smilemore/co-op privilege warning!

opinions4u

How many other banks share their profits with customers

It's all smoke and mirrors though, isn't it?

For example, Halifax pay 2.2% on their easy access savings account. They don't pay any "profit share" to customers.

Co-op bank pay 0.25% for a similar easy access account. Plus some sort of mysterious loyalty points scheme.

I'd rather have my custom rewarded in cold hard cash via the transparency of a good rate. Not a pathetic rate like Co-op offer.

So, on £1,000 saved, Halifax pay £22. Co-op pay £2.50 plus 50 points. Their website says "The actual value of a point will vary each payment". Based on 2008 figures, those 50 points are worth £1.00.

Draw your own conclusion.

billbob

opinions4u wrote: »

It's all smoke and mirrors though, isn't it?

For example, Halifax pay 2.2% on their easy access savings account. They don't pay any "profit share" to customers.

Co-op bank pay 0.25% for a similar easy access account. Plus some sort of mysterious loyalty points scheme.

I'd rather have my custom rewarded in cold hard cash via the transparency of a good rate. Not a pathetic rate like Co-op offer.

So, on £1,000 saved, Halifax pay £22. Co-op pay £2.50 plus 50 points. Their website says "The actual value of a point will vary each payment". Based on 2008 figures, those 50 points are worth £1.00.

Draw your own conclusion.

It must be terribly frustrating for the Co-Op with their 'ethical' reputation. The bank is ethical in the way it invests its profits, at the end of the day it is in business and will take part in promotions like any other business would do.

Sure, it may not pay the best rates but unlike the Halifax is a bank that has not needed any bailouts and shares it profits with members.