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ISA Safe if CO-OP need bailout?
lateformytrain
Posts: 2 Newbie
I noticed today that there's talk of co-op bank needing a bailout, or doing a bail-in of it's junior bond holders, or other such similar comments.
I have a co-op ISA ( the UK Sustainable Leaders fund )-- I was wondering how safe it is ?
If the bank gets in trouble, is my ISA even affected ?
If it is affected, then I guess that the £85k protection will save me, but am I right to think I may have to wait a while for it => so my savings won't be so 'accessible' any more.
I have a co-op ISA ( the UK Sustainable Leaders fund )-- I was wondering how safe it is ?
If the bank gets in trouble, is my ISA even affected ?
If it is affected, then I guess that the £85k protection will save me, but am I right to think I may have to wait a while for it => so my savings won't be so 'accessible' any more.
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Comments
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Absolutely no effect at all on a S&S ISA.
The £85k doesn't apply as it isn't cash but the shares are held separately to the bank so no impact even in the unlikely event of Coop going out of businessRemember the saying: if it looks too good to be true it almost certainly is.0 -
Thank you !0
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hope someone can give me a bit of advice? my mum has savings bonds with brittania..are these safe or does she need to be looking at moving them ASAP?
thanks0 -
hope someone can give me a bit of advice? my mum has savings bonds with brittania..are these safe or does she need to be looking at moving them ASAP?
thanks
A fixed term deposit is protected upto £85k.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
thanks for that, and apologies to OP for high jacking the thread a bit!;)0
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Does Co-op Bank run an S&S ISA platform?
The fund is with CIS, managed by Co-op Asset Management, and those companies have already been sold to Royal London. Though still trading under the CIS name, to judge from the advertising campaign."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Does Co-op Bank run an S&S ISA platform?
The fund is with CIS, managed by Co-op Asset Management, and those companies have already been sold to Royal London. Though still trading under the CIS name, to judge from the advertising campaign.
Yes. I was going to point out that the UK Sustainable Leaders fund is run by Co-operative Asset Management Ltd which is now part of the Royal London Group and therefore sod all to do with the Co-Op any more. It looks like the ISA wrapper has also gone over to Royal London as well, if this page is anything to go by;
http://www.royallondongroup.co.uk/RLCIS/Investments/ISAs-and-Unit-Trusts/Manage-your-funds/0
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