The Co-operative Bank Everyday Extra current account review
- Incentive
- £75 cashback for accounts switched using the Current Account Switch Service.
- Account fee
- £15 per month
- Interest (AER)
- 0% AER
- Overseas card transactions
- 2.75%
- Representative example
- Offer is subject to eligibility criteria, which includes completing a full account switch, registering for online banking, making a minimum of five debit card payments, depositing at least £800 and having two active direct debits within 60 days of account opening. T&Cs apply.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 35.9% EAR variable. T&Cs apply.
Our verdict
Looking for a current account that gives you a little extra? Find out what The Co-operative Bank Everyday Extra account has to offer.
The Co-op Everyday Extra account is a competitive choice for anyone looking to bank more ethically but also enjoy a few extra perks at the same time. It could be a particularly great option for anyone opening a joint account as you'll both be able to enjoy the insurance benefits, but only pay one monthly fee. However, you'll need to ensure you meet the eligibility criteria and that you don't already have equivalent insurance policies elsewhere.
It can also make good financial sense to check whether you can find these insurance policies for less than the annual cost of the account fee (£180 in this case) to ensure you're getting good value for money. Consider, too, whether you'll make full use of the benefits to ensure the fee is worth paying and don't forget to check for exclusions in your insurance policies so that you don't get caught out.
Check out our guide to best bank accounts for more information.
Pros
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Mobile phone insurance
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Worldwide travel insurance
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UK & European breakdown cover
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Earn cash through Everyday Rewards
Cons
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£15 account management fee
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You’ll need to meet certain criteria for insurance benefits
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Interest charged on overdraft
The Co-operative Bank is an ethical bank that was founded in 1872. Its Ethical Policy first launched in 1992 and has been reviewed several times since. The bank does not provide services to businesses and organisations that conflict with this policy and aims to offer products and services that reflect its values and ethics.
This review looks at The Co-operative Bank’s Everyday Extra current account.
What is The Co-operative Bank’s Everyday Extra current account?
The Co-operative Bank Everyday Extra current account is a packaged account that offers mobile phone insurance, travel insurance and breakdown cover in return for a monthly fee of £15.
It can be opened as a sole account or a joint one. With joint accounts, you will both be covered independently, but the fee remains the same. The account can be managed online and by mobile banking.
How does it work?
The key features of The Co-operative Bank Everyday Extra current account are outlined below:
- AXA worldwide travel insurance. Cover for you, your partner (if you’re travelling with them) and dependent children up to 22 years. Winter sports and golf cover is included.
- LSG mobile phone insurance. Covering loss, theft, accidental damage, water damage and electrical or mechanical breakdown, anywhere in the world.
- RAC UK and European breakdown cover. Covering assistance at the roadside, at home and in Europe. You’ll be covered for any vehicle you’re travelling in.
- Everyday Rewards. Opt in to earn up to £2.20 a month. Rewards can be paid into your account or you can donate to charity.
- Arranged overdraft. Optional overdraft available as part of your application.
Who is it for?
To be eligible for The Co-operative Bank Everyday Extra current account you must be aged between 18 and 79 years and a UK resident. You must not have had any county court judgments (CCJs) or defaulted on any credit agreement in the last 2 years, or have been declared bankrupt in the last 6 years.
You won’t be able to open the account if:
- You have an existing Everyday Extra, Privilege Premier, Privilege, smilemore or Credit Card Plus account
- You have another account with another provider which includes similar benefits, such as travel insurance, breakdown cover and mobile phone insurance
- You have equivalent standalone travel insurance, breakdown cover and mobile phone insurance in place
What are the benefits?
The Co-operative Bank Everyday Extra current account offers a wide range of benefits, including travel insurance, breakdown cover and mobile phone insurance – all for a fee of just £15 a month. It also offers you the chance to sign up to its Everyday Rewards scheme, enabling you to earn £1 for each month you qualify and up to £1.20 a month for debit card spending.
To qualify for the scheme, you must:
- Pay in at least £800 to your account each month
- Stay in credit or within your arranged overdraft limit
- Log in to online banking or the mobile banking app at least once a month
- Stay opted in for paperless statements on your account
- Pay out at least 4 direct debits from your account
"This account from The Co-operative Bank has a pretty chunky fee of £15 a month, or £180 a year. But you do get some pretty decent benefits for the price.
These perks include worldwide travel insurance for you, your partner and any dependent children up to 22 years old, even when they travel independently. The account also includes UK and European breakdown cover and worldwide mobile phone insurance. The downside is these two benefits are only for account holders, but you can get around this if you open the account as a joint account. In fact, this is probably the best way to open The Co-operative Bank Everyday Extra account, as you’ll both be covered but still only pay the one monthly fee.
Even so, before you apply for this account, it’s worth comparing how much it would cost you to buy standalone insurance policies to see whether the £15 a month fee is worth it. In my view, it’s also worth comparing the account to other packaged accounts, such as the Virgin Club M account and Nationwide FlexPlus account as they both offer similar benefits but lower fees.
Personally, I’d probably pick one of these two accounts over the The Co-operative Bank account, simply because they are slightly cheaper. But if you would prefer to opt for a bank that supports the community and operates ethically, you might be happy paying a little extra for the The Co-operative Bank account."
How to apply
You can apply for the account online which should only take 15–20 minutes. You will need to provide details such as:
- Your current address and address history
- Your income
- Details of your employment
- Sort code and account number to your main current account (if you have one)
- Your regular outgoings (if you want to apply for an overdraft)
If you have an existing current account with The Co-operative Bank you can upgrade your account through online banking.
Is it safe?
Yes, The Co-operative Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Eligible deposits will be protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person or up to £170,000 for joint accounts.
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