Co-op members sharbook

fbromley

I have some money in a midlands co-op members share book, Is this connected to the co-op bank and is it safe (protected)?

Lansdowne

No, it almost certainly is not connected to the Co-op Bank. It will be a share in the particular co-op named on the book.
What is the exact name on the book? If it is Midcounties Co-op, for example, that remains a separate co-operative on the high street. Many other co-ops have become part of the large Co-operative Group and they no longer pay any interest on share accounts like yours, though the money is still redeemable.

planteria

i have one from Midlands Co-op, which is now Central England Co-op, having merged with Anglia Co-op.

JezR

These are in some ways more like investments rather than savings, so your capital is at risk should whatever co-op it is fails, although you don't get a capital appreciation as such.

You might expect therefore for the interest rate to be higher to reflect this risk but it isn't particularly; for example Midcounties pays 2.5% over £200 balance and Central England requires a £5,001 balance to pay its top rate of 2.25%.

Also the rules of many (all?) societies allow them to restrict withdrawals at the power of the Board.

fbromley

Its Midlands Co-operative Society Ltd Members Sharebook and i have a share number