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Published 24 May 2023

The Co-operative Business Account Review

The Co-operative Bank provides a number of business current account solutions to meet the needs of different business types. Learn about the pros, cons and features of its business account.

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Ethical and sustainable practices are central to The Co-operative Bank, which gets involved in a variety of social and economic campaigns. So if these issues are important to your business, you may want to consider one of its accounts.

And with several types of accounts to choose from, The Co-operative Bank could be an option for many different types of businesses, allowing you to pick the account that best suits your needs.


The Co-operative Bank Directplus Business Account

  • Monthly Fee
  • Card Purchase Fees
  • Bank Transfer Fees
  • Offer
    Free everyday business banking for first 30 months + free access to the Go Get Paid app
Learn More

This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.

Learn more about how we bring you our review.

Key features

  • Range of accounts
    There are six different Co-op business accounts on offer, for a variety of business sizes and needs.
  • FSCS protection
    Eligible deposits, of up to £85,000 across all accounts, are protected by the Financial Services Compensation Scheme (FSCS).
  • Sole traders, limited companies, LLPs and charities
    The Co-op offers accounts to most business types, including sole traders, limited companies, limited liability partnerships, charities, credit unions and co-operatives.
  • Overdraft and credit facilities
    With your Co-operative Bank business account, you may be able to access overdraft, credit card and business loan facilities.

The Co-operative Bank business account pros & cons



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. They are unlikely to be the only product features and restrictions that you should consider. Pros and cCons 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. And if eligible, you can also gain the support of a dedicated relationship manager.

Business Current account

Only available to sole traders and limited companies owned or controlled by one person, the Co-op Business Current account comes with free everyday banking for the first 30 months. After that, it costs £10 a month.

Free everyday banking includes no monthly account fee, unlimited Faster Payments, debit card purchases, and ATM cash withdrawals (though some ATMs may charge their own fees), among other services.

FSB business banking account

Co-op’s FSB business banking account does not charge a monthly service fee and comes with free everyday banking (with cash limits). However, you must be a member of the FSB to be eligible for this account.

Cash Tariff account

The Cash Tariff account is designed for businesses with a high cash turnover. It costs £10 a month, and has lower fees for cash-related services compared to some other Co-op accounts.

Standard Tariff account

The Standard Tariff account costs £10 a month, and has a pricing structure that is not dependent on your account balance, unlike the Business Directplus account.

Community Directplus account

The Community Directplus 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:

The Co-operative Bank business account features: at a glance

Business Directplus AccountBusiness Current AccountStandard Tariff Account
Monthly feeFree for first 30 months (if balance remains above £1,000), then £7 a monthFree for first 30 months, then £10 a month£10 a month
Transaction feesNo (standing orders, Faster Payments, direct debits). Yes for other transactionsNo, for everyday banking for first 30 months. Yes for other transactionsYes
Account management Online, over the phone, in a branch and via the mobile appOnline, over the phone, in a branch and via the mobile appOnline, over the phone, in a branch and via the mobile app
FSCS protectionYesYesYes
Set-up timeOn average 13 daysOn average 13 daysOn average 13 days
Cash depositsYes (£1,000 free a month, then 80p per £100)Yes (£1.50 per £100)Yes (80p per £100)
Cheque depositsYes (25 free a month, then 75p per cheque)Yes (£1.50 per cheque)Yes (75p per cheque)
Access to other banking servicesYes (overdraft, charge cards, credit cards, loans)Yes (overdraft, charge cards, credit cards, loans)Yes (overdraft, charge cards, credit cards, loans)
International paymentsYesYesYes
Customer service03457 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)03457 213 213 (8am to 6pm Monday to Friday, 9am to 12pm Saturday)
Multiple user access YesYesYes
Create and send invoicesYes (Go Get Paid app)Yes (Go Get Paid app)Yes (Go Get Paid app)
Integration with accounting software toolsYesYesYes

Where The Co-operative Bank business account stands out

Range of accounts: While not every account is accessible to every type of organisation, the Co-op Bank still offers six accounts with varying pricing structures designed to appeal to different business needs.

Introductory offers: Both the Business Directplus and Business Current accounts have no monthly fees for the first 30 months.

Account perks: With your Co-op business account you may be able to access legal and HR services through Assurant, merchant services with Fiserv, 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.

Sole traders, limited companies, LLPs and charities: Among the bank’s six business accounts, there is an option suitable for every business type, including charities.

Where The Co-operative Bank business account falls short

Monthly fees: Aside from the FSB and Community Directplus accounts, which have very specific eligibility requirements, no Co-op business account is ‘permanently’ free from monthly fees. At best, they have introductory free periods that will expire.

Customer support: The Co-op doesn’t offer 24/7 customer service, and has limited support options.

Slow set-up: According to the Co-op, on average it takes 13 days to set up a business account with the bank. Many banks offer same- day set-up.

» MORE: What is a same day business account?

The Co-operative Bank business account customer reviews

The Co-operative Bank business customers have left reviews on a number of different platforms. These reviews range, from mixed to very good.

It is important to note that the following reviews are from The Co-operative Bank customers overall, not just the bank’s business customers:

This information is correct as of 17 May 2023.

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:

Which The Co-operative Bank business account you select will then have its own set of eligibility requirements:

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:

  1. Select the Co-op business account you wish to open.
  2. Prepare your information and documentation. This may include expected turnover, Companies House registration number, a form of identification, and your business’s tax details.
  3. Submit an online application form.
  4. Wait to hear back from The Co-operative Bank.

» MORE: How to open a business bank account in the UK

Review methodology

At NerdWallet Ltd UK we base our reviews on the results of surveys we conduct to understand what key product features are important to those who use them, and align them to the product we review.

Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability of your financial circumstances.

You can view our review methodology here.

About the Authors

Rhiannon Philps

Rhiannon has been writing about personal finance for over three years, specialising in energy, motoring, credit cards and lending. After graduating from the University of Cambridge with a degree in…

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Kristina Fox

Kristina was a writer at NerdWallet who focused on writing finance content for small businesses, as well as young people and students. A recent graduate trading French for finance, she…

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Connor Campbell

Connor is a writer and spokesperson for NerdWallet. Previously at Spreadex, his market commentary has been quoted in the likes of the BBC, The Guardian, Evening Standard, Reuters and The…

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