Opening a Co-operative Bank account - a complete guide

Thinking of switching to a different bank? If ethical banking is important to you, one option likely to be on your radar is the Co-operative Bank.

The Co-operative Bank may be a high street bank, but it’s founded on co-operative values. And it was the UK’s first bank to introduce a customer-led Ethical Policy.¹

But how easy is it to open an account with the Co-op Bank, and can you do it online? We’ll walk you through what’s involved here in this guide, along with some info on account types available at the bank.

And don’t forget that there are alternatives to banks available. If you regularly make or receive international payments, the Wise account could be a better fit.

Join Wise today

But more on that later. For now, let’s get back to the Co-operative Bank.

Who can open a Co-operative Bank account?

Anyone over the age of 16 years old can open a standard current account with the Co-operative Bank.²

If you want to apply for its Everyday Extra packaged account though, you’ll need to be between 18 and 79 years old.³ If you want an optional overdraft, you’ll also need to be at least 18.²

You must also be a UK resident to join the Co-operative Bank as a new customer.²

Further eligibility criteria may apply to certain account types. For example, you’ll need to be a registered student with a valid student ID to open a Student Bank Account with the Co-op Bank.

Types of Co-operative Bank accounts

There are a few different types of current account on offer at the Co-operative Bank. Here are your options:⁴

• Standard Current Account - an everyday current account, with no monthly fee.
• Everyday Extra Account - a packaged current account, which comes with extras such as worldwide travel insurance, UK and European breakdown cover and mobile phone insurance for a monthly fee of £15.
• Cashminder Account - a basic bank account for people with a low credit score or no credit history, offering both online and mobile banking.
• Student Bank Account - a fee-free current account for students, with an interest-free overdraft starting at £1,400.

The Co-op Bank also offers a range of savings accounts, credit cards, loans, mortgages and insurance products.

Can you open a Co-operative Bank account online?

Yes, all of the current accounts at the Co-operative Bank are currently available to open online. You can simply click the ‘Apply’ button to get started. There’s also lots of guidance on the bank’s website to walk you through the process.

What do I need to open a Co-operative Bank account?

To open a bank account with the Co-op, you’ll need to have some key details and documents to hand. Here’s what to have ready:⁵

• Proof of ID, such as your passport or driving licence
• Proof of address, such as a recent bank statement or utility bill
• Personal information, such as your name, address, date of birth, nationality and National Insurance number
• Details of your job and income, including your job title, industry and salary information
• Details of your monthly expenditure (if applying for an overdraft).

How to open a Co-operative Bank personal account

Now that we’ve checked out eligibility and what documents you’ll need, it’s time to focus on getting that Co-op Bank account open.

There are a few different ways to do it:

1. Apply on the Co-operative Bank website
2. Use the Current Account Switch Service to switch to the Co-operative Bank from your current bank - this should be completed within 7 working days.
3. Apply in branch - find your nearest branch here.

If you’re applying online, you’ll need to complete a short online form. Fill in your details and upload documents when requested, and otherwise follow the on-screen instructions. The Co-op Bank says it should take around 10 minutes to complete, although it depends which account you’re applying for.⁶

You can also apply online for a joint account using the same form.

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

The application process at the Co-operative Bank is pretty quick, only taking around 10 minutes to apply online.

Once that’s submitted, you should hear back from the bank with a decision on your application within around 5 working days.⁷

A global alternative to the Co-operative Bank - the Wise account

A high street bank is a decent option for managing your money day-to-day, but they aren’t always the best for international transfers. In fact, it can be expensive to send money overseas with many UK banks.

If you need to manage your money across international borders, the Wise account offers the ideal solution.

It’s simple and fast to sign up for a Wise account, and there are no monthly fees to worry about. You can hold 40+ currencies at once, and make worldwide transfers for low fees and mid-market exchange rates. Best of all, you can track all your transfers and manage your money using the Wise mobile app.

Open a Wise Account Today 🚀

So, if you have family overseas, are planning to move or study abroad, or simply travel a lot, Wise could be the perfect fit.

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.

And that’s it - your complete rundown of how to open a Co-operative Bank account. We’ve looked at account types, ways to open an account, the documents you’ll need and eligibility.

So if it’s the right bank for you, you’ll have all the info you need to get your brand new account open.

Sources used for this article:

Sources checked on 04-Oct-2023.