Co-Op Bank should I change?

royP_2

Should move my bank account away from the Co-Op?
The only other ethical bank I can find with current account facilities is the Reliance bank are there any others?
Thanks

EarthBoy

It depends what you mean by ethical. The Co-op bank has their own definition, but it won't necessarily be the same as anybody else's.

Zanderman

royP wrote: »

Should move my bank account away from the Co-Op?
The only other ethical bank I can find with current account facilities is the Reliance bank are there any others?
Thanks

Should you move it? Depends surely on whether/if/how the Coop is sold and who to.

Until you know that and what that means for the ethical approach (already compromised by the reduction in Coop ownership last year) you have no information to go on.

So, at present, no you shouldn't. But you might want to when any change happens. But there isn't any change yet...

Stuart_W

It entirely depends on your criteria in looking for a bank account.

I am personally waiting to see who the new owners are and what they do with the ethical policy.

If mutual ownership is important, likely to be Nationwide, unless your local building society or credit union operates a current account.

If an ethical investment policy is important, Triodos will launch their current account later this month. I reckon this will have a monthly fee, or otherwise be hugely loss making for them.

I have a Reliance Bank account, too ( although Co-op is my main account) . Worth noting you can't get your balance from a cash machine ( you can get cash out for free as normal), also no contactless and no post office access.

royP_2

Many thanks for your answers, think I will wait and see.