Co-op Bank. The greenest account there is. Look...

PabloNeruda · 7 July 2007 at 3:58PM

I've just applied for a current account at Cooperative Bank having read their ethical policy below. Some very potent reasons why I think everyone should consider doing the same....

Human Rights

Through our investments, we seek to support the principles of the Universal Declaration of Human Rights. In line with this, we will not invest in:

any government or business which fails to uphold basic human rights within its sphere of influence
any business whose links to an oppressive regime are a continuing cause for concern -

The Arms Trade
We will not invest in any business involved in:

the manufacture or transfer of armaments to oppressive regimes
the manufacture of torture equipment or other equipment that is used in the violation of human rights

Corporate Responsibility

We advocate support for the Fundamental International Labour Organisation Conventions. In line with these, we will seek to support businesses which take a responsible position with regard to:

fair trade
labour rights in their own operations and through their supply chains in developing countries

We will not support:

irresponsible marketing practices in developing countries
tobacco product manufacture
currency speculation

Genetic Modification

We will not invest in businesses involved in the development of genetically modified organisms (GMOs), where, in particular, the following issues are evident:

uncontrolled release of GMOs into the environment
any negative impacts on developing countries; in particular, the imposition of 'Terminator' technologies
patenting; in particular, of indigenous knowledge
cloning; in particular, of animals for non-medical purposes

Social Enterprise

We will seek to support charities and the broad range of organisations involved in the Social Enterprise sector, including:
co-operatives

credit unions
community finance initiatives

Ecological Impact

In line with the principles of our Ecological Mission Statement, we will not invest in any business whose core activity contributes to:

global climate change, through the extraction or production of fossil fuels
the manufacture of chemicals which are persistent in the environment and linked to long term health concerns
the unsustainable harvest of natural resources, including timber and fish

Furthermore, we will seek to support businesses involved in:

recycling and sustainable waste management
renewable energy and energy efficiency
sustainable natural products and services, including timber and organic produce
the pursuit of ecological sustainability

Animal Welfare

We will not invest in any business involved in:

animal testing of cosmetic or household products or ingredients
intensive farming methods, for example, caged egg production
blood sports, which involve the use of animals or birds to catch, fight or kill each other
the fur trade

Furthermore, we will seek to support businesses involved in:

the development of alternatives to animal experimentation
farming methods which promote animal welfare, for example, free range farming

:T :T :T :T :T

penrhyn · 8 July 2007 at 4:25PM

Very laudable, but are their current account/customer service/interest rates competitive?

sleepymy · 8 July 2007 at 4:27PM

I'm thinking of changing the co-op as Ulster Bank have a p!ss poor rating on the ethiscore report http://www.ethiscore.org/report.aspx?id=250073&free=true

sleepymy · 8 July 2007 at 4:47PM

penrhyn wrote: »

Very laudable, but are their current account/customer service/interest rates competitive?

You can check that out here http://www.co-operativebank.co.uk

PabloNeruda · 8 July 2007 at 5:06PM

penrhyn wrote: »

Very laudable, but are their current account/customer service/interest rates competitive?

Not sure about rates etc - I'm not too fussed about that to be honest. I read somewhere that it's consistently at the top of customer satisfaction surveys.

Rikki · 8 July 2007 at 5:10PM

I have had my accounts with the co-op for over 12 years. I have never had a problem with them and the bonus of being able to pay/take out money at any post office.

I originally opened a savings account and I didn't want them investing my money in dodgy countries and projects.

1jim · 9 July 2007 at 3:48PM

Smile (internet branch of coop) have a pretty decent interest rate on current account

Fed up with an unhelpful bank manager? Sick of poor service? Then look no further. We’ve been voted best Online Banking Provider for five years on the trot now*, so you know you’re in good hands. And we’ve got a dedicated team who make it easy peasy to switch your bank account.
Here’s what you’ll enjoy:

3.04% AER on your entire credit balance, that's over 30 times more interest than some other banks pay
12 month £500 fee-free overdraft, at only 11.9% EAR
special rates on our savings account and cash mini ISA
all the convenience of banking online but with 24 hour support by e-mail or phone from our UK call centre
a strict Ethical Policy, which means your money will never be invested in unethical organisations
we'll switch your old current account for you - hassle free. It usually takes just 14 days.

Not the best but for social issues I have found it the best, and cant fault the customer service aspect of this bank

Tirian · 15 July 2007 at 9:13PM

penrhyn wrote: »

Very laudable, but are their current account/customer service/interest rates competitive?

If all I wanted was the best possible return on my investment, I would be putting my money into arms companies, oil conglomerates and class A drugs deals. But that's not exactly the point of ethical investment, is it? :rolleyes:

PabloNeruda · 26 August 2007 at 2:14PM

UPDATE: All my direct debit transfers have been completed and the whole transfer of accounts went very very smoothly. The customer service is fantastic, and the online banking in fantastically user-friendly. I'm really glad I did this.

lynzpower · 26 August 2007 at 9:28PM

I banked with Co-operative since 2004.

I was perfectly happy with everything with them, couldnt fault it. Until they closed my overdraft a year in ( yes it says on the small print) without warning. I called them and they said that they would reinstate the OD immiedidately ( it was only 500 quid) but they would charge me 35 admin fee to do so.

So Ive taken by business to Smile, who I cannot recommend highly enough. Ive now got 2 accounts ( one for bills, one current) the website doesnt have a million and one passwords ( unlike alliance & leicester who I moved from) and its simple and straightforward and does what it says on the tin. I cant recall ever really having letters from them ( OR THE ADVERTISING BUMPF!!) which makes me happy

( unlike LTSB!!) you can pay cheques in at the post office, and you can draw money out everywhere. theyve also reduced thier overlimit charge to a fiver

All the call centres are in the UK ( in stockport) and you NEVER get kept on hold for more than a minute or so. Its one ofd the few companies I recommend without hesitation.

Ehtically, the co-op cant be beaten on the high st.

On the downer, savings rates arent great and mortgages were not competitive when I looked into them a couple of years ago IMHO

Im more than happy to refer people on this ( i am on the referrals board somewhere) please PM me theres a case of wine in it each.

Lynz
x

Cardew · 26 August 2007 at 9:48PM

Er - are not Smile and Co-op the same company?

Co-op Bank. The greenest account there is. Look...

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