Business Select Instant Access

Business Select Instant Access Savings Account

The Business Select Instant Access Savings Account

1.34% gross

1.34% AER

Interest is calculated daily and will be paid into your account on 5 April and 5 October. Where these dates fall on a non-business day, interest will be paid on the preceding business day.

Yes. The interest rate is variable, which means it can go up or down.

When we increase our interest rates: the new interest rate will apply immediately and we will tell you about the change within 30 days of applying it by displaying information on our website or by branch notices, national press advertisements, statement messages or inserts, or by writing to you (this can include email), or by any combination of these methods.

When we decrease our interest rates: we will tell you by personal notice at least two months before we make the change. Personal notice means by post or email.

For full details of the circumstances in which we may change interest rates, please refer to our Terms and Conditions.

£1,013.40 balance after 12 months

£1,000 deposit

£13.40 interest earned

This example is for illustrative purposes only and assumes:

• there has been no interest rate change in the 12 months
• you have not made any additional deposits
• you have not made any withdrawals

Please note: We have not taken into account that interest is paid on 5 April and 5 October, rather than 12 months after opening.

Eligibility

To be eligible for this account, you and any other key individuals to the account must:

• hold a Co-operative Bank business bank account
• be 18 years old or over
• have had no County Court Judgements (CCJs) in the last 6 years
• not have been declared bankrupt or entered into an IVA in the last 6 years
• not have missed any payments on personal credit obligations in the last 6 months
• have a business address in the UK
• reside in the UK.

If you are a Limited Company the following criteria also applies:

• The directors have never been disqualified
• The business has never been subject to insolvency, or an intention to dissolve
• The business has not had a negative net worth in the last set of financial accounts

Applying

You can apply by completing our online application form below. Our online application form can be signed by a maximum of two signatories. If your organisation requires three or more signatories, once you have completed the online application form you will receive a signing pack to capture the additional signatories signatures.

Please note: this form should not be used to make changes to the information that we hold about your business or any key individuals. You can add or change signatories to your account by following the change of signatories process. The signatories and signing authority for the new account will be the same as the existing arrangements for your business bank account.

How do I make deposits into this account?

You can pay money in by immediate funds transfer from another of your Co-operative Bank accounts using the mobile app, telephone or online banking.

There is no minimum or maximum balance restrictions for this account.

How do I contact you to discuss this account?

You can contact us by telephone to discuss this account.

Yes. You can withdraw your money at any time as this account has no restrictions on withdrawals.

You can make withdrawals through the following ways:

Online banking - through electronic transfers to your linked Co-operative Bank business bank account

Telephone banking - through electronic transfers to your linked Co-operative Bank business bank account.

Any individual named as a Signatory on an account has the authority to run it. For example, sign cheques, letter requests and company instructions.

If there is more than one signatory on an account, a signing instruction may be in place. This means that all requests must be signed by the required number of signatories before they are carried out.

We ask you to confirm the signatories on your account when you open a business account with us.

We will pay interest without deducting tax. If you earn more interest than the amount permitted as tax free income, you will have to pay tax on the interest earned directly to HM Revenue & Customs. If you are not sure whether you will have to pay tax, we recommend that you contact your local tax office or HM Revenue & Customs.

Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.

The Co-operative Bank reserves the right to decline or accept any application and/or deposit.

The information provided in the boxes above is a summary of the key features of this savings account and is not to be a substitute for reading its terms and conditions.