Co-Operative Bank

What Co-Operative Bank does

The Co-operative Bank p.l.c. is a UK retail bank founded in 1872 and headquartered at 1 Balloon Street, Manchester, serving over 2 million personal banking customers with current accounts, savings, credit cards, mortgages, and home insurance. Its core technology stack comprises an online banking platform, a native mobile app for iOS and Android, Open Banking integration, and digital wallet support (Apple Pay, Google Pay, Samsung Wallet), with Visa as the card payment network partner. Mortgages for new customers are originated exclusively through brokers, while existing customers manage their mortgages directly. Home insurance is delivered through a partnership with LV=, generating commission revenue.

The bank's commercial model centres on net interest income from current accounts, overdrafts, savings, credit cards, and a closed-to-new-customers mortgage book, supplemented by subscription revenue from the £18-per-month Everyday Extra packaged account and commission from insurance. Pricing is product-specific: standard current accounts carry no monthly fee, while savings products offer up to 4.15% tax-free AER on Fixed Rate Cash ISAs and up to 4.53% gross AER on Fixed Term Deposits. Credit cards include a 24-month 0% balance transfer product reverting to 20.6% representative APR.

Distribution spans branches, mobile and online channels, telephone banking, the Post Office cash network, and mortgage brokers. Following the £780 million acquisition by Coventry Building Society completed on January 1, 2025, The Co-operative Bank continues to operate under its own brand as a subsidiary, retaining its ethical-banking positioning centred on a customer-led Ethical Policy established in 1992, no fossil-fuel investments since 1998, and long-standing partnerships with Amnesty International UK, Centrepoint, Refuge, Friends of the Earth, and Co-operatives UK.

Name

Co-Operative Bank

Legal name

The Co-operative Bank p.l.c.

Website

https://co-operativebank.co.uk

Company type

Private

Founded year

1872

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

The Co-operative Bank is a UK retail bank founded in 1872, serving over 2 million personal banking customers with current accounts, savings, credit cards, mortgages, and insurance via digital and branch channels under an ethical-banking brand. It operates as a subsidiary of Coventry Building Society following the January 2025 £780m acquisition.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Ethical banking
• Savings accounts
• Personal banking
• Digital banking

Headquarters

HQ city

Manchester

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Personal Banking Services: Revenue from current accounts (including packaged accounts with monthly fees), overdrafts, and basic banking services.
2. Savings and Investment Products: Interest-bearing savings accounts, fixed rate savings, ISAs, and children's savings accounts generating revenue from interest rate spreads.
3. Credit Cards: Credit card products including balance transfer cards and fixed rate cards, generating revenue from interest charges and transaction fees.
4. Mortgages: Mortgage products for existing customers and new customers via brokers, generating revenue from interest payments.
5. Insurance Products: Home insurance products offered through partnership with LV=, providing commission revenue.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

The Co-operative Bank is a UK retail bank providing personal banking products and services including current accounts (standard, packaged, basic, and student), savings accounts (instant access, fixed rate, limited access, ISAs, and children's savings), credit cards (balance transfer, fixed rate, and members cards), mortgages for existing customers, and home insurance through a partnership with LV=. The bank differentiates itself as the original ethical bank, operating under a customer-led Ethical Policy established in 1992 that prohibits investments in fossil fuels and oppressive regimes.

Product overview

The Co-operative Bank is a UK retail bank offering a comprehensive suite of personal banking products organized around a core current account platform with supplementary savings, credit, insurance, and digital banking services. The product portfolio centers on ethical banking principles and includes: Standard Current Account (no-fee everyday banking), Everyday Extra Packaged Account (£18/month with insurance add-ons), Basic Cashminder Account, and Student Account under current accounts; Fixed Rate Cash ISAs, Fixed Term Deposits, Instant Access and Limited Access Savings, and Children's Future Fund for savings; Balance Transfer, 3-Year Fixed Rate, and Co-operative Members Credit Cards; Mortgages for existing customers; and Home Insurance via LV= partnership. Digital access is provided through native Mobile Banking App (iOS/Android) and Online Banking platform, all integrated with Apple Pay, Google Pay, and Samsung Wallet for contactless payments. The bank positions itself as the 'original ethical bank' with a customer-led Ethical Policy shaping its product decisions.

Differentiator

Problem solved

Functional benefit

Products and services

• Standard Current Account Everyday banking account with no monthly fee, offering a debit card, online and mobile banking access, and an optional overdraft facility subject to credit check and eligibility.
• Everyday Extra Packaged Account Premium current account priced at £18 per month including bundled mobile phone insurance, worldwide travel insurance, and UK and European breakdown cover.
• Cashminder Basic Bank Account Basic bank account with no monthly fee and no overdraft facility, providing a debit card and access to online and mobile banking.
• Student Bank Account Current account designed for students in higher education with features tailored to student needs.
• Instant Access Savings Account Savings account allowing immediate access to funds with competitive interest rates.
• Fixed Rate Savings Account Savings account with fixed interest rate for 1 or 2 year terms; options include Fixed Rate Cash ISA (up to 4.15% tax-free/AER from £5,000) and Fixed Term Deposit (up to 4.53% gross/AER from £1,000).
• Limited Access Savings Account Savings account with restricted withdrawal access in exchange for higher interest rates.
• ISA (Individual Savings Account) Tax-efficient savings vehicles including Fixed Rate Cash ISAs and maturity options for reinvestment.
• Future Fund Children's Savings Account Savings account designed for children to help them start saving with age-appropriate features.
• Balance Transfer Credit Card Credit card offering 0% APR for 24 months on transferred balances from other credit or store cards, reverting to 20.6% representative APR (variable) after promotional period.
• 3 Year Fixed Rate Credit Card Credit card with fixed interest rate for three years, providing rate certainty for borrowers.
• Co-operative Members Credit Card Credit card product exclusive to Co-operative Bank members with associated benefits.
• Mortgages Mortgage products available to existing customers including deal switching, additional borrowing, and moving home options; new mortgage customers must use brokers. Each eligible mortgage generates a £5 donation to Centrepoint.
• Home Insurance (Buildings and Contents) Home insurance products provided through partnership with LV= covering buildings, contents, home emergency, and accidental damage.
• Mobile Banking App Mobile application for iOS and Android enabling balance checking, money transfers, card freeze/unfreeze, savings and credit card applications, fraud alerts, and personal details management.
• Online Banking Web-based banking platform for managing accounts, making payments, and accessing account services from any device.

Quantifiable outcome

• Over £2.5 million raised for Centrepoint supporting youth homelessness since 2017
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Friends of the EarthcoreStrategic or Co-development Partner · 1 January 2023Multi-year partnership through Postcode Gardener programme to restore greenery and wildlife in over 1,000 nature-deprived spaces across the UK. Since 2023, supported 17 Postcode Gardeners transforming 730+ public spaces, engaging 300 community groups, and planting 43,000+ pollinator-friendly plants.
• SheltercoreStrategic or Co-development Partner · 1 January 2023Partnership to prevent homelessness supporting schools in Manchester with the @Home project providing assistance to families in housing crisis. Joint campaign for fairer renting contributed to Renters' Rights Bill.
• Zero Hour CampaignminorStrategic or Co-development Partner · 1 January 2020Zero Hour Ambassador backing the Climate and Nature Bill. Former CEO Nick Slape presented open letter to UK Prime Minister at COP26. Hosted joint reception in House of Lords. Signed United for Nature petition.
• CentrepointcoreStrategic or Co-development Partner · 1 January 2017Partnership since 2017 to end youth homelessness by 2037. Raised over £2.5 million supporting 30,000 young people. Mortgage donations of £5 per eligible mortgage to Centrepoint's Rough Sleeping Service.
• Co-operatives UKcoreStrategic or Co-development Partner · 1 January 2016Partnership to offer free business banking for co-operatives and Business Support for Co-ops programme. Committed £2.5 million since 2016 to support co-operatives nationally. Sponsors Co-op Congress and Co-op of the Year Awards.
• Manchester PrideminorStrategic or Co-development Partner · 1 January 2016Over five years supporting Manchester Pride Festival. Partnership led by LGBTQ+ colleague inclusion group Proud Together. Part of broader inclusion and diversity commitment.
• RefugecoreStrategic or Co-development Partner · 1 January 2015Partnership to tackle financial and economic abuse. Launched 'My money, my life' campaign in 2015 leading to industry-wide Financial Abuse Code of Practice in 2018. 40 banks and building societies have signed up. 'Know Economic Abuse' campaign in 2020 raised awareness.
• Amnesty International UKcoreStrategic or Co-development Partner · 1 January 1992Long-standing partnership since 1992 supporting Write for Rights campaign. Colleagues and customers contributed over 10,000 actions since 2019. Bank is the only UK organisation with a dedicated Colleague Amnesty Group.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Coventry Building Society: UK mutual building society that acquired The Co-operative Bank in January 2025 for £780m; directly comparable as a UK retail savings and mortgage provider with similar mutual/community ethos, now operating as parent of the subject company.
• Nationwide Building Society: Largest UK building society offering current accounts, savings, mortgages and insurance; directly comparable as a mutual retail banking alternative with branch and digital channels and a comparable customer base.
• Santander UK: Large UK retail bank offering current accounts, savings, credit cards and mortgages; comparable as a major UK competitor in the same product categories and customer segments.
• NatWest Group: Major UK retail and commercial banking group offering current accounts, savings, mortgages and lending; comparable as a full-service UK competitor with overlapping products and ESG positioning.

Direct peers

• TSB Bank: UK retail bank focused on current accounts, savings, mortgages and loans through branch and digital channels; comparable in product mix, scale (millions of customers) and mid-tier UK positioning to The Co-operative Bank.
• Metro Bank: UK challenger retail bank offering current accounts, savings, lending and mortgages through stores and digital; comparable in mid-tier UK positioning, customer scale and focus on customer experience differentiators.
• Triodos Bank UK: UK ethical and sustainable bank offering current accounts, savings, mortgages and business banking; directly comparable on the customer-led ethical banking positioning that differentiates The Co-operative Bank.
• Ecology Building Society: UK mutual building society focused on environmental and ethical lending and savings; comparable as a values-led UK ethical banking alternative with overlapping savings and mortgage products.

Emerging players

• Monzo: UK digital challenger bank offering app-based current accounts, savings and consumer credit; comparable as a direct competitor for digitally-engaged UK retail customers.
• Starling Bank: UK digital challenger bank providing app-based current accounts, savings and lending to consumers and SMEs; comparable as a digital-first competitor targeting the same UK retail customer base.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/coopbankuk
• YouTubeyoutube.com/user/CooperativeBankUK
• Facebookfacebook.com/thecooperativebank
• LinkedInlinkedin.com/company/thecooperativebank
• Instagraminstagram.com/thecooperativebank

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Co-Operative Bank