MSE News: Lloyds to sell branches to Co-op: what it means for you

jonmcclelland

The Co-Op are a very financially strong bank, coming from the fact they're prudent lenders in line with their ethical policy. They won't do dealings with those who don't fit in with their policies, giving them quite a strong liquidity position.

During the credit crisis they opened more branches and had zero intervention from the government.

It will be interesting who stays and who goes if and when the Lloyds branches are sold but you could argue, "what's the harm in giving them a go?"

From what I've seen they have really competitive loan rates and their current account packaged accounts look solid. Their savings rates are very, very low (again due to their liquidity) so have second thoughts towards that but for banking, you could do a lot, lot worse.

opinions4u

jonmcclelland wrote: »

The Co-Op are a very financially strong bank, coming from the fact they're prudent lenders in line with their ethical policy.

Being prudent in lending and having an ethical policy are two different things. It's possible to lend prudently to an arms dealer. It's possible to lend badly to a children's charity.

They won't do dealings with those who don't fit in with their policies, giving them quite a strong liquidity position.

Liquidity is nothing to do with their ethical policies around arms trade, tobacco etc.

During the credit crisis they opened more branches and had zero intervention from the government.

I would be pretty certain that they benefited from the Government's Special Liquidity Scheme.

I have no problem with the Co-op and would be surprised if C&G, LTSB and IF customer have any difficulties if and when the purchase of branches and accounts goes through.

But it would be wrong to assume "ethical policy" = "perfect bank".

jonmcclelland

I wasn't saying that but I'm saying, their ethical policies definitely help their financial strength is all I meant. :cheers:

Connie

http://www.lloydstsb.com/branch_transfer.asp

SantEmp

Santander and our fantastic 123 account will take all of you disgruntled customers :A

gymrat3

SantEmp wrote: »

Santander and our fantastic 123 account will take all of you disgruntled customers :A

They won't take you, jog on

pmduk

SantEmp wrote: »

Santander and our fantastic 123 account will take all of you disgruntled customers :A

Yes, and you're guaranteed to be a lot more disgruntled when you sample Santander's idea of customer service.

GooliesOfFire

SantEmp wrote: »

Santander and our fantastic 123 account will take all of you disgruntled customers :A

Hell, NO!


Lloyds TSB website says they will keep people informed but I haven't received anything from them regarding the transfer. Lloyds TSB is rather an awful bank, nowhere near as bad as Santander though. I'm wondering what Co-op is like.

MoneySaverLog

Don't believe Lloyds TSB know anymore, co-op were the preferred bidders, another company have now come along to join the party which will be a new UK bank if successful.

So they really don't have any other news. All this information is available from a link on the Lloyds TSB home page.

I believe they are also restricted from cajoling you to join a non sold bank branch but you can do that now if you so wish to stay with Lloyds TSB rather than whoever does eventually take over the sold branches.

BugsyBrowne

I have lloyds branches everywhere near me and not one of these is on the list so pretty chuffed about that.