Co-op bank

bigfreddiel

Nubbins36 wrote: »

I've just read in the Guardian that the Co-op could be in trouble. I was just about to open an isa with them/Britannia and a savings acc. Should I stay clear? (It's not masses of money!!)
Thanks

i would open a s&s isa with tddirectinvesting

forget about a cash isa

JohnRo

Masomnia wrote: »

Savers have been bailed out to the tune of billions, and continue to get their savings insured to the tune of billions. Yet somehow think they're entitled to better returns for no effort or risk.

That doesn't make any sense whatsoever.

If you're talking about mortgage welfare, slum lords and the housing ponzi then I would understand.

Terry98

In yesterdays Telegraph the chief executive of the Co-op Group was quoted as saying to bondholders 'Bail us out or we go bust'

talexuser

Have I understood this correctly?

Say you invest in funds through intermediary Cis, HL, Cavendish, whatever. If the intermediary goes bust, you are protected because the funds are effectively a separate account in your name (discounting fraud).

Your funds are in Perpetual, M&G, Artemis etc.

If any one of the fund houses goes bust you are protected for 50K in each. However the shares should again be in effectively a separate account in your name, so discounting fraud you should be ok?

So is the 50K for possible fraud, or why would either the intermediary or the fund house going bust affect you if the shares just have to be sold or transferred to someone else by the administrator?

Obviously if the funds go down in price, that is bad management and your lookout.

talexuser

JohnRo wrote: »

That doesn't make any sense whatsoever.
.

Does he mean that saving the banks with billions, saved savers money because otherwise the cash machines would have closed down, and supermarkets would have had no more food on the shelves?

But the billions came from taxpayers, so it was effectively our own money, and we have paid for it in years of lost growth, lost income and cuts in what we used to get for our taxes?

J2eanne

Just found an old Britannia savings account book and did not realise until now that they had merged with the Coop. I moved house so haven't had any post from them. Could someone advise should I have been entitled to anything when they merged?

nilrem wrote: »

How many people in the UK have actually lost money when a UK bank has got into trouble? Answer None.

IMHO it is perfectly safe to place money with the Co-op, I have savings with Co-op, Smile and Britannia and am not concerned in anyway (except of course the poor interest rates!)

talexuser

J2eanne wrote: »

should I have been entitled to anything when they merged?

Nothing when they merged because it was really a forced sale to stay solvent. However Britannia had a rather pathetic reward scheme before I left, and I believe this was rolled over into Co-op dividends at the takeover - but I wouldn't expect much change from that. I've read that Co-op want to drop the Britannia name altogether soon - bad image - but it can't be worse than Co-op now!

calypso_rhapsody

Anyone else finding the account opening process very slow? Sent my application form off a week ago and they say they still have not got it .. am pondering stopping the cheque!

BTW the answer to the password question is that the one that is printed out is an initial password and will be changed once account open. Still a little worried about the very clunky customer interface!

hendenne

What a difference a year can make...
My last post was August 2012.. hence, 'what a difference a year makes'.

In June, having become concerned by the antiquated and never-updated online system of Smile (e.g. unable to see my Sent Secure Messages) and the looming clouds of concerns of liquidity, the waste of £200 million on a failed IT update, the acquisition of Brittania etc etc..., I moved all our banking away from Coop/Smile to Nationwide where the online systems are so far ahead of what I was used to with the 'Clever With Taking Your Money' bank.

We now have 2 current accounts plus an e-savings account and an instant access Loyalty Saver account at Nationwide and everything is functioning extremely well. (To ensure the accuracy of the switch I managed all direct debits myself rather than use the offered Switch services of NW.)

The demise of Smile/Coop is a great pity as the front-line staff who dealt with online queries were excellent.... another case of Lions lead by Donkeys.

Why on earth are the ex-leaders of Coop Bank and Britannia allowed to get away with their failure and pockets many millions due to 'loss of office'

I am extremely sorry for the hard working 'workers' and await eventual retribution being heaped upon those who have caused this debacle.

Certainly as others have already said 'up to £85k is covered' but why get involved with an institution that looks terminal?

There are still offers available, albeit not are inflation beating. Saga offer 2.55% for 3 years via Birmingham Midshires.

I have no money with and no link to BMS.

talexuser

hendenne wrote: »

Why on earth are the ex-leaders of Coop Bank and Britannia allowed to get away with their failure and pockets many millions due to 'loss of office'

Because those at the top always end up making the rules to suit their own best interests? And those we vote for only ever promise to change things for the better but do the absolute minimum amount in order not to upset the apple carts that suit them very well too?