The Co-operative Bank Business Current Accounts Review

Founded in 1872, The Co-operative Bank combines business banking services with ethical and sustainable practices. 

With six current business accounts, The Co-op Bank has an account for most types of businesses. But which one is right for you?

Co-operative Bank Business Current Account

Monthly Fee

£0.00

Bank Transfers

£0.00

Card Purchases

£0.00

Overdraft

Yes

FSCS Protection

Yes

Trustpilot Score

9,931 Reviews, average rating of 4.2/5

Accessibility

Manage your account via online banking, mobile app, telephone banking, in a branch or at a Post Office.

See Deal

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Eligibility Criteria

– You or your organisation must be either a sole trader or limited company that is owned or controlled by one person.
– Where your organisation is a limited company, the director must never have been disqualified, the business must never have been subject to insolvency or an intention to dissolve, and the business has not had a negative net worth in the last set of financial accounts.
– You and all key individuals are at least 18 years old.
– You and all key individuals are UK residents
– You have a UK business address.
– All key individuals are free from county court judgements, bankruptcy and individual voluntary agreements for the last 6 years.
– All key individuals are free from missed payments on any personal credit obligations in the last 6 months.

Co-operative Bank Business Directplus Account

Monthly Fee

£7

New Co-operative Bank customers can get 30 months free if they maintain a balance of £1,000.

Bank Transfers

£0

Card Purchases

35p

Free for 30 months for new Co-operative customers

Overdraft

Yes

FSCS Protection

Yes

Our Rating

Accessibility

Manage your account via online banking, mobile app, telephone banking, in a branch or at a Post Office.

Open Account

On Co-operative Bank’s Website

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Eligibility Criteria

– You’re a sole trader or have a partnership, limited liability partnership or limited company.
– Where your organisation is a limited company, the director must never have been disqualified, the business must never have been subject to insolvency or an intention to dissolve, and the business has not had a negative net worth in the last set of financial accounts.
– You and all key individuals are at least 18 years old.
– You and all key individuals are UK residents
– You have a UK business address.
– All key individuals are free from county court judgements, bankruptcy and individual voluntary agreements for the last 6 years.
– All key individuals are free from missed payments on any personal credit obligations in the last 6 months.

Co-operative Bank FSB Business Banking Account

Monthly Fee

£0.00

Bank Transfers

£0.00

Card Purchases

£0.00

Overdraft

Yes

FSCS Protection

Yes

Trustpilot Score

9,931 Reviews, average rating of 4.2/5

Accessibility

Manage your account via online banking, mobile app, telephone banking, in a branch or at a Post Office.

See Deal

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Eligibility Criteria

– You must be a Federation of Small Businesses member.
– You’re a sole trader or have a partnership, limited liability partnership or limited company.
– Where your organisation is a limited company, the director must never have been disqualified, the business must never have been subject to insolvency or an intention to dissolve, and the business has not had a negative net worth in the last set of financial accounts.
– You and all key individuals are at least 18 years old.
– You and all key individuals are UK residents
– You have a UK business address.
– All key individuals are free from county court judgements, bankruptcy and individual voluntary agreements for the last 6 years.
– All key individuals are free from missed payments on any personal credit obligations in the last 6 months.

Co-operative Bank Community Directplus Account

Monthly Fee

£0.00

Bank Transfers

£0.00

Card Purchases

£0.00

Overdraft

Yes

FSCS Protection

Yes

Our Rating

Accessibility

Manage your account via online banking, mobile app, telephone banking, in a branch or at a Post Office.

Open This Account

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Eligibility Criteria

– Your organisation must be either a registered charity, co-operative, community benefit society, credit union or community interest company.
– Your organisation doesn’t have an annual credit turnover of more than £1 million.
– Your organisation will not deposit more than £100,000 in cash or 5,000 cheques in a year.
– You and all key individuals are at least 18 years old.
– You and all key individuals are UK residents
– You have a UK business address.
– All key individuals are free from county court judgements, bankruptcy and individual voluntary agreements for the last 6 years.
– All key individuals are free from missed payments on any personal credit obligations in the last 6 months.

Co-operative Bank Cash Tariff Account

Monthly Fee

£10

Bank Transfers

10p

Card Purchases

10p

Overdraft

Yes

FSCS Protection

Yes

Trustpilot Score

9,931 Reviews, average rating of 4.2/5

Accessibility

Manage your account via online banking, mobile app, telephone banking, in a branch or at a Post Office.

See Deal

opens a new window

Eligibility Criteria

– You’re a sole trader or have a partnership, limited liability partnership or limited company.
– Where your organisation is a limited company, the director must never have been disqualified, the business must never have been subject to insolvency or an intention to dissolve, and the business has not had a negative net worth in the last set of financial accounts.
– You and all key individuals are at least 18 years old.
– You and all key individuals are UK residents
– You have a UK business address.
– All key individuals are free from county court judgements, bankruptcy and individual voluntary agreements for the last 6 years.
– All key individuals are free from missed payments on any personal credit obligations in the last 6 months.

Co-operative Bank Standard Tariff Account

Monthly Fee

£10

Bank Transfers

40p

Card Purchases

40p

Overdraft

Yes

FSCS Protection

Yes

Trustpilot Score

9,931 Reviews, average rating of 4.2/5

Accessibility

Manage your account via online banking, mobile app, telephone banking, in a branch or at a Post Office.

See Deal

opens a new window

Eligibility Criteria

– You’re a sole trader or have a partnership, limited liability partnership or limited company.
– Where your organisation is a limited company, the director must never have been disqualified, the business must never have been subject to insolvency or an intention to dissolve, and the business has not had a negative net worth in the last set of financial accounts.
– You and all key individuals are at least 18 years old.
– You and all key individuals are UK residents
– You have a UK business address.
– All key individuals are free from county court judgements, bankruptcy and individual voluntary agreements for the last 6 years.
– All key individuals are free from missed payments on any personal credit obligations in the last 6 months.

Our Verdict

The Co-operative Bank provides various business banking services tailored to diverse needs, from sole traders and startups to charities. Its offerings particularly appeal to businesses prioritising ethical banking and community engagement.

One of the main advantages of The Co-operative Bank’s business accounts is the support they offer to various types of enterprises, including charities and startups.  The bank’s commitment to ethical and sustainable practices, alongside community support through initiatives like the Customer Donation Fund, resonates with businesses that value social responsibility. 

Many accounts are free of monthly fees, making them a cost-effective choice for businesses. Their comprehensive online and mobile platforms facilitate easy management of multiple accounts, transaction history, and fraud alerts. Additionally, companies can take advantage of free tools like Go Get Paid for payment requests and seamless integration with popular accounting software such as Xero, Sage, and QuickBooks.

However, The Co-operative Bank imposes fees for certain international transactions, particularly telephone banking, which could disadvantage businesses with extensive global dealings. Additionally, cash depositing fees apply to some accounts, which may be problematic for companies dealing with high volumes of cash.

Pros & Cons

Pros

• Diverse Business Types Supported: Accounts are suitable for various business types, including startups, sole traders, and charities.
• No Monthly Fees: Many Business Accounts offer no monthly fees.
• Mobile and Online Banking: Use digital banking options with features like transaction history, fraud alerts, and multi-business management.
• Flexible Overdraft Facility: The standard borrowing limit is £250,000, but higher limits may be available based on application and credit status.
• Free Tools: Access to Go Get Paid payment request tool and some accounts offer free integration with accountancy software.
• Free Accounting Integrations: Connect your account with popular accounting software like Xero, Sage, and QuickBooks.
• Free Support: Various resources, including start-up guides, webinars, and fraud education, are available with most accounts.
• Ethical and Sustainable Banking: The Co-operative Bank supports co-operatives and organisations with shared values.
• FSCS Protection: Deposits are protected up to £85,000 under the Financial Services Compensation Scheme (FSCS).
• Community Support: The Community Directplus account includes grants from the Customer Donation Fund and support for community projects.

Cons

• International Transaction Fees: Fees apply for certain international transactions, especially for payments made through telephone banking.
• Cash Depositing Fees: Charges apply for cash deposits in certain accounts like the Business Current Account and Cash Tariff.
• Arrangement Fees: Overdrafts come with a 1.5% arrangement fee (minimum £50), plus interest based on the Bank of England Base Rate.
• Higher Charges for Some Services: Certain services, such as CHAPS payments, foreign currency card payments, and cash exchanges, incur additional charges.
• Complex Fee Structures: Some accounts, such as the Cash and Standard Tariff, have complex transaction fee structures.
• Limited Relationship Management: Only the Business Directplus account offers a relationship manager, which may not be available to all customers.

The Co-operative Bank At A Glance

Item	The Co-operative Bank Details
Bank Accounts	Business Current Accounts 1. Business Current Account 2. Business Directplus Account 3. FSB Business Banking Account 4. Community Directplus Current Account 5. Cash Tariff Account 6. Standard Tariff Business Savings Accounts 1. Business Select Instant Access Account 2. 35-Day Notice Account 3. 95-Day Notice Account
Pricing	Free accounts are available. Specific pricing structure for each account.
Overdraft	Up to £250,000 standard limit.
Ease of Use	Manage your account online, through the business mobile app, telephone banking, post or in person at a Co-operative Bank or Post Office branch.
Security	FSCS protected, 24/7 fraud monitoring, secure logins and payment verification.
Customer Support	By phone Monday to Friday 8 am to 6 pm, and Saturday, 9 am to 12 pm, or live chat through the business mobile app.
Reviews	By phone Monday to Friday, 8 am to 6 pm, and Saturday, 9 am to 12 pm, or live chat through the business mobile app.
Eligibility	Must be at least 18, a UK resident, have a UK-based business, be free from county court judgements, bankruptcy and individual voluntary arrangements over the last six years and have not missed payments on any personal credit obligations in the last six months. Additional criteria for specific accounts.
Additional Information	Free tools include Go Get Paid plus Xero, Sage and QuickBooks integrations.

Who Should Use The Co-operative’s Business Banking Services (and Who Shouldn’t)?

A Co-operative Business Account may be suitable for you if:

• You are a sole trader, small business, or a charity and need a flexible overdraft facility or community support options.
• You are looking for an account with no monthly fees and appreciate free banking services such as integration with popular accounting software.
• You prefer flexible online and mobile banking services and tools to easily manage multiple businesses or accounts.
• You want access to free support tools, such as start-up guides and fraud education.
• You need access to specialised services or community support that aligns with cooperative values, such as grants or business development advice.
• You are comfortable with potentially less extensive physical branch networks and primarily use digital banking services.
• You value ethical and sustainable banking practices and prefer to support a bank with strong ethical principles.

A Co-operative Business Account may not be suitable for you if:

• You frequently make international transactions, which may incur additional fees, especially through telephone banking.
• You often deposit large amounts of cash, which can attract fees with specific accounts.
• You need a comprehensive range of overdraft facilities or higher borrowing limits beyond standard offerings.
• You prefer straightforward fee structures and dislike the potential complexity of specific transactions or service charges.
• You require a personal relationship manager for tailored banking services, which are only available with some account types.
• You have complex business needs that demand a broad range of specialist services or a high level of personalised service that a co-operative might not offer.

Products and Features: The Co-operative Business Banking Services

Business Current Account

Best For: Sole traders, start-ups and sole proprietors. 

Key Features:

• No monthly account fees.
• Free bank transfers, card transactions and ATM withdrawals. 
• Conveniently manage your account via online banking or the mobile app
• Access to in-person services at the Post Office or Co-op Bank branches. 
• Business debit, credit, and charge cards are available. 
• Can pay cash and cheques into your account for an additional fee. 
• Account holders can apply for an overdraft of up to £250,000.
• A range of business tools, including free use of the payment request service Go Get Paid, free merchant services and discounted card readers from Clover, and free accountancy integration. 
• Upgrade your account to include Financial Director Online for multiple business management and bulk BACS.

Business Directplus Account

Best For: Businesses that maintain a balance of at least £1000.

Key Features:

• New Co-op Bank customers can enjoy free monthly account fees for 30 months if they maintain a balance of at least £1,000. If your credit drops below £1,000, you will be charged an increased tarriff for that charging period. 
• Wide choice of ways to bank, including online, mobile, phone and in-person. 
• Business debit, credit, and charge cards are available. 
• Free bank transfers and ATM withdrawals. 
• Free card transactions for the first 30 months. 
• Customers can deposit and issue 25 cheques and pay in or withdraw £1000 in cash per charging period for free each charging period. 
• Eligible account holders can apply for a £250,000 overdraft facility by e-mail or post. 
• Free accountancy integrations with Xero, Sage and QuickBooks. 
• Exclusive discounts with service partners include free access to the Go Get Paid payment request tool.

FSB Business Banking Account

Best For: Federation of Small Business (FSB) members.

Key Features:

• No monthly account fees. 
• You must be an FSB member to be eligible for this account. 
• Free everyday banking, including card payments and ATM withdrawals. 
• Manage your account in person, by telephone or online. 
• £1,000 free cash deposits per charging period. 
• Integrate your account with popular accountancy software like Xero, Sage and QuickBooks for free. 
• Use the payment request app, Go Get Paid for free. 
• No arrangement fees on overdrafts.

Community Directplus Account

Best For: Registered charities, co-operatives, community interest groups and credit unions.

Key Features:

• No monthly service fee. 
• Free everyday banking, including bank transfers, card transactions and ATM withdrawals.
• No fee for paying in or withdrawing/ issuing cash and cheques. Annual limit of £100,000 in cash and 5,000 cheques.  
• You cannot have an annual credit turnover of over £1 million.
• Account holders can apply for grants from the customer donation fund.
• Eligible customers can apply for an overdraft facility of up to £250,000.
• Easily manage your account online, via mobile device, telephone, and in person at a Co-operative Bank or Post Office branch. 
• Access a wide range of optional business tools, including 50% off Zeller and discounted Clover terminals.

Cash Tariff Account

Best For: Businesses that accept frequent cash payments. 

Key Features:

• Free ATM withdrawals.
• Bank transfers and card payments are 10p per item. 
• Lower cash deposit fee of 55p per £100. 
• Integrate your account for free with Xero, Sage and QuickBooks. 
• Account management online, through the mobile app, by telephone, or in the branch. 
• UK-based support by phone or through The Co-operative Bank Business Help mobile app. 
• Access to free webinars, guides and security information. 
• A range of business tools, including a payment request app and partner discounts.

Standard Tariff Account

Best For: Businesses looking for an account with transparent fees.

Key Features:

• Free ATM withdrawals 
• Simple pricing structure including 20p for bank transfers and 40p for card payments. 
• Free software integrations with Xero, Sage and QuickBooks
• Business debit, credit, and charge cards are available.
• Use the Go Get Paid payment request app for free. 
• Ability to apply for an overdraft of up to £250,000.
• Account management through the online banking platform, mobile app, telephone banking or in a Co-operative Bank branch. 
• Partner discounts are exclusively available to Co-operative Bank customers.

Savings Accounts

This Co-operative bank review is focussed on business current accounts. However, it’s worth noting that the Co-op also offers a variety of savings accounts you can apply for at the same time as your current account. At the time of writing, these accounts are the Business Select Instant Access account and 95 and 35-Day Notice Accounts. 

Pricing and Fees Breakdown

	Business Current Account	Business Directplus Account	FSB Business Banking Account	Community Directplus Account	Cash Tariff Account	Standard Tariff Account
Monthly Account Fees	Free	Free for 30 months for new customers then £7	Free	Free	£10	£10
Automated Debits	Free	Free	Free	Free	10p per item	40p per item
Automated Credits	Free	Free	Free	Free	10p per item	20p per item
Manual Credits	Free	Free	Free	Free	50p per item	70p per item
Card Purchases	Free	Free for 30 months for new customers, then 35p	Free	Free	10p per item	40p per item
ATM Withdrawals	Free	Free	Free	Free	Free	Free
Cash In or Out	£1.50 per £100	£1,000 free at Co-op branches, then 80p per £100. 80p at Post Office branches.	£1,000 free, then 80p per £100	Free	55p per £100	80p per £100
Cheques Paid In & Issued	£1.50 per item	25 free then 75p	Free	Free	50p per item	75p per item paid in, 60p per item issued
CHAPS	£15 – £25	£15 – £25	£15 – £25	£15 – 25	£15 – £25	£15 – £25
Card Payments in a Foreign Currency	2.75%	2.75%	2.75%	2.75%	2.75%	2.75%
ATM Withdrawals in a Foreign Currency Outside the UK	Free	Free	Free	Free	Free	Free
SEPA Payments	Free	Free	Free	Free	Free	Free
SWIFT Payments	0.25% (min £13) or £10 online	0.25% (min £13) or £10 online	0.25% (min £13) or £10 online	0.25% (min £13) or £10 online	0.25% (min £13) or £10 online	0.25% (min £13) or £10 online

Ease of Use & The Application Process

The Co-operative Bank’s business banking services provide online and mobile banking platforms, allowing businesses to manage multiple accounts and users efficiently. The ability to integrate popular accountancy software like Xero, Sage, and QuickBooks further simplifies financial management. Tools like Go Get Paid make payment requests straightforward, enhancing cash flow management. The bank’s customer-led ethical policies and commitment to sustainability may also appeal to businesses prioritising social responsibility.

For businesses with more complex needs, the optional Financial Director Online service offers advanced features such as bulk BACS payments and customisable payment approvals, ensuring that even more sophisticated banking requirements can be easily met.

Applying for a business current account with The Co-operative Bank is relatively straightforward. The application is completed online and takes approximately 45 to 60 minutes. Accounts are typically approved within five business days, and new customers receive their online banking details within 7 to 10 days. 

Safety & Security

As a fully-regulated UK bank, eligible deposits up to £85,000 held in your Co-operative Bank Account will be covered by the Financial Services Compensation Scheme (FSCS). This protection means you will receive compensation if the Co-op Bank becomes insolvent. 

Other measures in place to protect your money include:

• Secure mobile logins using individual user access and biometric information.
• Automatic time logouts on the online banking platform.
• Payment authentication using the HID Approve mobile app, verification codes and plastic security tokens.
• Use of Confirmation of Payee to check payments are sent to the correct account. 
• 24/7 fraud monitoring system.

What Co-operative Business Customers Say

The Co-operative Bank has a “great” average Trustpilot rating of 4.2 out of 5, based on 9,931 reviews. However, their business app consistently earns a lower score, earning 1.4 out of 5 based on 170 reviews on the Apple App Store and 1.5 out of 5 based on 299 reviews on the Google Play Store.

Some of the most common customer comments include:

Positive Reviews

• Exceptional customer service, with praise for staff members’ professionalism and supportiveness.
• Clear explanations and a friendly, knowledgeable approach from bank staff.
• Many customers appreciate the bank’s ethical stance, which aligns with their values and makes them feel good about banking with a socially responsible institution.
• Some customers find satisfaction in the bank’s ability to resolve issues effectively, even if those issues took time to address.
• The professional handling of accounts and financial matters leading to a sense of trust and reliability among customers.

Negative Reviews

• Long phone wait times, often exceeding 40 minutes, lead to frustration.
• Inconsistent customer service, with some helpful staff overshadowed by inefficient processes.
• Frequent issues with the online and mobile banking experience, including app crashes and login problems.
• Poor usability of the business banking app, including frequent lockouts and missing transaction details.
• Ineffective communication channels, such as the absence of email support and limited availability.
• Basic app functionality that fails to meet the needs of business users prompting some to consider switching banks.

Additional Information About The Co-operative Bank

The Co-operative Bank, founded in 1872 and based in Manchester, has long been recognised for its commitment to ethical banking. 

The bank operates under three core Ethical Policy pillars: tackling the climate crisis, campaigning for change, and demanding a fairer society. As a member of Co-operatives UK, the bank partners with them to offer the Business Support for Co-ops programme, reinforcing its dedication to supporting cooperative values. 

On 24th May 2024, Coventry Building Society finalised its takeover of the bank. The purchase is pending approval from financial regulators and is expected to be completed in early 2025.

How The Co-operative Bank Stacks Up Against The Competition

	The Co-operative Bank	HSBC	Zempler Bank	Lloyds Bank
Business Current Account Options	6	6	2	9
Overdraft	Up to £250,000	Up to £30,000 – £100,000 depending on account	Up to £2,000	Up to £5,000
Cash & Cheque Deposits	✅	✅	Cash only	✅
Mobile App	✅	✅	✅	✅
Accounting Integrations	Xero, Sage & QuickBooks	❌	Xero, Sage & QuickBooks	Business Finance Assistant
FSCS Protection	✅	✅	✅	✅
Learn More	Visit The Co-operative Bank	Visit HSBC	Visit Zempler Bank	Visit Lloyds Bank

The Co-operative Bank FAQs