Wise VS Co-operative Bank: Business Banking Review & Fee Comparison

Is Wise or Co-operative Bank better for your small business?

Below we look at both Wise and Co-operative Bank reviews on Trustpilot along with their App reviews from Apple and Google.

We then look at typical fees, business savings rates, foreign currency options and a whole bunch of other account features to help you make up your mind.

Wise vs Co-operative Bank Trustpilot Reviews

	Wise	Co-operative Bank
Trustpilot Review Score (out of 5)	4.2	4.2
Percent 5-Star Reviews	83%	51%
Percent 1- Star Reviews	7%	39%
Total Number of Reviews	207,506	7,699

Sources:
https://www.trustpilot.com/review/wise.com
https://www.trustpilot.com/review/co-operativebank.co.uk

Wise vs Co-operative Bank App Reviews

	Wise	Co-operative Bank
iPhone Review Score (out of 5)	4.8	4.7
Number of iPhone Reviews	85,400	47,800
Android Review Score (out of 5)	4.8	4.3
Number of Android Reviews	762,000	33,000

Sources:
https://apps.apple.com/gb/app/wise/id612261027
https://apps.apple.com/gb/app/co-operative-bank/id1439204021

Wise vs Co-operative Bank Account Fees & Charges

	Wise	Co-operative Bank
Free Business Bank Account	No	Yes
Free Business Account Term Length	NA	30 Months
Cheapest Monthly Account Fee	Free	Free
Most Expensive Monthly Account Fee	Free	Free
Electronic Payment Cost (in/out)	0.42%	Free
Cash Payments Cost (in/out)	2% / 1.75%	£1.50 per £100
Cheques (in/out)	Unknown	£1.50
CHAPS Payments Cost	£25	£25
SEPA Payments Cost	No	No

Wise vs Co-operative Bank Business Savings Rates

	Wise	Co-operative Bank
Types of Business Savings Accounts	BlackRock ICS Sterling Government Liquidity Fund	Instant access, 35+ day, 95+ day
Lowest Savings Rate (AER)	4.67%	1.63%
Maximum Savings Rate (AER)	4.67%	2.51%
Minimum Savings Amount	£1	No
Interest Paid On Foreign Currencies	Yes	No

Wise vs Co-operative Bank Account Opening Times

	Wise	Co-operative Bank
Can You Apply Online?	Yes	Yes
How Long Does Opening An Account Typically Take?	2 Working days	5 Working days
Do They Check Your Credit?	No	Yes
Current Account Switch Service	No	Yes

Wise vs Co-operative Bank Features & Account Types

	Wise	Co-operative Bank
Business Current Account	Yes	Yes
Business Savings Account	No	Yes
Business Credit Card	No	Yes
Business Overdraft	No	Yes
Accounts For Startups	Yes	Yes
Accounts For Charities	Yes	Yes
Accounts For Sole Traders	Yes	Yes
Joint Business Accounts Available	No	Yes
Card Type	Visa/Mastercard	Visa
Online Banking	Yes	Yes
Mobile Banking	Yes	Yes
In Person/Branch Banking	Yes	Yes
Branch Locations	None, online only	Limited locations accross the UK

Wise vs Co-operative Bank Customer Support Options

	Wise	Co-operative Bank
Phone Support Available	Yes	Yes
Email Support Available	Yes	Yes
App Based Support	Yes	Yes
Web Based Support	Yes	Yes
In person Customer Support	Yes	Yes

Wise vs Co-operative Bank Foreign Currency Accounts

	Wise	Co-operative Bank
US Dollar (USD) Bank Accounts	Yes	Yes
Euro (EUR) Bank Accounts	Yes	Yes
Other Currencies Available:	AUD – Australian dollar BGN – Bulgarian lev BRL – Brazilian real CAD – Canadian dollar CHF – Swiss franc CZK – Czech koruna DKK – Danish krone EUR – Euro GBP – British pound HKD – Hong Kong dollar HUF – Hungarian forint IDR – Indonesian rupiah INR – Indian rupee JPY – Japanese yen MYR – Malaysian ringgit NOK – Norwegian krone NZD – New Zealand dollar PLN – Polish złoty RON – Romanian leu SEK – Swedish krona SGD – Singapore dollar	No

Other Business Services From Wise and Co-operative Bank

	Wise	Co-operative Bank
Business Loans	No	Yes
Commercial Mortgages	No	Yes
Invoice Financing	No	Yes
International Payments	Yes	Yes
Merchant Payment Services	Yes	Yes
Card Machines	No	No
Free Accounting Software	Yes	Yes

Wise vs Co-operative Bank Banking Basics

	Wise	Co-operative Bank
Bank Type	Challenger	High Street
FSCS Protection	No, unless money is held in assets	Yes, up to £85,000
FCA Number	900507	990937
Website	Wise Website	Co-operative Bank Website

Common Comparison Questions

Does Wise or Co-operative Bank have better customer reviews?

Wise scores 4.2 out of 5 based 207,506 Trustpilot reviews. Of these reviews 83% are 5-star and 7% are 1-star.

Whereas, Co-operative Bank scores 4.2 out of 5 based 7,699 Trustpilot reviews. Of which 51% are 5-star and 39% are 1-star.

Does Wise or Co-operative Bank have a better App?

Wise’s iPhone App is rated 4.8 out of 5 based on 85,400 reviews. And it’s Android App is rated 4.8 out of 5 based on 762,000 reviews.

In comparison, Co-operative Bank’s iPhone App is rated 4.7 out of 5 based on 47,800 reviews. And it’s Android App is rated 4.3 out of 5 based on 33,000 reviews.

Does Wise or Co-operative Bank have better business savings rates?

Wise offers the following types of business savings accounts: BlackRock ICS Sterling Government Liquidity Fund with interest rates ranging from 4.67% to 4.67%. (AER)

In contrast, Co-operative Bank offers Instant access, 35+ day, 95+ day accounts with interest rates ranging from 1.63% to 2.51% (AER).

See Other Comparisons:
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For other business bank accounts see our guide here.