Coop bank - what happens if no buyer?

cookiemonster2013

I have current and savings accts with coop and no funds elsewhere. Would I suddenly find myself unable to draw from ATM and have to go through recovery process under govt guarantee? If so I'm better switching now.

Thanks in advance for replies.

antrobus

cookiemonster2013 wrote: »

I have current and savings accts with coop and no funds elsewhere. Would I suddenly find myself unable to draw from ATM and have to go through recovery process under govt guarantee? If so I'm better switching now.

Thanks in advance for replies.

No.

There is already a contingency plan.

http://www.telegraph.co.uk/business/2017/03/18/officials-draw-rescue-plan-co-op-bank/

Mind you, some of us think it's a good idea not to have all your eggs in one basket and, in particular, to have more than one bank account in any case.

cookiemonster2013

Thanks Antrobus, think you're right - need to get organised and have another 'basket'.

agrinnall

antrobus wrote: »

Mind you, some of us think it's a good idea not to have all your eggs in one basket and, in particular, to have more than one bank account in any case.

Absolutely this. You are already aware that there is a potential (probably very small) risk to your money so failing to have some held elsewhere could be viewed as foolhardy.

cookiemonster2013

Agree, will get myself sorted, thanks