The Co-operative Bank business banking review

The Co-operative Bank offers five business accounts options for a range of circumstances. See all the details here and whether any of the options are right for your business.

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What is The Co-operative Bank business banking?

The Co-operative Bank has been around for over 145 years and provides customers with a range of financial products, including current and savings accounts, loans, mortgages and insurance.

The bank’s business arm offers current and savings accounts to businesses of various sizes, as well as business loans and merchant services, such as card acceptance solutions.

What type of business accounts does The Co-operative Bank offer?

The Co-operative Bank has several types of business accounts to choose from:

  • Business Directplus. For UK businesses that don’t already have this type of account.
  • FSB business banking account. For everyday business banking.
  • Cash Tariff account. For professional practices that hold money on behalf of clients.
  • Standard Tariff account. For businesses looking for a simple and straightforward account charging structure.
  • Community Directplus. For registered charities, co-operatives, credit unions and community interest companies.

Note that, much like most other banks, The Co-operative Bank does not allow the use of a personal bank account for business purposes.

The Co-operative Bank business banking features and charges

Below is a list of the main benefits for each of The Co-operative Bank’s business accounts:

Business Directplus

  • 30 months of free everyday business banking for new The Co-operative Bank business customers.
  • No charges for all automated credits and cash withdrawals.
  • Deposit £2,000 in cash and 100 cheques per month for free.
  • No monthly service charge and all automated debits free if you maintain a credit balance of £1,000 or more.
  • At the end of the 30-month free banking period, you will be transferred to a standard Business Directplus tariff (£7 per month).
  • Access to a business savings account, online banking and merchant services.

FSB business banking

  • Free business banking services, such as paying in cheques and up to £2,000 cash per month (75p per £100 extra for higher amounts).
  • £25 annual loyalty bonus (paid once) for FSB members who maintain an active account.
  • A charge card without a monthly card fee.
  • Access to a business savings account, online banking and merchant services.

Cash tariff

  • Low cash deposit charge (40p per £100).
  • 10p per item for automated credit, 50p per item for manual credit and 23p per item for cheques paid in.
  • Free ATM withdrawals in the UK (at non-charging machines).
  • Access to a business savings account, online banking and merchant services.
  • £10 monthly service charge.

Standard tariff

  • 55p per £100 cash and 28p per item for cheques paid in.
  • 20p per item for automated credit and 70p per item for manual credit.
  • 40p per item for automated debit, 60p per cheque issued and 55p per £100 for cash withdrawals.
  • Free ATM withdrawals in the UK (at non-charging machines).
  • Access to a business savings account, online banking and merchant services.
  • £10 monthly service charge.

Community Directplus

  • Free everyday banking.
  • The option to apply for a donation of up to £1,000 to support special projects and fundraising activities.
  • Free ATM withdrawals in the UK (at non-charging machines).
  • Your account tariff might be reviewed if your turnover exceeds £1 million per annum or if you deposit more than £100,000 cash or 5,000 cheques per annum.

The Co-operative Bank international business banking

You can request the addition of foreign/international payments to your online banking over the phone.

Cost of international banking

  • Non-sterling transaction fee – 2.75% of the value of the transaction.
  • Cash withdrawal fee – 2% of the value of the currency/cheques or £2 (whichever is greater).
  • International payments – £8 – £35, depending on the method.
  • Receiving payments from overseas (in sterling or foreign currency) is free up to £100 or equivalent.

The Co-operative Bank business banking contact details

Depending on your query, The Co-operative Bank can be contacted using the following numbers:

Business account support and to report fraud or a forgotten PIN: 03457 213 213.

Lines open Monday to Friday 8:00am to 6:00pm.

Commercial account support: 03457 654 654.

Lines open Monday to Friday 8:00am to 5:00pm.

Business VISA: 0345 606 6701.

Lines open Monday to Friday 8:00am to 6:00pm.

International payments: 03457 558 888.

Lines open Monday to Friday 8:00am to 4:00pm.

Report a lost/stolen card or PIN: 0345 600 6000.

Lines are open 24 hours per day, 7 days a week.

Online banking queries: 0345 601 9938.

Lines open Monday to Friday 8:00am to 6:00pm.

You can also discuss your business account by going into one of The Co-operative Bank’s branches.

The Co-operative Bank business banking reviews

Online customer reviews are for The Co-operative Bank, not specifically its business services.

On Trustpilot, The Co-operative Bank has 2 out of 5 stars and a rating of “Poor”, based on more than 900 reviews.

The Co-operative Bank’s banking app has 3 out of 5 stars in Google’s Play store, based on more than 6,000 reviews. On the App Store, the app has 2.3 out of 5 stars, based on more than 1,500 reviews.

Customers like the helpful and efficient staff, but many complained about technical issues and a lack of features in the app.

Compare The Co-operative Bank against its competitors

Data indicated here is updated regularly
Name Product Interest rate Fee Overdraft
Tide
0%
No monthly fee
No overdraft available
Amaiz
0%
Free Starter plan, or £9.99 a month for Advanced account
No overdraft available
CardOneMoney
No monthly account fee for the first three months*
No overdraft
*£12.50 monthly fee thereafter inclusive of transactional fees
ANNA
0%
Starts from £0
No overdraft available
Starling Business Account
0%
No monthly fee
Overdraft available
TSB | Business Bank accounts
0%
Up to 25 months* free day to day banking
Planned overdraft available subject to acceptance
*25 months free when keeping your account within agreed limits. £5 fee applies after this period, but will be waived if you maintain an average monthly balance of £10,000.
Cashplus business
0%
No monthly account management fees, annual account fee is £69
Up to £2,000 of credit, using it costs £1.50 a day
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