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Move to Co-op, should I be worried?

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Hi all,


Having looked through MSE we decided to take advantage of the switch offer with the Co-op Bank and move our joint account across. We've signed the mandate and this is happening as we speak.


However, given the recent news, is it a really awful idea to change?


We don't have any savings in that account, its purely for rent and household direct debits.


Thanks!

Comments

  • Zanderman
    Zanderman Posts: 4,862 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    The recent news is merely that the Coop Bank is needing investment and is for sale.

    There's no suggestion that the bank is in any danger of collapse. Or that having an account with them is unwise.

    If floods of people leave because they think it's in danger then it might become in danger!

    But if you are happy with the bank as it is just stay, and see what happens. I see no reason to worry at all.
  • Zanderman
    Zanderman Posts: 4,862 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    PS Have a read of this thread for more background info: https://forums.moneysavingexpert.com/discussion/5602309
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    Switch to Co-op, get the £110, switch to another bank (and get another bonus if you play your cards right).
  • Andybez38
    Andybez38 Posts: 1,773 Forumite
    Part of the Furniture Combo Breaker
    I just left the co-op. All gone smoothly and got £100 for switching to Nationwide.
    I came into this world with nothing and I'm gonna leave with nothing.
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