The lender will also apply the reduction to its tracker mortgages in line with terms and conditions.
Co-op Bank said it would also be reviewing the savings rates it offered to customers.
This morning, the Bank of England (BoE) cut the base rate from 0.75 per cent to 0.25 per cent to temporarily help businesses and households through any “economic shock” caused by the COVID-19 outbreak.
A Co-op Bank spokesperson said: “We continually review the rates, and products we have available to ensure we are offering the best rates we can to our customers in the low base rate environment. We will communicate any changes to our interest rates to our customers in due course.
“Although the Coronavirus outbreak situation is still unfolding, we have a number of plans in place to support our customers, and we would encourage any of our customers who have concerns to contact us.”