What is the 7% saver at Co-op Bank?
Co-op Bank’s 7% regular saver was a limited-period high-interest savings account offering 7% AER on monthly deposits up to a set maximum, available to existing Co-op Bank current account holders. Regular saver accounts at this rate are typically time-limited promotional products designed to reward loyal customers. Check the Co-op Bank website directly for current savings product availability, as rates and products change frequently.
How does the Co-op Bank regular saver work?
Regular saver accounts require you to deposit a fixed amount each month — typically between £25 and £250 — for a set term, usually 12 months. Interest is paid at the advertised rate on the balance built up over that period. Because you are building up the balance gradually rather than depositing a lump sum, the effective return on the total deposits is approximately half the headline rate over the full year.
Is Co-op Bank a safe bank and what is happening to it?
Co-op Bank is a fully licensed UK bank regulated by the FCA and PRA, with FSCS deposit protection up to £85,000. Following its near-collapse in 2013, Co-op Bank was restructured and sold to a consortium of hedge funds in 2017. In 2023, Coventry Building Society agreed to acquire Co-op Bank — subject to regulatory approval, this transaction would transfer Co-op Bank into mutual ownership, a significant change for the institution.
Open Banking in Practice: Co-op Bank has supported open banking since the CMA’s original mandate — it is not one of the nine mandated banks, but voluntarily provides API access for FCA-regulated TPPs. Co-op Bank customers can connect their accounts to open banking apps for budgeting, savings, and lending affordability checks. Read more about Co-op Bank and the Coventry Building Society acquisition on openfuture.world.
FAQ
What is happening with Coventry Building Society and Co-op Bank?
Coventry Building Society agreed to acquire Co-op Bank in 2023; the deal was subject to FCA and PRA regulatory approval, which was expected to complete in 2024–25.
Is the Co-op Bank 7% saver still available?
High-rate regular savers are typically time-limited; check the Co-op Bank website directly for current savings products as rates change frequently.
Does Co-op Bank support open banking?
Yes — Co-op Bank provides open banking API access for FCA-authorised third-party providers, allowing connections to budgeting and financial management apps.