How to pay money into a savings account
Whether you’re saving for a holiday, a wedding or even just a rainy day, savings accounts are a great way to put your money away.
Want to know more about savings accounts? Find out how savings accounts work, how to open a savings account, and how to pay in money here.
Online banking
Some of our savings accounts can be managed through online banking. Once your account has been opened, you will be able to transfer funds into your savings account online instantly from another Co-operative Bank account.
Mobile banking
If you’ve downloaded our app, you can make deposits to and from your savings account instantly from another Co-operative Bank account. If you’d like to manage your savings using our app, make sure that you choose a compatible savings account.
Pay in with cash
You can deposit cash into your account in any of our Co-operative Bank branches. Use our branch locator to find the branch that’s nearest to you.
You must use a branch to pay in cash and should never send cash to us through the post.
Pay in by cheque
You can pay cheques into your account by visiting a Co-operative Bank branch or by visiting your local Post Office. You can also post it to us direct. Find out the specifics about paying in cheques.
Over the phone
To pay over the phone, please give us a call and we will be happy to make a transfer from your existing Co-operative Bank account.
How do savings accounts work?
Savings accounts are a safe place to store your money, but how do they work?
- You deposit money into your savings account. The account provider earns interest on this money.
- In return, the bank pays you some of the interest on the funds in your account each year.
- The amount of interest you earn depends on the type of savings account you have.
Money you keep in a savings account is protected by the Financial Services Compensation Scheme (FSCS). The FSCS is the UK‘s deposit guarantee scheme that would return your money in the unlikely event that any bank is unable to meet its financial commitments or stops trading.
We offer a range of different savings accounts for you to choose from, each suited to a different type of saver. It’s important you choose the right account for you.
For more information regarding the tax on savings interest:
What type of savings account is best for me?
To get the savings account best suited to your needs, you should consider what type of saver you are.
Are you saving for the long term or short term? Do you need constant access to your savings or are you able to lock them away for a period of time to earn more interest?
One way of maximising your savings and interest is by finding the right account or combination of savings accounts for you, and adding funds as regularly as you can.
It’s a good idea to review your savings account(s) on a regular basis. This will allow you to make sure it continues to meet your financial needs and that you’re making the most of your money. Read our guide to help you find out if your savings account is still the right one for you.
We have plenty of savings accounts suited to different needs. Find out more about the different accounts we offer.
Financial Services Compensation Scheme
Your eligible deposits held by a UK establishment of The Co-operative Bank p.l.c. are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with The Co-operative Bank and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please read further information on the FSCS scheme here or visit their website.
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