I am leaving smile/coop bank

innovate

If the premier Privilege appeals to you, you would get a better deal with the Nationwide FlexPlus which costs £10 a month but offers more 'freebies', incl. a very decent 3% interest, and gives you access to their FlexClusives which they bring out from time to time.

http://www.nationwide.co.uk/current_account/flexplus/default.htm

Anthorn

varndeanian wrote: »

I'm not leaving just yet either (only left RBS a year ago). I'm hoping my local branch survives and also that the Premier Priviledge Accounts do too. These were always recommended by MSE at the time when they were available to new applicants.

If you're being served the same as you've always been served then there is no point in moving. There will be changes at the bank but we don't know specifically what they will be. We know that some branches will close but we don't have a list of those branches.

As far as I know the next meeting with the bond-holders is set for December 20th and if that meeting succeeds the bank will be floated on the stock exchange and shares divided. If the bond-holder's group decide to rule the roost then they are likely to pursue a policy of aggressive management and aggressive profit-making. To me that means that they will strengthen the bank and that's what I'm expecting.

But as I said if nothing has changed there is no point in going to all the trouble and inconvenience of moving.

innovate

Anthorn wrote: »

But as I said if nothing has changed there is no point in going to all the trouble and inconvenience of moving.

There is just about no trouble and inconvenience involved in moving your current (or other) accounts. For those people who find a change of current accounts daunting, the current account switch guarantee has been in place for a couple of months now.

http://www.simplerworld.co.uk/Pages/Home.aspx

Even if you don't want to use the switcher service, nothing could be easier than opening a current account with any bank or building society that you would like to have an account with. Stop being wooed by some mutual-stuff marketing hype - no bank can survive these days if they can't compete commercially.

You need to look at hard and fast facts, not some wooly marketing words, when choosing your current account. You also need to review the current account landscape every 6 months, or even constantly. Change if you don't get the best deal for yourself. And change again. It's easy to do.

[Deleted User]

It was so easy, only 9 days ago since the actual change and everything is going so smoothly. Direct debits coming out as they should and money going in as it should. I did act responsibly and informed all the sources of money going in, that was my job really, I was not going to expect the bank to do that and I wanted to make sure that cash flow was not disturbed.

I set up an online saver with halifax yesterday as I like to have a safety net allied to my current account. I had one with the coop which gave me just about zero interest. It took a few seconds and I get 1.25%. I am more than happy with the changeover process (and at being out of the coop )

hansi

I have been with Smile for many years now and have been very satisfied with their services. However, following an article in the Financial Express paper today, it states that if the proposed vote does not go in their favour, then the bank could be wound up on 31st December. If this were to happen, what would happen to the Smile current accounts.

Anthorn

hansi wrote: »

I have been with Smile for many years now and have been very satisfied with their services. However, following an article in the Financial Express paper today, it states that if the proposed vote does not go in their favour, then the bank could be wound up on 31st December. If this were to happen, what would happen to the Smile current accounts.

No. It would go into administration by the Bank Of England or its regulator PRA, essentially taken over by them to do with as they see fit really. To a lot of people that would be preferable to hedge funds being at the helm but I don't share that view.

In that case the government could inject the needed funds to make it viable. It's a lot cheaper than banks that were previously rescued.

There are over 4 million account holders and they are unlikely to be dumped overnight.

But whatever happens your money is safe due to FSCS insurance.

iBeast

ColdIron wrote: »

It seems to me that without these evil hedge funds the Co-op bank, and all the employees, would be up a creek without a paddle and their minor bond holders looking at a bleaker outcome than they are now. Let's not forget that only a few months ago they (with only 300 odd branches) were attempting to take on 631 Lloyds branches while nursing a 1.5 billion black hole in their finances

You say they tried to buy the branches, i say pushed by Goverment

iAMaLONDONER

iBeast wrote: »

You say they tried to buy the branches, i say pushed by Goverment

It was the EU (competition commission) that forced Lloyd's hand!