Co-Op bank - should I leave?

JKSandy

"George Osborne states they he won't bail them out does not mean anything, this government have made more U-turns in a short space of time than any other in history"

Very true. Thatcher will be U-turning in her grave at the Tories antics.

Thrugelmir

nilrem wrote: »

Just because George Osborne states they he won't bail them out does not mean anything, this government have made more U-turns in a short space of time than any other in history!

Who made a hasty decision to save RBS?

Archi_Bald

Thrugelmir wrote: »

If you bank with the Co Op on ethical grounds then now is the time to move to another mutual.

Or just give up on that 'ethical' gobbins alltogether and accept that successful businesses are subject to the market forces that exist in our society. Airy-fairy warm cuddly thoughts and principles don't have any place in the western business society. Our business society may not be perfect but it's a darned side better than the alternatives - whether they are already existing or just schemes in peoples' minds.

Thrugelmir

Archi_Bald wrote: »

Or just give up on that 'ethical' gobbins alltogether and accept that successful businesses are subject to the market forces that exist in our society.

The demise of the Co Op has little to do with market forces and more to do with poor management. My building society lender has traded through the financial crisis without any problems or need to sack the board.

Archi_Bald

Thrugelmir wrote: »

The demise of the Co Op has little to do with market forces and more to do with poor management. My building society lender has traded through the financial crisis without any problems or need to sack the board.

Absolutely agree with you. It all comes down to how competent, and in the real world, management is. Some local societies and credit unions have indeed been riding the waves very successfully (though some also failed spectacularly).

The support the Coop gets on here seems to be predominantly based on their "we are an ethical bank" message. Personally, I have no idea what the Coop and their supporters mean by that, and all I can see is that the Coop have made a huge big mess of themselves. The layers of incompetent management you find in the Coop is second to none.

MarkJ43

Thrugelmir wrote: »

If you bank with the Co Op on ethical grounds then now is the time to move to another mutual.

And that's the main reason I'm thinking of moving, but where to go?

PeacefulWaters

MarkJ43 wrote: »

And that's the main reason I'm thinking of moving, but where to go?

I'd go wherever gives he the best mix of returns and convenience.

With those returns I could then choose to support whichever cause matched my values. In recent months my Halifax free fivers seem to have supported the charitable choices of colleagues who run.

There are 40+ building societies out there who should have a warm and fuzzy feel. That said, it was a badly run building society that wrecked Co-op.

Numerous more credit unions. TSB claiming to be very much a British Bank although still owned at arms length by LBG for now.

But I wouldn't go seeking it out. The incompetence of the one bank that claimed to have truly ethical standards is breathtaking. How do you know who will be next?

apt

An ethical guide - http://www.ethicalconsumer.org/buyersguides/money/banksavingsaccounts.aspx