The Co-operative Bank business bank account comparison and review

Discover an account that’s right for your business from The Co-operative Bank’s varied options.

4.0 ★★★★★ (59 reviews) Write a review
The Co-operative bank

If you’re a small business then the Co-operative Bank has your banking needs covered. With six different business accounts to choose from there is something for everyone including a 30-month fee-free offer which will help new start-ups. Below, you’ll discover everything you need to know about the features available with The Co-operative Bank business accounts, plus how well they compare to other business bank accounts.

Compare The Co-operative Bank’s business accounts

Name Product Account fee Bank transfers Requires credit check Arranged overdraft Accounting integrations Account management Key benefits Business bottom txt Link
Finder Award
FREE TRIAL
The Co-operative Bank Business Directplus Current Account
£7 per month
(waived in first 30 months)
Free

On application (subject to status, eligibility and The Co-operative Bank's Lending policy)
QuickBooks, Sage, Xero, Multiple providers
Branch, online, app & phone
Free everyday business banking for 30 months with the original ethical bank, plus access to the free ‘Go Get Paid’ app from BankiFi to help you get paid faster. T&Cs apply.
Minimum balance: £1,000+ balance must be maintained, if this falls below £1,000 at any time during a charging period, other relevant transaction charges (including the £7 monthly service charge during the 30 months free banking period) will be applied as outlined in the tariff.
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View details
Finder Award
FREE TRIAL
The Co-operative Bank Business Current Account
Free
Free

On application (subject to status, eligibility and The Co-operative Bank's Lending policy)
QuickBooks, Sage, Xero, Multiple providers
Branch, online, app & phone
Free everyday digital business banking with the original ethical bank, plus access to the free ‘Go Get Paid’ app from BankiFi to help you get paid faster, rated 4.9 stars. Sole traders or Single Directors only. Charges apply for cash and cheque transactions. Apply online. T&Cs apply.
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Business Current Account - Standard tariff
£10 per month
(waived in first 30 months)
£0.40

Up to £250,000 subject to eligibility and application
QuickBooks, Sage, Xero, Multiple providers
Branch, online, app & phone
View details
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What is The Co-operative Bank business banking?

The Co-operative Bank has been around for over 150 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. A business account that gives the best of both worlds – online banking but free branch based banking too.
  • Business current account. For sole traders and single directors who don’t often bank with cash and cheques.
  • FSB business banking account. For members of the Federation of Small Businesses.
  • Cash tariff account. Low money-handling fees for businesses that have a high cash turnover.
  • 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.

With a wide range of business accounts on offer, if there is a branch local to you, Co-op Bank should have an account that suits your needs.”

Ruth Jackson-Kirby, personal finance expert

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 who maintain a credit balance of £1,000 or more.
  • No charges for all automated credits and cash withdrawals.
  • Deposit £1,000 in cash and 25 cheques per month for free.
  • 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 online banking, business insurance, legal services and merchant services.

Business current account

  • No monthly service charge.
  • No charges for automated credits and cash withdrawals.
  • Fee of £1.50 per £100 cash deposit and £1.50 per item for cheques paid in.
  • Access to online banking, business insurance, legal services and merchant services.

FSB business banking

  • Available to members of the Federation of Small Businesses
  • Free business banking services, such as paying in cheques and up to £1,000 cash per month (80p per £100 extra for higher amounts).
  • Option to apply for an overdraft (interest will apply).
  • A debit card without a monthly card fee.
  • Access to online banking and free business webinars.

Cash tariff

  • £10 monthly service charge.
  • Low cash deposit charge (55p per £100).
  • You’ll pay 10p per item for automated credit, 50p per item for manual credit and 75p per item for cheques paid in.
  • Free ATM withdrawals in the UK (at non-charging machines).
  • Access to online banking, legal services, business insurance and merchant services.

Standard tariff

  • £10 monthly service charge.
  • You’ll pay 80p per £100 cash and 75p per item for cheques paid in.
  • Fees are 20p per item for automated credit and 70p per item for manual credit.
  • You’ll pay 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 online banking, legal services, business insurance and merchant services.

Community Directplus

  • Free everyday banking.
  • For registered charities, co-operatives, credit unions and community-interest companies.
  • 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 in a foreign currency outside the UK – free, but there’s a currency conversion charge of 2.75%.
  • Cash withdrawal fee for business credit card – 3% plus currency conversion charge of 2.75%.
  • International payments – £8 to £25, depending on the method.
  • Receiving payments from overseas (in sterling or foreign currency) – 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 fraud: 03457 213 213.

Lines always open.

Business VISA charge card: 0345 606 6701.

Lines open Monday to Friday 8am to 6pm and Saturday 9am to 12pm.

Digital banking, international payments, general enquiries: 03457 213 213.

Lines open Monday to Friday 8am to 6pm and Saturday 9am to 12pm.

CHAPS payment queries: 0345 604 4533.

Lines open Monday to Friday 8am to 5pm.

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

The Co-operative Bank business banking customer reviews

In our independent 2024 customer satisfaction survey, 97% of The Co-Operative Bank’s users said they’d recommend the brand to a friend. Customers highlighted the bank’s excellent customer service and competitive rates. Here’s what some of those customers had to say:

“The fees are pretty low, and it’s an ethical bank, which is why I chose it. The app is easy to use.”

“It’s so easy to use and has a feature that allows my employees to use my account too without any sort of risk”

“Easy to use website, and knowledgeable call centre staff.”

On the Apple App Store, The Co-Operative Bank’s business banking app scored 1.4 out of 5 stars based on 157 reviews. On the Google Play Store, the app scored just 1.8 out of 5 stars, from a total of 288 reviews (April 2024).

Pros and cons of The Co-operative business banking

Pros

  • Range of business accounts depending on your needs.
  • Has a branch network if you prefer to bank in person.
  • Free banking with some of the accounts for a set period, or if you maintain your balance above a certain level.
  • Other financial products available, such as overdrafts and business lending.

Cons

  • Branch network is not extensive, so there may not be one local to you.
  • Some accounts have a monthly fee, which you could find cheaper elsewhere.
  • Mixed customer reviews.

Customer service information for The Co-operative Bank

Email support
Telephone support
In-app or live chat
Contact form
Branch support

Our verdict

You can use online and mobile banking with business accounts from The Co-operative, plus the bank has a branch network, albeit a small one. The range of accounts available means you’ll probably find one to suit your business needs, while the period of free banking that comes with some of these accounts is an attractive offer. However, be sure to check out the full costs involved, in case the account fees become uncompetitive when the free term ends.

Get started by visiting The Co-operative’s website and sign up for an account. If you have read this review and decided that The Co-operative’s account is not for you, you can also compare other business bank accounts on the market.

Banking scores

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

To find out more, read our full methodology.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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