If you’re a small business then the Co-operative Bank has your banking needs covered. With six different business accounts to choose from there is something for everyone including a 30-month fee-free offer which will help new start-ups. Below, you’ll discover everything you need to know about the features available with The Co-operative Bank business accounts, plus how well they compare to other business bank accounts.
Coventry Building Society acquisition of The Co-operative Bank
On 28 November 2024, regulatory approval was given for Coventry Building Society to complete its acquisition of The Co-operative Bank. The acquisition is expected to be finalised on 1 January 2025.
The Co-operative Bank will continue to operate as a separate business and its bank products and services will stay the same. Importantly, there are no changes to Financial Services Compensation Scheme (FSCS) deposit protections. If you have accounts with both, you’ll still enjoy the full protection with both.
What is The Co-operative Bank business banking?
The Co-operative Bank has been around for over 150 years and provides customers with a range of financial products, including current and savings accounts, loans, mortgages and insurance.
The bank’s business arm offers current and savings accounts to businesses of various sizes, as well as business loans and merchant services, such as card acceptance solutions.
What type of business accounts does The Co-operative Bank offer?
The Co-operative Bank has several types of business accounts to choose from:
Business Directplus. A business account that gives the best of both worlds – online banking but free branch based banking too.
Business current account. For sole traders and single directors who don’t often bank with cash and cheques.
FSB business banking account. For members of the Federation of Small Businesses.
Cash tariff account. Low money-handling fees for businesses that have a high cash turnover.
Standard tariff account. For businesses looking for a simple and straightforward account charging structure.
Community Directplus. For registered charities, co-operatives, credit unions and community interest companies.
Note that, much like most other banks, The Co-operative Bank does not allow the use of a personal bank account for business purposes.
With a wide range of business accounts on offer, if there is a branch local to you, Co-op Bank should have an account that suits your needs.”
The Co-operative Bank business banking features and charges
Below is a list of the main benefits for each of The Co-operative Bank’s business accounts:
Business Directplus
30 months of free everyday business banking for new The Co-operative Bank business customers who maintain a credit balance of £1,000 or more.
No charges for all automated credits and cash withdrawals.
Deposit £1,000 in cash and 25 cheques per month for free.
At the end of the 30-month free banking period, you will be transferred to a standard Business Directplus tariff (£7 per month).
Access to online banking, business insurance, legal services and merchant services.
Business current account
No monthly service charge.
No charges for automated credits and cash withdrawals.
Fee of £1.50 per £100 cash deposit and £1.50 per item for cheques paid in.
Access to online banking, business insurance, legal services and merchant services.
FSB business banking
Available to members of the Federation of Small Businesses
Free business banking services, such as paying in cheques and up to £1,000 cash per month (80p per £100 extra for higher amounts).
Option to apply for an overdraft (interest will apply).
A debit card without a monthly card fee.
Access to online banking and free business webinars.
Cash tariff
£10 monthly service charge.
Low cash deposit charge (55p per £100).
You’ll pay 10p per item for automated credit, 50p per item for manual credit and 75p per item for cheques paid in.
Free ATM withdrawals in the UK (at non-charging machines).
Access to online banking, legal services, business insurance and merchant services.
Standard tariff
£10 monthly service charge.
You’ll pay 80p per £100 cash and 75p per item for cheques paid in.
Fees are 20p per item for automated credit and 70p per item for manual credit.
You’ll pay 40p per item for automated debit, 60p per cheque issued and 55p per £100 for cash withdrawals.
Free ATM withdrawals in the UK (at non-charging machines).
Access to online banking, legal services, business insurance and merchant services.
Community Directplus
Free everyday banking.
For registered charities, co-operatives, credit unions and community-interest companies.
The option to apply for a donation of up to £1,000 to support special projects and fundraising activities.
Free ATM withdrawals in the UK (at non-charging machines).
Your account tariff might be reviewed if your turnover exceeds £1 million per annum or if you deposit more than £100,000 cash or 5,000 cheques per annum.
The Co-operative Bank international business banking
You can request the addition of foreign/international payments to your online banking over the phone.
Cost of international banking
Non-sterling transaction fee – 2.75% of the value of the transaction.
Cash withdrawal in a foreign currency outside the UK – free, but there’s a currency conversion charge of 2.75%.
Cash withdrawal fee for business credit card – 3% plus currency conversion charge of 2.75%.
International payments – £8 to £25, depending on the method.
Receiving payments from overseas (in sterling or foreign currency) – free up to £100 or equivalent.
The Co-operative Bank business banking contact details
Depending on your query, The Co-operative Bank can be contacted using the following numbers:
Business account fraud: 03457 213 213.
Lines always open.
Business VISA charge card: 0345 606 6701.
Lines open Monday to Friday 8am to 6pm and Saturday 9am to 12pm.
Digital banking, international payments, general enquiries: 03457 213 213.
Lines open Monday to Friday 8am to 6pm and Saturday 9am to 12pm.
CHAPS payment queries: 0345 604 4533.
Lines open Monday to Friday 8am to 5pm.
You can also discuss your business account by going into one of The Co-operative Bank’s branches.
The Co-operative Bank business banking customer reviews
In our independent 2024 customer satisfaction survey, 97% of The Co-Operative Bank’s users said they’d recommend the brand to a friend. Customers highlighted the bank’s excellent customer service and competitive rates. Here’s what some of those customers had to say:
“The fees are pretty low, and it’s an ethical bank, which is why I chose it. The app is easy to use.”
“It’s so easy to use and has a feature that allows my employees to use my account too without any sort of risk”
“Easy to use website, and knowledgeable call centre staff.”
On the Apple App Store, The Co-Operative Bank’s business banking app scored 1.4 out of 5 stars based on 157 reviews. On the Google Play Store, the app scored just 1.8 out of 5 stars, from a total of 288 reviews (April 2024).
Pros and cons of The Co-operative business banking
Pros
Range of business accounts depending on your needs.
Has a branch network if you prefer to bank in person.
Free banking with some of the accounts for a set period, or if you maintain your balance above a certain level.
Other financial products available, such as overdrafts and business lending.
Cons
Branch network is not extensive, so there may not be one local to you.
Some accounts have a monthly fee, which you could find cheaper elsewhere.
Mixed customer reviews.
Customer service information for The Co-operative Bank
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
You can use online and mobile banking with business accounts from The Co-operative, plus the bank has a branch network, albeit a small one. The range of accounts available means you’ll probably find one to suit your business needs, while the period of free banking that comes with some of these accounts is an attractive offer. However, be sure to check out the full costs involved, in case the account fees become uncompetitive when the free term ends.
Get started by visiting The Co-operative’s website and sign up for an account. If you have read this review and decided that The Co-operative’s account is not for you, you can also compare other business bank accounts on the market.
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Ronny Lavie was a deputy editor at Finder, specialising in insurance content. She has almost a decade of experience writing about financial topics, including five months spent as the interim managing editor for the Fintech Times newspaper. Ronny has a Master of Arts in Creative Writing from London Middlesex University. See full bio
Nick Renaud-Komiya has been a writer and reporter for nine years, covering a range of consumer issues from energy suppliers to banking and mortgage issues. He enjoys helping people take control of their personal finances and better understand their consumer rights. Nick’s consumer writing and money journalism has been featured in a range of outlets including MoneySavingExpert.com, The Sunday Mirror, The Independent and Money.co.uk. Outside of work Nick enjoys cooking and collecting old David Bowie merch. See full bio
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