The Co-Operative Bank Current Accounts

The Co-Operative Bank Current Accounts logo
  • The Co-Operative Bank offers a wide range of current accounts which you can compare below.
  • Compare up-to-date information on interest rates, account fees and other important features.
  • Once you have chosen an account click on the links to apply direct.
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Last updated on 09 November 2020.

The Co-operative Bank Current Accounts FAQ

Who is Co-operative Bank?

The Co-operative Bank provides banking services to consumers around the UK through branches and online banking. It also has a commercial banking arm but is best-known for ethical retail banking.

Does Co-operative Bank offer current accounts?

Yes. Co-operative Bank has three main types of current accounts for those over 18 who live in the UK. These are as follows:

  • Cashminder: This account is offered to those with poor credit ratings who may struggle to be accepted for a regular Co-operative Bank Current Account. It offers many of the same banking services as the other accounts but does not offer account holders the chance to apply for an overdraft.

  • Current Account: The Co-operative Bank Current Account offers daily banking services and the option to apply for an arranged overdraft. The account itself does not charge a monthly fee but certain fees may apply for some services. It’s also sensible to bear in mind that overdrafts cost money, usually in the form of interest charged on the balance of your overdraft, or sometimes charged on a daily basis when you are overdrawn. The Co-operative Current Account also offers various extras, such as cashback, which come with various terms and criteria.

  • Everyday Extra: The Everyday Extra account offers some additional ‘benefits’ including family travel insurance, breakdown cover and mobile phone cover and charges a monthly fee. Applicants will also have to meet other criteria. It is always sensible to review whether packaged accounts, such as these, will actually bring you savings and whether you are eligible to claim on the insurance, for example, before you apply.

Will I have my credit rating checked when I apply for a Co-operative Bank current account?

Yes, most banks, including Co-operative Bank, will carry out a credit check when you apply for their current accounts and can turn you down, or may recommend a Cashminder account, if your rating is poor. Bear in mind that applying for financial products and being turned down can lead to further credit rating damage.

Do Co-operative bank accounts come with overdrafts?

Yes, the Current Account and the Everyday Extra account comes with the opportunity to apply for an overdraft, either at the point of initial application or after you open the account. Overdrafts are approved based on credit checks and other financial checks, including employment status and income.

Is it easy to switch my existing account to a Co-operative Bank account?

Yes. You can use the Current Account Switch Guarantee scheme, which means that all your current account transactions, including all your existing standing orders and direct debits, for example, will be switched to the new account within seven working days.

Services offered by this provider may change over time. Always check Ts&Cs.