Co-operative Business Bank Accounts

The Co-operative Bank offers a range of business banking accounts for new and existing businesses in the UK. Some accounts provide a free fee banking period, whilst others have unlimited transactions for a monthly fee.

These accounts target businesses with a turnover of up to £1 million, and if yours if over this amount, then their corporate banking services take over. Here's more information about all of these products.

Co-operative Business Direct Plus Account

Co-operative business banking logoThe Co-operative Direct Plus account offers businesses fee free banking for 18 months and then unlimited transactions for a monthly £3 fee. This account is for new businesses as well as switchers from other banks.

Here's a summary of what Co-operative offer on the Direct Plus Tariff:

  • 18 months free business banking.
  • Deposit up to £4,000 cash and write 30 cheques per month.
  • Interest on balances over £1,000.
  • Telephone and internet banking included.
  • Convenience of using the Post Office network.
  • Ability to obtain a fee-free overdraft.
  • Co-operative current accounts.

You'll need to keep at least £1,000 in your account at all times to qualify for this offer. After the 18 month period is complete, you'll move to their standard product. You'll get fee free unlimited automated credits each month, cash deposits of up to £4,000 in branches and write 100 cheques each month for a £3 fee.

Co-op security loginThe Co-op supplies you with a security token device to generate random passwords.

You need to activate this first over the telephone with the customer services team.

Then use it every time you log into the online banking services together with your username and password.

Co-op transactions listOnce logged in, you'll have access to all services a branch or the telephone banking team can offer.

These include regular UK payments, scheduled and one-off transactions, internal transfers between your accounts, statement balances, searching transactions and requesting new cheque books.

You can also add additional users, request paper statements and change signatories within your organisation.

Federation of Small Businesses (FSB) Banking account

The FSB and Co-operative Bank have joined forces to offer FSB members a completely free banking for the life of the business. You need to apply from the FSB website and here's what you'll receive.

Privilege Current Account

  • Completely fee free banking on all non-cash transactions.
  • Deposit up to £4,000 cash each month (40p per £100 above that).
  • Fee free overdraft facilities.
  • £25 annual loyalty bonus.
  • Access to internet and telephone banking.
  • Free business charge card.

Other Co-operative Business Banking Services

The Co-operative also offers a range of deposit accounts from instant access accounts to their guaranteed investment offerings. These offer far higher rates of interest for locking your money away for longer periods of time. The terms range from one month to one year).

More about the Co-operative Bank

The Co-operative Bank was originally formed in 1872 although only became a registered company in 1971. The Co-op merged with the Britannia Building Society in 2009 and also owns the online banking group "Smile" with their headquarters based in Manchester.