Britannia BS account

19HoursToGo

I opened a Britannia BS account many, many years ago (in the days of carpetbagging).

Whilst, I realise that there wasn't a windfall payment when Britannia merged with the Co-op, I wonder if it is still wise to keep the account open in case of a potential windfall sometime in the future?

planteria

Do you have details of your account from Co-op Bank now?

I don't believe that a Savings Account with Co-op Bank actually provides with you any 'membership' that would provide you with a 'bag' of the Co-op. You can join The Co-operative with £1 though.

EarthBoy

Britannia accounts are now Co-op Bank savings accounts. They do not confer any membership rights whatsoever. Existing Britannia members were offered free Co-op membership at the time of the takeover, so you might have become a Co-op member at that time. I can't say for certain now, but I think they sent you a form to sign and return if you wanted the free membership. As Planteria says, if you aren't already a member it will cost you £1 to join, if you're really that interested.

alanq

If I recall correctly Britannia BS members at the time Co-Op took over were given "free" membership of the Co-op.

Update: I was right.

"There will be no windfalls paid by the Co-op. Instead, Britannia members will automatically become members of the Co-operative Group and entitled to a share of the annual Co-op divi."
http://www.thisismoney.co.uk/money/saving/article-1660285/Britannia-Co-op-merger-QA.html

Membership is of the Co-op Group not of Co-op Bank.

In any case as Co-op Bank has liabilities rather assets I could see no prospect of a payout in case of a take over of the bank.

19HoursToGo

I haven't got details of an account with Co-op (at least I don't think I have).

The 'Higher Saver Account' was opened in June 1997 and it's been sitting there every since. It's a postal account and the passbook was last updated in 2010.

I may call in a branch or give them a ring to see what's what.

Thanks for your reply.

19HoursToGo

alanq wrote: »

If I recall correctly Britannia BS members at the time Co-Op took over were given "free" membership of the Co-op.

Update: I was right.

"There will be no windfalls paid by the Co-op. Instead, Britannia members will automatically become members of the Co-operative Group and entitled to a share of the annual Co-op divi."
<link>

Membership is of the Co-op Group not of Co-op Bank.

In any case as Co-op Bank has liabilities rather assets I could see any prospect of a payout in case of a take over of the bank.

Thanks for your reply and link.

Sorry to be pedantic, but in your last sentence, did you mean to say "I couldn't see any prospect..." ? I just want to get it clear in my geriatric brain before making a decision.

Thanks also to EarthBoy.

alanq

19HoursToGo wrote: »

Sorry to be pedantic, but in your last sentence, did you mean to say "I couldn't see any prospect..." ?

Thanks for pointing this out. Requiring accuracy is not being pedantic. I have corrected my mistyped post.