Co-op members sharbook

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)?

Comments

  • Lansdowne
    Lansdowne Posts: 570 Forumite
    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
    planteria Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    i have one from Midlands Co-op, which is now Central England Co-op, having merged with Anglia Co-op.
  • JezR
    JezR Posts: 1,698 Forumite
    Part of the Furniture 1,000 Posts
    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
    fbromley Posts: 5 Forumite
    Its Midlands Co-operative Society Ltd Members Sharebook and i have a share number
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