Co-operative Bank is an ethical banking provider that offers a variety of business bank accounts that cater for different business needs. Below we look at reviews for the company along with the accounts they offer, how much they cost and other key things you need to know to help you decide which business bank account provider is right for your business.
Topics
Co-operative Bank Reviews
Below we look at reviews for Co-operative Bank from a variety of websites. Please keep in mind that these reviews are for all of Co-operative Bank’s services and so may not fully reflect their business offerings.
- Trustpilot: 1.6 of 5 based on 1,451 reviews.
- Review Centre: 1.4 out of 5 based on 86 reviews (business bank account only).
Co-operative Bank Business Services Plans, Packages & Prices
Co-operative Bank offers a variety of business current accounts, these are:
Business Directplus account is designed for start-up businesses and established small to medium-sized businesses, this includes:
- 30 free months business banking – no monthly charge or transaction charges within the limits
- Also access a business saving account
- Online banking
- Merchant services
FSB Business Current Account is for members of the Federation of Small Business (FSB), this includes:
- Free banking including cheques and up to £2,000 cash deposits per month
- Annual loyalty bonus on active accounts of £25
- Charge card with no monthly fee
- Also access a business saving account
- Online banking
- Merchant services
Cash Tariff account is for businesses with a high cash turnover, this includes:
- Offers one of the lowest cash deposit charges
- Simple charging structure
- Online and telephone banking
- Also access a business saving account
- Merchant services
Standard Tariff designed for basic management, this includes:
- Simply charging structure
- No minimum balance
- Unlimited deposits and withdrawals
- Online and telephone banking
- Also access a business saving account
- Merchant services
Business Directplus tariffs (note fees can be higher if balance is below £1,000):
- Monthly service charge after 30 free months is £7
- Automated and manual credits are free
- Cash deposits up to £2,000 free then £0.75 per £100 after
- Cheques first 100 free then £0.25 after
- Automated debits and debit card purchases £0.35
- Free cash withdrawals at ATMs
FSB Business Current Account tariff:
- No monthly service charge
- Credits and debits are free
- Cash paid in up to £2,000 free then £0.75 per £100
Cash Tariff charges:
- Monthly service charge £10
- Automated credits and debits at £0.10 per item
- Manual credits and cheques issued at £0.50
- Cheques paid in £0.23
- Cash paid in £0.40 per £100
- Cash withdrawals at £0.55 per £100
- ATM withdrawals are free
Standard Tariff charges:
- Monthly service charge £10
- Automated credits at £0.20 and debits at £0.40 per item
- Manual credits at £0.70 and cheques issued at £0.60
- Cheques paid in £0.28
- Cash paid in £0.55 per £100
- Cash withdrawals at £0.55 per £100
- ATM withdrawals are free
Note plans, packages and prices were all accurate at the time of publication but may have changed since then. Please check Co-operative Bank’s website for the latest information.
Co-operative Bank Background
Co-operative Bank is an ethical banking provider that was established in the 1870s. It was set up with the aim to help make a positive difference to the lives of its members and the communities it works in. They strive to be an efficient and financially sustainable bank that serves people and SMEs that underpin its values.
Co-operative Bank is a supporter of small businesses and actively supports The Hive which is a business support programme that assists people to start or grow a cooperative or community enterprise. They also offer a range of community support through community projects and fundraising.
They offer a wide variety of business products to support SME businesses in developing and growing which include bank accounts, loans and merchant services.
Switching To Co-operative Bank
If you want to switch to the Co-operative Bank, you need to open an account with them first and then they will complete the switch for you within seven working days through their Current Account Switch Service. This includes automatically transferring your direct debits and payments. This is backed by the Current Account Switch Guarantee.
Additional Business Services From Co-operative Bank
Co-operative Bank offers a variety of business banking and finance products which include:
- Business credit card
- Business overdraft
- Variable-rate loan
- Business charge card
- Business savings accounts
- Merchant services
Co-operative Bank Business Service Availability
Co-operative Bank’s business accounts are available to individuals over 18 years old with UK residency that have no CCJs or haven’t been through bankruptcy in the last six years. Directors also need to be not have been disqualified and businesses must not have been through insolvency or intend to dissolve.
Their accounts are open to sole traders, single director companies, partnerships, limited companies and limited partnerships.
Co-operative Bank Business Customer Service and Complaints
You can contact the Co-operative Bank customer service team on 0345 601 9938 Monday-Friday 8am-6pm.
Co-operative Bank Business Contact
You can get in contact with Co-operative Bank by:
- Visit a branch
- Call 0345 601 9938 (Monday-Friday 8am-6pm)
- Post – Business Customer Service, PO Box 3634, Skelmersdale WN8 6WT
Website: https://www.co-operativebank.co.uk/business/products/current-accounts
Co-operative Bank Business Services Pros/Cons
Pros
- Offers free banking period for eligible customers
- Online and telephone banking
- A choice of bank account types
- High cash turnover business account
- Has a network of branches
- Offers a range of other financial products
Cons
- Contact centre only operates during office hours
- Poorly rated on review sites