How to open Co-operative business account

Its stance makes it a good choice for ethical businesses (just like ANNA, which is founded on transparency, fairness and inclusion – you can read our Ethics Statement here, and it also offers a range of business bank accounts to suit a variety of needs.

To help you sort the wheat from the chaff when it comes to a Co-operative business account, we’ve created this review of each key type of account. We’ve covered the pros and cons, the main features you can expect from a Co-operative business bank account, and (perhaps most importantly) shown how one of ANNA’s most popular business banking plans compares to Co-op’s offerings.

Let’s switch on our business brains and get stuck in…

What types of business bank accounts are available at Co-operative?

Currently, Co-operative Bank offers a few different types of business account. The Co-operative Business Bank Account is designed for start-ups and small businesses, while the Business Directplus account is aimed at businesses of all sizes that occasionally pay in cash or cheques.

The Co-op also offers a couple of specialist business bank accounts, including a Charity and Community Bank Account, and a Federation of Small Businesses Account, which is aimed at members of the FSB.

Previously, The Co-operative Bank offered Cash Tariff and Standard Tariff accounts, but as of 31 March 2025, these are no longer available.

Co-operative Business Bank Account

Described as ideal for start-ups and small businesses that like to bank digitally, the Co-operative Business Bank Account is relatively simple. There are no monthly fees, and you can choose the savings and overdraft options that suit your growing business.

There are also a few perks available to help you on your way, including access to free merchant services software, discounted Clover payment terminals and an app that helps you send and chase invoices.

Co-operative Business Directplus

If you’re a start-up or established business that occasionally needs to pay in cash and cheques, this type of account could be for you. Requiring a £1,000 minimum balance, the Directplus account comes with free access to a payment request tool, mobile and online banking services and accountancy software integration. It also comes with a £0 monthly fee for the first 30 months, after which you’ll pay £7 a month.

Co-operative business account review: Key Features

While some of the key features of the Co-operative Business Directplus and Co-operative Business Bank Account overlap, others are unique to each type of account. Confused? Here are the main things you need to know.

No monthly fees (for at least 30 months)

The Co-operative Business Bank Account is absolutely free (rather like a £0-a-month ANNA Pay As You Go plan), while the Business Directplus account is free for the first 30 months of your account. After that – or if your balance dips below £1,000 – you’ll pay £7 a month.

Payment request tool

Both types of Co-op business account include access to an app called Go Get Paid, which allows users to send invoices, accept payments and create automatic payment requests for streamlined accounting.

Accountancy software integration

You might currently use accountancy software such as Xero or QuickBooks – or perhaps you’ll need to start using it when Making Tax Digital kicks in in April 2026. If this is you, both types of Co-operative business bank account allow you to integrate them with your account.

Tools to help you grow

As well as Go Get Paid, each type of account has its own tools to help your business get further, including an optional subscription to Finance Director Online (which helps with more complex payment types like bulk BACS) for Business Directplus customers, and discounted Clover payment terminals for Co-operative Business Bank Account holders.

Savings and overdrafts

Both the Co-operative Business Directplus and Co-operative Business Bank Accounts offer optional arranged overdrafts and savings accounts.

Co-operative business account pros & cons

While the Co-operative Business Bank Account and Co-operative Business Directplus accounts have their own pros and cons, they’re generally quite similar when it comes to their plus points – and those things that aren’t so positive. Here’s what you need to know.

Pros

• There’s no monthly fee for at least the first 30 months (and permanently if you choose a Co-operative Business Bank Account.
• A dedicated switching team is on hand if you’re thinking of switching from another business bank account to one of The Co-op’s.
• Business bank account holders can access free merchant services software, and free mobile and online banking services.
• Accountancy software integration (think Xero and Sage) is available for free.
• A dedicated app called Go Get Paid allows Co-operative Business Bank Account holders to send invoices and receive payments wherever they are.
• Your money is protected by the FSCS to the tune of up to £85,000.

Cons

• Unlike ANNA’s award-winning, 24/7 support, the Co-operative’s customer service isn’t always on. Opening hours for general enquiries are Monday to Friday 8am to 6pm, and Saturday 9am to midday.
• Opening an account takes, on average, five business days, although it can be longer – so if you don’t want to wait to start your business banking, you’re better off with ANNA.
• After 30 months, the standard monthly tariff of a Directplus Business account rises to £7 a month. A £1,000 minimum balance also applies to this type of account – and if you drop below it, you’ll be charged.

What are the requirements to open a Co-operative Business Account?

To open your Co-operative business bank account, whether you’ve chosen a Business Bank Account or Business Directplus, you need to fulfil a few requirements:

• You must be 18 or over.
• You should be a sole trader, in a partnership or limited liability partnership, or a limited company.
• You must be resident in the UK, and your business address also needs to be UK-based.
• Your financial affairs need to be sound (for example, you should be free of missed credit payments in the last six months, and from CCJs over the last six years).
• There are additional rules for limited companies – for example, your business’s director must never have been disqualified.

What documents do I need to provide to open a Co-operative Business Account?

To open your account, you’ll need to make sure you have a few documents to hand. These include proof of your identity, like a passport or driver’s licence, plus proof of address (including that of your business, if it’s different to your home address) – documents such as bank statements and recent council tax bills are usually accepted.

You’ll also need to provide details of your business, such as your Companies House registration (where applicable), your tax status, the nature of your business and your expected turnover and cash flow.

How much does a Co-operative business account cost?

Co-operative monthly account fees

A Co-operative Business Account is free, with no monthly fees attached (rather like ANNA’s no-nonsense Pay As You Go plan).

Business Directplus is free for 30 months, unless your balance falls below £1,000, in which case you’ll be charged £7. After 30 months, the fee is £7.

Co-operative international payment fees

International fees are the same whether you hold a Co-operative Business Account or a Business Directplus account.

It’s free to make payments in Euros via SEPA with a Co-op business account. Sending payments in USD costs £8 when made via telephone banking or in writing, and £5 via online banking.

Using SWIFT to make international payments costs £10 for payments using online banking, and 0.25% of the value of the transaction (to a minimum of £13 or maximum of £35) for payments made via telephone banking or in writing.

Meanwhile, ANNA’s Pay As You Go plan charges a flat 1% conversion fee via SWIFT, which we could argue is less of a head-scratcher...

Co-operative local transfers in and out

Automated debits and credits, including standing orders, Faster Payments and BACS, are free with either type of Co-op business bank account.

Co-operative pay cash in deposit

If you have a Co-operative Business Account, paying cash in or out costs £1.50 per £100 withdrawn or deposited.

With a Business Directplus account, cash withdrawals are free, and you can pay in £1,000 free per charging period – then it’s 80p per £100 after that.

With ANNA’s Pay As You Go plan, cash deposits are absolutely free. Just saying…

Co-operative ATM withdrawals

With both types of Co-operative business account you can withdraw up to £250 a day for free (from non-charging ATMs, which might add their own fee on top). This limit can be increased up to £500 in £10 increments if you contact the bank.

Can you pay a cheque in an online Co-operative business?

It costs £1.50 to pay each cheque into your Co-operative Business Account, and the same to issue a cheque. Paying up to 25 cheques into a Business Directplus account is free per charging period, then it’ll cost you 75p each. Stopping a cheque that you’ve issued into either type of account costs £5.

Co-operative vs ANNA Fees

We’ve summarised the cheapest fees for ANNA and Co-operative in the table below.

Co-operative vs ANNA fees comparison

How to apply for a Co-operative Business Account

You can apply for your Co-op business account online. You’ll need a valid passport or driving license, plus a smartphone or tablet. It’s a good idea to have any necessary documents ready (which we’ve covered under our review section, ‘What documents do I need to provide to open a Co-operative Business Account?’ too.

If you like, you can apply for an overdraft and savings account as part of your application. Once you’ve started the application process, you’ll have the chance to save your progress – after which you’ll have 45 days to finish and submit your application before you have to start again.

Co-operative Business Account customer reviews

As part of a regulatory requirement, Co-operative Bank – along with 15 other of the largest business current account providers – was the subject of an independent survey of its business customers.

The results, which were published in February 2025, showed that of 1,200 Co-operative business account customers, 48% would recommend The Co-operative business banking to other SMEs, while 40% would recommend its online and mobile banking services, placing it at the bottom of the rankings for both criteria.

Taking a look at TrustPilot reviews (which are written by all customers, not just business ones) we can see that The Co-operative Bank has an ‘excellent’ 4.4 rating across over 13,000 reviews.

Some of the more negative reviews highlight poor customer service – in contrast to ANNA’s award-winning, 24/7 helpline – although The Co-operative Bank is responsive to complaints online.

On Apple’s app store, the Co-operative Bank Business app has a 1.5-star rating from 230 reviews.

Co-operative Bank vs ANNA – a case study

If you’re wondering how an ANNA plan compares with The Co-operative Bank’s business accounts, this case study will help you see the different ways they operate, side-by-side.

In our case-study scenario, you’re a sole trader who has recently started up in business, and is considering opening a Co-operative Business Bank Account or an ANNA Pay As You Go plan.

Each month, your business banking transactions look something like this:

• 5 international (non-Euro) payments of £500 each
• 5 cash deposits of £500 each
• 4 outgoing local transfers of £1,500 each
• 3 ATM cash withdrawals of £200 each

A Co-operative Business Bank Account would incur the following fees:

• International payments: £50 (£10 per online transaction)
• Cash deposits £37.50 (£1.50 per £100)
• Local transfers: £0
• ATM withdrawals: £0
• Standard monthly account fees: £0
• Total Co-operative Business Account fees: £87.50

Meanwhile, an ANNA Pay As You Go plan would involve the following:

• International payments: £25 (1% currency conversion fee)
• Cash deposits: £0
• Local transfers: £0
• ATM withdrawals: £0
• Monthly account fees: £0
• Total ANNA Pay As You Go plan fees: £25

Co-operative Bank vs ANNA – in summary

If you’re a business that makes regular cash deposits and international payments, an ANNA Pay As You Go plan seems to make more sense than a Co-operative Business Account.

ANNA’s Pay As You Go plan costs £0 a month, forever – but if you choose an ANNA plan that charges a monthly fee and you don't use your account for a month, you don't have to pay the fee for that month. It’s just one of the reasons we’re known for Absolutely No Nonsense Admin.

You can open an ANNA business account online, and if you need any help getting set up (or with using your account once you’ve got started), our 24/7 support line is there to help, and will connect you within ten minutes to a real person. We can even help you officially register your company at Companies House.

Other benefits include our nifty +Taxes add-on, which gives ANNA the job of all the heavy lifting when it comes to your corporation tax and VAT, saving you valuable time and money. Features such as payroll, credit and bulk payments are also available, making cutting through the nonsense no big deal.

Summary table

Everything you need to compare the ANNA Pay As You Go plan and Co-operative business banking, all in one place.

ANNA vs Co-operative bank summary table

Sources:

• Co-operative Business Bank Account Tariffs
• Co-operative Directplus Tariffs
• Co-operative Small Business Account
• Co-operative Directplus Account
• TrustPilot