Co-op bank for sale

Zanderman

ChrissyH wrote: »

I just dont know what to do for the best.
I have accounts and an ISA with the Coop
Can anyone advise wether is should stay with them or leave

If you're happy with the accounts and the ISA stay put. There's been no suggestion (apart from completely speculative scaremongering) that any accounts are threatened.

teddysmum

There is are guarantees in place to protect your money. The customer service is good and we have a branch within 5 minutes drive, 30 minutes walk, so we are staying put. £4 a month just for having 4 DDs isn't bad and they do listen to customers eg after customer surveys on how to improve, they introduced the bonus scheme.

badger09

Common sense would suggest having a current/savings account with another bank/building society in addition to your Co-operative accounts.

Not because of any concerns over Co-op, but any bank can suffer system issues and its reassuring to be able to access some of your money if that happens.

I've had my main current account with Co-operative for over 40 year and I'm in no hurry to jump ship:o

iltisman

Does the Coop bank give money to the Labour party?

Chapuys

iltisman wrote: »

Does the Coop bank give money to the Labour party?

As far as I am aware, it does not directly.

The Cooperative Group does have a political fund, however the Coop bank was a fully owned subsidiary of the Cooperative Group so profits went to the group which then paid the political fund to Labour. I guess the Cooperative Group isn't getting any dividends from its now 20% holding, but in theory, dividends from that 20% would go to the group which could pay out to Labour.

I'm happy to be corrected :beer:

isasmurf

The Cooperative Group have their own independent political party which its political funding goes to. It has an agreement with the Labour Party for its members to stand jointly with the Labour Party and so there are a small number of Labour MPs who are Co-operative Party members. It funds the campaigns of individual Labour & Co-operative Party members.

ChrissyH

The ISA wasnt great but it is time for renewal and am not sure to carry on but there dosent seem
to anything that is any better out there at the moment, but thanks for all your help

badger09

ChrissyH wrote: »

The ISA wasnt great but it is time for renewal and am not sure to carry on but there dosent seem
to anything that is any better out there at the moment, but thanks for all your help

You can do so much better than a cash ISA, whether with Co-op or anyone else.

Are you using high interest current accounts, such as Nationwide Flexdirect?

simonineaston

I switched to Nationwide, tempted by their 5% interest on balances up to £2,500, on the day I heard about the Co-op bank going up for sale... I heard about the Nationwide offer on MSE, of course!

teddysmum

simonineaston wrote: »

I switched to Nationwide, tempted by their 5% interest on balances up to £2,500, on the day I heard about the Co-op bank going up for sale... I heard about the Nationwide offer on MSE, of course!

We've been with the Co-op for over 40 years and have 3 Nationwide accounts between us ,too, so 5% on £7500 and £4 a month from Co-op (with interest from others, too). No panic to leave .