Features
- Deposit between £1,000 and £1,000,000
- Choose 1, 2 or 3 year fixed term deposits with fixed interest rates that won’t change during your selected term
- Choose annual or monthly interest payments
- Have interest paid directly into your account or to another account of your choice
- Access your money at the end of your term
- Open it as a Sole or joint account.
Please note that you can’t withdraw or add to your fixed term deposit before it’s matured, so you’ll have to make sure you don’t need access to your savings during the term.
Compare our fixed term deposit accounts
The main differences between our fixed term deposits are the lengths of their terms and the interest rate you could earn.
| Interest paid annually (gross/AER) | Interest paid monthly (gross) | Interest paid monthly (AER) | |
|---|---|---|---|
| 1 Year Fixed Term Deposit | 3.71% | 3.68% | 3.75% |
| 2 Year Fixed Term Deposit | 3.62% | 3.59% | 3.65% |
| 3 Year Fixed Term Deposit | 3.46% | 3.43% | 3.49% |
Summary box for The Co-operative Bank Fixed Term Deposit
Account name
The Co-operative Bank Fixed Term Deposit
| Interest paid annually (gross/AER) | Interest paid monthly (gross) | Interest paid monthly (AER) | |
|---|---|---|---|
| 1 Year Fixed Term Deposit | 3.71% | 3.68% | 3.75% |
| 2 Year Fixed Term Deposit | 3.62% | 3.59% | 3.65% |
| 3 Year Fixed Term Deposit | 3.46% | 3.43% | 3.49% |
Interest can either be paid to you annually or monthly. Once you’ve chosen this you can’t change your mind during the term.
Annual interest
If you choose annual interest, you’ll receive it on the first Business Day after each anniversary of the account opening date. Annual interest can either be paid into this account or another account of your choice — either with us or another provider.
Interest is calculated daily on the assumption that there are 365 days in each year. This means you don’t get an extra day’s interest in a leap year.
Monthly interest
If you choose monthly interest, you’ll receive it on the monthly anniversary of the account opening date. If this date doesn’t fall on a Business Day, it will be paid on the next Business Day. Monthly interest will be paid to another account of your choice — either with us or another provider.
Interest is calculated daily.
Can the Co-operative Bank change the interest rate?
No, the interest rate is fixed. It won't change until the account matures at the end of your term.
What would the estimated balance be at the end of the fixed term, based on a £1,000 deposit?
| Balance at end of fixed term | |
|---|---|
| 1 Year Fixed Term Deposit | £1,037.10 |
| 2 Year Fixed Term Deposit | £1,073.71 |
| 3 Year Fixed Term Deposit | £1,107.42 |
We've worked this out assuming:
- You've chosen to receive your interest annually.
- You've chosen to add your interest to the account.
How do I open and manage my account?
Open an account
To open an account you must be a UK resident aged 16 or over.
You can open an account:
- Online
- In branch
- In sole or joint names
- With a minimum opening deposit of £1,000 — to be paid within 14 days.
There is a maximum balance of £1,000,000.
You've got 14 days from when we open your account to pay in the minimum balance of £1,000. You can do this in one lump sum or through multiple payments. If after 14 days you haven't met the minimum balance, we'll close the account and return any funds to you.
You can pay your initial deposit(s) into this account by cash, cheque or transfer from another account held with us or another provider.
No further deposits are allowed after the 14 days from account opening, but you can have more than one fixed term deposit.
How do I manage this account and get in contact?
You can contact us, and manage the account:
- Online
- Over the phone
- In branch
- By post.
Can I withdraw money?
No. You can't make withdrawals from this account until maturity. You should consider whether the amount you want to deposit leaves you with adequate emergency funds.
At the end of the fixed term, your account matures and your money will be put into a Smart Saver account. We'll send you a letter before your maturity to remind you of your maturity date and to let you know what options are available to you - such as re-investing or withdrawing.
On maturity, you can access your money in branch, over the phone, by post, through online banking and through our mobile app.
Additional information
This is a limited issue product and may be withdrawn without notice at any time.
If you are or have previously been made bankrupt, you can still apply.
Interest earned from this account will count towards your Personal Savings Allowance. You may need to pay tax to HM Revenue & Customs if the total interest you earn is greater than your Personal Savings Allowance. Visit the Government’s website for more information on this.
Important information
Please read the important documents below and save copies of them for future reference.
PDF documents
Fixed Term Deposit terms, conditions and summary box (PDF)
Co-operative Bank savings general terms and conditions (PDF)
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Changes to scam reimbursements
There is now more protection for victims of certain types of scams. Read more about the changes to scam reimbursements
Savings terms explained
AER stands for Annual Equivalent Rate and shows what the interest rate would be if it were paid and added to your account each year.
Fixed interest means the rate stays the same until the account matures.
Gross is the rate of interest payable before any tax is taken off.
Tax-free means you will not pay any tax on your interest.
Tax year runs from 6 April to 5 April.
Variable interest means that it could go up or down.
Business day is usually Monday to Friday excluding bank holidays.
Any reference to tax is based on our understanding of current tax regulations which may change in the future and depend on the customer's individual financial circumstances.
The Co-operative Bank reserves the right to decline to accept any application and/or deposit.
Protecting your money
Your eligible deposits with The Co-operative Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. This limit is applied to the total of any deposits you have with The Co-operative Bank and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please read further information on the FSCS scheme here or visit their website