The Co-op Bank current account: everything you need to know

Need a new bank account? There are lots of different current accounts out there, from the likes of traditional banks, digital providers and money apps too.

If ethical banking is important to you, it could be worth taking a look at the Co-operative Bank. It’s one of the only UK banks with a customer-led Ethical Policy, which outlines its commitment to the planet, people and community.¹

But what is its current account like? Read on to find out, as we’ve put together a helpful guide to the Co-op Bank current account covering everything you need to know.

We’ll run through all the main features, fees and how to open an account.

And while you’re weighing up your options, make sure to check out the Wise account from the money services provider Wise. It’s ideal for managing your everyday finances, international transactions, and overseas card payments.

Please see the Terms of Use for your region.

But for now, let’s focus on the Co-operative Bank current account.

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Table of contents

The Co-operative Bank current account features The Co-op Bank Debit card How to manage the Co-operative Bank current account Fees to use the Co-operative Bank current account How to open the Co-operative Bank current account Eligibility What details and documents you’ll need How to apply for the Co-operative Bank Current Account How long does it take to open a Co-op Bank current account? Is the Co-operative Bank current account available as a joint account? Save with Wise when managing your money internationally

The Co-operative Bank current account features

The Co-op Bank’s standard Current Account has no monthly fees and is a straightforward choice for everyday banking. It’s available as a joint account too, if you want to manage your finances with a spouse, partner or trusted family member.

You can use it to send and receive payments, along with setting up Direct Debits and Standing Orders.

The current account also has some other features, including:

• Everyday Rewards - an opt-in program which rewards you up to £2.20 a month when you meet certain conditions. These include logging into online banking or the mobile app, paying in a minimum of £800 a month and paying out at least 4 Direct Debits from your account. You can also choose to have your Rewards paid to a charity on your behalf.²
• Optional overdraft (subject to application and eligibility)
• Access to online banking and the Co-op Bank mobile banking app.

If you’re after more features and benefits than this, it could be worth taking a look at the bank’s other account.

The Everyday Extra packaged bank account has a fee of £15 a month, but offers perks such as worldwide travel insurance, UK and European breakdown cover and mobile phone insurance.³

There’s also Cashminder, a basic bank account designed for people with a low credit score or no credit history.

📚 Read more: Best packaged bank accounts in the UK

The Co-op Bank Debit card

You’ll automatically be issued with a PVC-free contactless Co-operative Bank debit card when you open the account. If you’re opening it as a joint account, you’ll each get your own card linked to the account.

You can use your card both in the UK and overseas, wherever Visa and Mastercard payments are accepted. Some fees may apply if you’re using the card abroad though - we’ll look at those later.

You can also add your Co-operative Bank debit card to mobile wallets such as Apple Pay, Samsung Wallet and Google Pay. This enables you to make easy contactless payments using just your phone, with no need to take the debit card out with you.

How to manage the Co-operative Bank current account

The Co-operative Bank offers lots of different ways to manage your account, including the following:

• Online banking
• Mobile banking through the Co-op Bank’s mobile app (available for compatible Android and iOS devices)
• Telephone banking
• In-branch banking - you can find your nearest Co-op Bank branch here (they’re mainly in major cities)

The Co-operative Bank mobile banking app offers a number of useful features.

You can use it for setting up payments and transfers, browsing transactions and statements, and updating your personal details. You’ll log in securely using a passcode, or with fingerprint or facial recognition.

Fees to use the Co-operative Bank current account

So, how much does it cost to open and use the Co-operative Bank current account?

You’ll be pleased to know that there are no initial or monthly fees to worry about with this account. You can also spend and withdraw cash freely within the UK using your debit card without any charges.

There are still a handful of other fees you should know about though, particularly in relation to international transactions.

Let’s take a look:⁴

Type	Fee
Maintaining the account	No fee
Making international transfers	- No fee for SEPA payments - £8 for structured US Dollar payments - £25 for Real Time Euro Payments - 0.25% for SWIFT payments (min. £13, max. £35)
Receiving international transfers	- No fee for payments under £100 - £6 for payments over £100 (except for EUR and SEK)
Cash withdrawals in foreign currency outside the UK	2.75% (and ATM operators may charge their own fee)
Debit card payments in foreign currency	2.75%

📚 Read more: The best UK banks for sending money abroad

How to open the Co-operative Bank current account

If you’re interested in opening the Co-operative Bank current account, here’s everything you need to know to apply.

Eligibility

The Co-op Bank doesn’t have very strict requirements for who can open this account. You’ll just need to be:⁵

• A UK resident
• Over the age of 16
• Over the age of 18 if you’re requesting the optional overdraft.

What details and documents you’ll need

Before you start your application, make sure you have the following details to hand:

• Personal details, including home address, contact details, nationality and tax residency status (if you’re new to the Co-operative Bank)
• Financial details, such as monthly take-home pay (if applying for an overdraft).

You might also need:

• Proof of ID, such as your UK passport or driver’s licence
• Proof of address, such as a recent UK utility bill, bank statement, council tax bill or driver’s licence.

How to apply for the Co-operative Bank Current Account

With your details ready, it’s time to apply for your new Co-operative Bank current account.

The easiest and quickest way to do this is online. Simply head to the Co-op Bank’s website and click ‘I’m ready to apply’. You’ll be prompted to read the terms and conditions, fee information and other documents relating to the account.

Then you can just follow the on-screen steps to submit your application. The bank says it should take around 10 minutes to complete.⁵

Alternatively, you can visit a local Co-op Bank branch to apply for your account. Or call customer services on 03457 212 212.

You can also open this account through the Current Account Switch Service. This is a good option if you have a current account with another bank, and want to switch over to the Co-op Bank.

The Current Account Switch Service makes it quicker and easier to switch a current account in the UK, as it guarantees to have your new account open and your old one closed within 7 days. Your direct debits and standing orders will be moved over too.

How long does it take to open a Co-op Bank current account?

Once you’ve submitted your application for a new current account with the Co-op Bank, you should hear back within 5 working days.⁶ You’ll get a decision about your application, or be asked to provide further information if required.

If you don’t hear back within this timeframe, you’ll need to contact the bank.

Is the Co-operative Bank current account available as a joint account?

Yes, you can open a Co-operative Bank current account in joint names.

It offers all the same features, as well as having the same terms, fees and eligibility requirements as the solo personal account.

Save with Wise when managing your money internationally

If you need access to international services, such as sending money overseas or using your debit card abroad, you’ll find it quite expensive with a bank.

Luckily, there are alternatives from banks that are available. So while you’re shopping around for a new account, make sure to check out Wise.

Wise is a money services provider specialising in international transfers, which also has a powerful multi-currency account and international debit card.

Open a Wise account and you can manage your money in 40+ currencies, as well as making international payments for low fees* and mid-market exchange rates. These rates are often much better than you’ll get when you use your bank for international transactions.

For a one-time cost of just £7, you can get a Wise debit card which has no foreign transaction fees for spending abroad. You can withdraw up to £200 a month from overseas ATMs with no Wise fees (although ATM operators may charge their own fees).

And if all that wasn’t enough, the Wise account in the UK can earn you a return on balances in GBP, EUR and USD by investing in an interest earning fund. Just note, investments, even in a low-risk fund are never guaranteed.

Sign up with Wise today 💰

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees. Capital at risk. Growth not guaranteed.

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And that’s it - everything you need to know about the Co-operative Bank current account. We’ve looked at features, fees, how to apply and much more.

It’s a pretty straightforward current account, so is ideal for everyday use. It’s also free to open, with no monthly fees. You’ll just need to watch out for charges when sending money internationally or using your card abroad.

After reading this guide, you should have all the info you need to decide if it’s the right current account for you.

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Sources used:

1. Co-operative Bank - Values and ethics
2. Co-operative Bank - Everyday Rewards
3. Co-operative Bank - Bank Accounts
4. Co-operative Bank - Current Accounts - Fee Information Document
5. Co-operative Bank - Current Account
6. Co-operative Bank - Applications - Current Accounts

Sources last checked on date: 19-Oct-2023

Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.