Cooperative Business Bank Accounts

Free and Fixed Fee Banking

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.

Cooperative Business Direct Plus Account

Cooperative business banking logoThe 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:

  • Free business banking for 18 months.
  • Deposit up to £4,000 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.
  • Cooperative current accounts.

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.

Coop security loginThe 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.

Coop transactions list 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.

Federation of Small Businesses (FSB) Banking account

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.

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 Cooperative Business Banking Services

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).

More About Cooperative Bank

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.

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