Co-op Bank: Can They Really Be That Bad?

WillPS

It's horses for courses really - but there's certainly no standout feature of their which makes Co-op Bank worth taking and using alone.

They have a very good regular saver (but not as good as First Direct's). They have a decent PBA, not the cheapest, not the most complete, but a decent offer. They have a pretty mediocre branch network. Customer service is alright, although their approach to complaints handling leaves a lot to be desired.

Their app is pretty barebones. Fine if your needs are basic, but pretty much all of their competitors will offer more. The best you can say is it's clean and simple. 

They take ages to set up accounts, even by 'traditional bank' standards. They don't send Faster Payments immediately unless you get lucky with timing (it's done on a regular batch job - it might be more regular than it used to be but isn't immediate as it is with almost all their competitors).

Their 3D secure onboarding process is a bit of a joke, but in fairness it is a one time task to get it done.

They do have an ethical stance on stuff which may or may not be of interest, and is the reason they've been able to keep the Co-op brand. That's the one reason I can think of that could legitimately, potentially, a reason why you might choose them as a 'main account' provider at this time.

Hopefully CBS provide them with investment to help them catch up and be properly competitive.

That said if you want an account that does basic account stuff, albeit slowly, without the app stuff which is pretty standard elsewhere then it's fine.

UKX69

WillPS said:

It's horses for courses really - but there's certainly no standout feature of their which makes Co-op Bank worth taking and using alone.

They have a very good regular saver (but not as good as First Direct's). They have a decent PBA, not the cheapest, not the most complete, but a decent offer. They have a pretty mediocre branch network. Customer service is alright, although their approach to complaints handling leaves a lot to be desired.

Their app is pretty barebones. Fine if your needs are basic, but pretty much all of their competitors will offer more. The best you can say is it's clean and simple. 

They take ages to set up accounts, even by 'traditional bank' standards. They don't send Faster Payments immediately unless you get lucky with timing (it's done on a regular batch job - it might be more regular than it used to be but isn't immediate as it is with almost all their competitors).

Their 3D secure onboarding process is a bit of a joke, but in fairness it is a one time task to get it done.

They do have an ethical stance on stuff which may or may not be of interest, and is the reason they've been able to keep the Co-op brand. That's the one reason I can think of that could legitimately, potentially, a reason why you might choose them as a 'main account' provider at this time.

Hopefully CBS provide them with investment to help them catch up and be properly competitive.

That said if you want an account that does basic account stuff, albeit slowly, without the app stuff which is pretty standard elsewhere then it's fine.

Last paragraph says it all actually. Just a back up account with a regular saver.

gsmh

WillPS said:

That said if you want an account that does basic account stuff, albeit slowly, without the app stuff which is pretty standard elsewhere then it's fine.

I dispute your comment about 'doing stuff slowly'. This has not been my experience. The 'app stuff which is pretty standard elsewhere' is also debatable. I find the new Co-operative Bank app most pleasing and it does everything I need a bank app to do. We can always look around for missing, arguably niche, features in any bank's app. I consider I know a lot about current accounts having been with every bank out there so my comments are based on real world usage. I'm sure it's the same for you too, otherwise you wouldn't be making such evaluative comments. It is interesting how you and I can arrive at such opposing views on the same experience.

Theleak250

gsmh said:

Theleak250 said:

It’s not a co operative. It’s owned by hedge funds. See no point in the bank. 

A bank is a business, choice is good. Seeing 'no point' in one particular bank is a very odd comment. What is the point of Metro Bank, or Santander or any one of the other banks? What is the point of Lidl when we have Aldi? What is the point of life itself?

Because it’s not a co operative. It should merge or rebrand to something more in line with realities. It pretends to be ethical. Perhaps the bank it’s self does not invest in certain things, but the profit it makes if any and the ones who own it do. I don’t know why it bothers. As I say it should rebrand. 

gsmh

Theleak250 said:

Because it’s not a co operative. It should merge or rebrand to something more in line with realities. It pretends to be ethical. Perhaps the bank it’s self does not invest in certain things, but the profit it makes if any and the ones who own it do. I don’t know why it bothers. As I say it should rebrand. 

Within a few months, all being well, it will be part of the mutual Coventry Building Society. What's the point of moaning about its current status which will change very soon?

ZeroSum

WillPS said:

It's horses for courses really - but there's certainly no standout feature of their which makes Co-op Bank worth taking and using alone.

They have a very good regular saver (but not as good as First Direct's). They have a decent PBA, not the cheapest, not the most complete, but a decent offer. They have a pretty mediocre branch network. Customer service is alright, although their approach to complaints handling leaves a lot to be desired.

Their app is pretty barebones. Fine if your needs are basic, but pretty much all of their competitors will offer more. The best you can say is it's clean and simple. 

They take ages to set up accounts, even by 'traditional bank' standards. They don't send Faster Payments immediately unless you get lucky with timing (it's done on a regular batch job - it might be more regular than it used to be but isn't immediate as it is with almost all their competitors).

Their 3D secure onboarding process is a bit of a joke, but in fairness it is a one time task to get it done.

They do have an ethical stance on stuff which may or may not be of interest, and is the reason they've been able to keep the Co-op brand. That's the one reason I can think of that could legitimately, potentially, a reason why you might choose them as a 'main account' provider at this time.

Hopefully CBS provide them with investment to help them catch up and be properly competitive.

That said if you want an account that does basic account stuff, albeit slowly, without the app stuff which is pretty standard elsewhere then it's fine.

Both co-op & first directs regular savers pay 7% (unless it's since dropped, but mine are both 7%). Co-ops has greater flexibility than FDs so co-ops regular saver is better in that respect.

They do send faster payments immediately, they just don't receive them immediately 

WillPS

ZeroSum said:

WillPS said:

It's horses for courses really - but there's certainly no standout feature of their which makes Co-op Bank worth taking and using alone.

They have a very good regular saver (but not as good as First Direct's). They have a decent PBA, not the cheapest, not the most complete, but a decent offer. They have a pretty mediocre branch network. Customer service is alright, although their approach to complaints handling leaves a lot to be desired.

Their app is pretty barebones. Fine if your needs are basic, but pretty much all of their competitors will offer more. The best you can say is it's clean and simple. 

They take ages to set up accounts, even by 'traditional bank' standards. They don't send Faster Payments immediately unless you get lucky with timing (it's done on a regular batch job - it might be more regular than it used to be but isn't immediate as it is with almost all their competitors).

Their 3D secure onboarding process is a bit of a joke, but in fairness it is a one time task to get it done.

They do have an ethical stance on stuff which may or may not be of interest, and is the reason they've been able to keep the Co-op brand. That's the one reason I can think of that could legitimately, potentially, a reason why you might choose them as a 'main account' provider at this time.

Hopefully CBS provide them with investment to help them catch up and be properly competitive.

That said if you want an account that does basic account stuff, albeit slowly, without the app stuff which is pretty standard elsewhere then it's fine.

Both co-op & first directs regular savers pay 7% (unless it's since dropped, but mine are both 7%). Co-ops has greater flexibility than FDs so co-ops regular saver is better in that respect.

They do send faster payments immediately, they just don't receive them immediately 

It does, but the total gain is lower on account of the £250/month monthly pay in rather than the £300 of First Directs. Money talks ultimately. Of course the sensible option is to do both  

WillPS

gsmh said:

WillPS said:

That said if you want an account that does basic account stuff, albeit slowly, without the app stuff which is pretty standard elsewhere then it's fine.

I dispute your comment about 'doing stuff slowly'. This has not been my experience. 

How long did it take for you to open your account last time you did?
How long to get a usable debit card and PIN number?
How long did it take you to get your card usable online?

Then answer the question above for any high street provider other than Co-op Bank.

Also, when was the last time you had a non-fraud-check delay when sending a faster payment, anywhere other than the Co-op Bank?

They are most definitely at the slow end. You can legitimately say it doesn't affect your use, and/or you don't care, and that's fine - but that doesn't change the facts.

gsmh said:

The 'app stuff which is pretty standard elsewhere' is also debatable. 

You can debate it if you like but the fact is they don't have several features which the majority or even all their high street competitors (bar Nationwide, also a pariah for this stuff!), and have had for some time in some cases. Things like digital cheque pay in, and also card management of any sort.

Again, you can argue these features are not ones you need, and that's fine, but they are features others offer and they don't. Just because you personally don't use them does not mean they are niche.

Another one you can add to the list of actually niche features they don't offer - any kind of integration with the providers for the insurances on their packaged bank accounts. The only supported claim route is via phone, which is pretty subpar.

Rob5342

Notifications, card management and digital cheque pay in are pretty basic features, hardly niche. If Coop and Nationwide aren't careful they will find that everyone moves over to banks that have proper apps and then it will be too late, like Blockbuster who carried on with rental shops when everyone wanted streaming. 

gsmh

I didn't feel the Co-operative was much slower than many other banks. Within around 3/4 days I had my debit card and PIN. Much faster than Nationwide which took well over a week. Barclays needed a visit to a branch. Triodos was pretty awful too. FirstDirect took ages. Opening an account is a one-time affair and it really doesn't feel an important factor in choosing a bank. All banks take a different amount of time to get an account up and running and the Co-operative is in the middle of the bunch.

I had one check the first time I paid into my credit card with a different bank. It was an opportunity for them to run through the potential dangers of making online payments. A one-off and since then I have paid a few different cards and made regular use of the payment system without a single issue.

I am legitimately saying I didn't have the issues you speak of.

If you are creating a checklist of banking app features you will find the Co-operative Bank is missing a few, but other banks are missing features too. NatWest/RBS allows the paying-in of cheques - but it has never worked for me, using several different current accounts. I use my Starling account for this purpose then transfer. Starling has most features available, but I would not use it as my main account. The Barclays app was overwhelming - it had everything but the kitchen sink - but I closed may account with them because of the app.

It is rather simplistic to think that if a banking app has every feature known to man the bank is somehow 'better'. It does come down to whether the paradigm works for you, just like car a might have more features than car b, but you really like car b so you buy it. I've done that sort of thing many times in my life.

I have answered your questions, but I know you have a negative view of the Co-operative Bank whereas mine is much more positive. I know that you and I will disagree on pretty much everything. I don't want this to degenerate into a spat so I will (hopefully) leave things there.