The Cooperative Bank offer a range of business banking accounts for new and existing businesses in the UK. Some offer a free fee banking period whilst others have unlimited transactions for a monthly fee.
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 is provided below.
The Cooperative 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 Cooperative offer on the Direct Plus Tariff:
You need to keep at least £1,000 in your account at all times to qualify for this offer and after the 18 months period is complete you get fee free unlimited automated credits each month, can deposit up to £4,000 and write 100 cheques each month for a £3 fee.
The Coop will supply 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.
Once logged in, you have access to all services a branch or telephone banking 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 etc.
You can also add additional users, request paper statements and change signatories.
The FSB and Cooperative 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.
Cooperative 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 1 month to 1 year).
The Cooperative Bank was originally formed in 1872 although only became a registered company in 1971. The coop merged with the Britannia Building Society in 2009 and also owns the online banking group "smile" and their headquarters are based in Manchester.