Should I switch to the Coop bank?

colsten

thebritishbloke wrote: »

As another note, if you're switching to Co-Op be prepared for one of the worst online banking systems I've ever seen.

This is true, though to be fair, it lets you make payments and receive money. And if you are lucky, they won't mislay any more than the £1.3bn or so they have already managed to lose without explanation. Despite of which, they have found enough in their marketing budget to immerse the nation into their "we're ethical" mantra. That marketing campaign is probably paid for with the interest they don't pay to their happy depositors.

franby64

eskbanker : Yes, you're right about Tesco.
I don't use them as much now as they use workfare, just to throw another of my bugbears into the mix!
I've settled on Sainsburys and the aforementioned Coop for food.
I don't have much money but I want to give it to people who I think care about what they do with it.
It is a minefield.

colsten : Yes, I could do without the adverts, but then I can always do without adverts. I'm familiar with the website as I have a CC so it won't be too much of a shock. I like the Coop and I want to support it but my one qualm is that if it is trouble it won't be helped like the others as it isn't one of the club.

Anyway, my problem!

anoncol

How does you closing your account help them keep people employed?

Money-Saving-King

franby64 wrote: »

So many very wealthy organisations are shedding jobs to create even more profit - this is what has annoyed me!

The last 2 financial years are as follows:

Statutory profit in 2013 before tax was £415 million compared to a pre-tax loss of £606 million in 2012.

So in the last 2 years they have made a £191 million pre tax loss. After tax it was a loss both years:

Profit (loss) before tax – statutory 2013- 415, 2012- (606)
Taxation (1,217) (781)
Loss for the year 2013-(802), 2012- (1,387)

A £2189 million loss in total.

The margins on income are as follows:

Banking net interest margin 2013- 2.12%, 2012- 2.49%.

All less than 2.5%, that's minute!!

So if you think they make too much how much do you think they should make? I expect you've said everything on assumptions rather than knowing any actual facts.

scragend

franby64 wrote: »

I would tax wealthy companies more and I would tax individuals progressively.

Like no tax on the first £10,000, then 20% on the next £31,865, then 40% on the next £118,134, then 45% above that?

Can't believe no one has thought of that before...

planteria

Co-op Bank have been dire, service-wise, in my experience.
to be honest, i wouldn't worry too much about the ethics: just get an account, or keep an account, that offers you what you need, and benefits that you appreciate (perhaps Club Lloyds? or Santander123?) and then 'be ethical' yourself, with your money.
Nationwide are not very 'mutual'...you only have to look at the executive pay:eek:..
if you happen to live in Cumbria then Cumberland Building Society would be an interesting current account provider. or as suggested above, perhaps look at Coventry Building Society if you would like to bank with a building society [;)]

M0ney

franby64 wrote: »

eskbanker : Yes, you're right about Tesco.
I don't use them as much now as they use workfare, just to throw another of my bugbears into the mix!
I've settled on Sainsburys and the aforementioned Coop for food.

Don't be fooled into believing that Sainbury's are ethical.

planteria

doesn't say "Edited"...but it certainly has been;)