Move to Co-op, should I be worried?

KateHockaday

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!

Zanderman

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

PS Have a read of this thread for more background info: https://forums.moneysavingexpert.com/discussion/5602309

agrinnall

Switch to Co-op, get the £110, switch to another bank (and get another bonus if you play your cards right).

Andybez38

I just left the co-op. All gone smoothly and got £100 for switching to Nationwide.