Co-operative Bank

[Deleted User]

I have had an account with co-op for 7 months now and I have had no problems with them thus far at all. They are all polite and helpful in branch, they will help you with anything to do with banking, unlike the plebs that "work" in hsbc branches who tell you to phone or do stuff online when you have a problem, hsbc staff round these parts seem to be the laziest bunch of wasters I have come across. As soon as my student overdraft is paid off I am taking all my banking business over to the co-op.

Lansdowne

CopperPlate wrote: »

They pay pathetic[/b[ interest on their savings accounts and no interest on their current accounts (even Smile only now pays 0.12% interest) so how this squares with being an 'ethical' organisation, I don't know. I suppose they are treating everyone the same - poorly.

Of course the Co-op will always have interest rates broadly the same as competitors in the same business - and at present this means pathetic[b[.

storminbalder

CopperPlate wrote: »

- from www.britannia.co.uk

Not entirely correct.

"The new business will continue to trade under the Britannia and Co-operative brands, as well as the Smile internet bank and Platform intermediary lender brands. It will look to move quickly to a single product range once the necessary integration of customer systems is complete, but customers will see no immediate change to the products and services they receive."

Given that it's effectively a takeover of Britannia by Co-Operative Group, suggestions on a postcard regarding the 'single product range' they refer to.

Co-Op bang the ethical drum time and again, but if you look more closely - they give political donations to the Labour Party/Co-Operative Party, they still invest in companies which in turn may invest in organisations which the Co-Op Bank would not invest in so their money is indirectly going to the very companies they themselves would not invest in I'd hazard.

They pay pathetic[/b[ interest on their savings accounts and no interest on their current accounts (even Smile only now pays 0.12% interest) so how this squares with being an 'ethical' organisation, I don't know. I suppose they are treating everyone the same - poorly.

I think you've either rather missed the point or don't understand what the word ethical means!

Mike1989

rb10 wrote: »

HBOS only use "green" energy to power branches, offices and call centres...

Not sure that is true across the board, the branch in which my Dad works is not rated very "green" energy wise. Still suppose its a very busy branch if that makes a difference. But it certainly isn't very "green" energy wise.

Of course the Co-op will always have interest rates broadly the same as competitors in the same business - and at present this means pathetic

Co-op cash isa - 1.50%
Barclays Tax haven - 3.12%
Abbey cash isa direct issue 2 - 2.90%
Halifax cash isa - up to 0.61%

Co-op can't find the account
Barclays Monthly saver - 6%
Abbey Monthly saver - 5%
Halifax Monthly saver - 5%

Co-op 1yr fixed rate bond 3%
Barclays 1yr fixed rate bond - 2.20%
Abbey 1yr fixed rate bond - 2.50%
Halifax 1yr fixed rate bond - up to 2.80%

Over all they seem to be about the mark, even have better rates than the UKs best so called bank at helping people build their savings. But some of their interest rates are lower than competitors, just like Britannia. They are competitive to a degree, but you generally can find better deals elsewhere and this is only taking a small portion of the banks I have researched recently for accounts of the nature above. Only problem for me is if its a branch based account, eg an ISA, they are out of the way. If its a fixed rate bond, no problem. But they are at least competitive, more than I first believed to be honest.

CopperPlate_2

sons wrote: »

The single product range refers to the products offered, presently if you go into a Brittania for financial dvice or insurance they will only advise on AXA products, instead this will be Co-op products. Since when has a single product range meant they will re-brand a company. They clearly stated that both names will remain.

The ethical bit means how they invest and who they will lend to not what interest rates they offer. I bank with the co-op for my current account and am ok with the low rate, however their savings products are around average - not great but not the worst either. Who do they invest in that in turn invests in unethical companies and how does donating to the labour party mean you are not ethical?

http://www.ethiscore.org/company.aspx?id=13240

I'm not getting into a debate over it. Apologies if my opinion was off mark - or my interpretation of the article wasn't as informed as yours.

CopperPlate_2

storminbalder wrote: »

I think you've either rather missed the point or don't understand what the word ethical means!

I had typed a lengthy reply to this, but it really doesn't merit a response.