdrawals (though some ATMs may charge their own fees), among other services. Cheque deposits are £1.50 each and cash deposits cost £1.50 per £100.
FSB business banking account
Co-op’s FSB business banking account (which is only available to Federation of Small Businesses members) does not charge a monthly service fee and comes with free basic transactions, cheque deposits and cash deposits up to £1,000 per charging period. Cash deposits beyond this limit are charged at 80p per £100.
Charity and Community Bank Account
The Charity and Community Bank Account is for registered charities, co-operative or community benefit societies, credit unions and community interest companies.
There is no monthly service charge, and free everyday banking, including automated credit and debits, cash and cheque deposits, and cash withdrawals.
However, you cannot exceed the following annual account limits:
- credit turnover of more than £2 million
- deposit more than £100,000 in cash
- deposit more than 5,000 cheques
The Co-operative Bank business account features: at a glance
| Business Directplus Account | Business Current Account | |
| Monthly fee | Free for first 30 months (if balance remains above £1,000), then £7 a month | Free |
| Basic transaction fees | Outbound transactions are 30p each if balance is over £1,000, or 70p if balance drops below £1,000. | No |
| Account management | Online, over the phone, in a branch and via the mobile app | Online, over the phone, in a branch and via the mobile app |
| FSCS protection | Yes | Yes |
| Set-up time | On average 5 business days | On average 5 business days |
| Cash deposits | Yes (£1,000 free a month, then 80p per £100) | Yes (£1.50 per £100) |
| Cheque deposits | Yes (25 free a month, then 75p per cheque) | Yes (£1.50 per cheque) |
| Access to other banking services | Yes (overdraft, charge cards, credit cards, loans) | Yes (overdraft, charge cards, credit cards, loans) |
| International payments | Yes | Yes |
| Customer service | 03457 213 213 (8am to 6pm Monday to Friday, 9am to 12pm Saturday) | 03457 213 213 (8am to 6pm Monday to Friday, 9am to 12pm Saturday) |
| Multiple user access | Yes | Yes |
| Create and send invoices | Yes (Go Get Paid app) | Yes (Go Get Paid app) |
| Integration with accounting software tools | Yes | Yes |
Where The Co-operative Bank business account stands out
Free options: The Business Current, FSB and Community Directplus accounts all have no monthly fees.
Account perks: With your Co-op business account you may be able to access legal and HR services through Assurant, merchant services with Clover, sustainability measurement resources from Zellar, tailored business insurance from AXA, and invoicing services with the Go Get Paid app.
FSCS protection: Your eligible deposits, up to £85,000 across all of your accounts, are protected by the Financial Services Compensation Scheme (FSCS).
Access to overdraft and credit facilities: With a Co-op business account, you can apply for an arranged overdraft, a charge card for expenses, a credit card, and a variable rate business loan.
Ethical banking: The Co-operative Bank has a customer-led ethics policy, which includes commitments to tackling climate change and creating fairer communities.
Where The Co-operative Bank business account falls short
Mobile App: Co-op’s business banking app has mixed reviews from customers, so might not suit you if you want to manage your business’s money on-the-go.
Take a look at some of the other business banking providers we review.
The Co-operative Bank business account customer reviews
On Trustpilot, Co-op has an ‘Excellent’ rating of 4.5 out of 5, based on over 14,000 reviews. It is important to note that these reviews are from The Co-operative Bank customers overall, not just the bank’s business customers.
For its dedicated business banking app, meanwhile, Co-op has received the following reviews:
- App Store: 1.5 out of 5, based on over 200 reviews
- Google Play: 1.5 out of 5, based on over 300 reviews
This information is correct as of 4 September 2025.
The Co-operative Bank business account eligibility
To get a business account from The Co-operative Bank, you will, at minimum, need to meet the following criteria:
- Be aged at least 18 years or over.
- Live in the UK and have a UK business address.
- You won’t have any County Court Judgments (CCJs) or Individual Voluntary Arrangements (IVAs) from the last six years.
- You won’t have missed any payments on your personal credit file over the last six months.
The Co-operative Bank business account you select will then have its own set of eligibility requirements:
- Business Directplus account: Your business must operate as a sole trader, partnership, limited liability partnership, or limited company.
- Small Business account: Your business must operate as a sole trader, partnership, limited liability partnership, or limited company.
- FSB business banking account: You need to be a member of the Federation of Small Businesses, and be structured as a sole trader, partnership, limited liability partnership or limited company..
- Charity and Community account: You must be a registered charity, co-operative or community benefit society, credit union or community interest company. You also cannot have an annual credit turnover greater than £2 million, deposit more than £100,000 in cash a year, or deposit more than 5,000 cheques a year.
How to apply for a The Co-operative Bank business account
To apply for a Co-op business account, you will need to take the following steps:
- Click See Deal at the top of the page to be redirected to the provider.
- Select I’m ready to apply to begin your application.
- Begin entering your details. Remember, you will need documentation to prove your identity, address and some company details. This may include expected turnover, a Companies House registration number, a form of identification, and your business’s tax details.
- Submit your online application form and wait to hear back from The Co-operative Bank.
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Services offered by this provider may change over time. Always check Ts&Cs.
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