The Cooperative Bank offer an extensive range of free business banking accounts for new and existing businesses in the UK that vary but the additional services that are available.
These accounts are designed for businesses with a turnover of up to £1 million and if yours if over that then their corporate banking services take over. More information below.
The Cooperative free banking offer is available either with their business current account or their business current account plus service. Although there is really little difference between the two except for a fee free overdraft offer both have no charges for daily transactions so long as you don't go overdrawn.
Here's a summary of what Cooperative offer on all their business account for all businesses:
All banking is free with the Cooperative Bank for businesses with turnovers less than £1 million although they have a few "premium" type of accounts where you pay a monthly administration fee and receive extra benefits. Even with this fee all transactional costs are free of charge. Here are the two additional accounts to consider:
If you have use for the above services then this looks like a good deal especially as your get annual family travel insurance which is provided by AXA. It is estimated that the value of the above is worth around £600 - so good value.
You can go one step further and opt for the privilege premier current account which is the Cooperative's top business account.
You can opt to manage your account online via the internet banking services or other automated methods such as the telephone. For all electronic transactions the charges are zero although you won't earn any credit interest on positive balances (although those rates are going to be very low).
As you can see all automated transactions are free but cheques incur their standard tariff but the biggest change is for depositing cash in branch which is a "market leading" 0.89% - so if you take a lot of cash receipts this account is probably not for your business.
Cooperative also offer various special bank accounts if you run a club, society or charity, a school or college, a credit union, a clients' call account, a designated clients' account or a shariah approved islamic business bank account. Cooperative can also offer private banking services.
The Cooperative Bank was orignally formed in 1872 although only became a registered company in 1971. The coop merged with the Britania Building Society in 2009 and also owns the online banking group "smile" and their headquarters are based in Manchester.
The following banks offer free banking for life