Based in Manchester, United Kingdom, the Co-operative Bank is a large retail and commercial bank. It is the seventh biggest lender in Britain and the majority of its revenue comes from interest made on these loans.
Based in Manchester, United Kingdom, the Co-operative Bank is a large retail and commercial bank. It is the seventh biggest lender in Britain and the majority of its revenue comes from interest made on these loans.
Based in Manchester, United Kingdom, the Co-operative Bank is a large retail and commercial bank. It is the seventh biggest lender in Britain and the majority of its revenue comes from interest made on these loans.
Cooperative Bank was merged with building society Britannia in 2009 and attempted the purchase of 600 Lloyds branches in 2012 (the bank eventually withdrew from the deal). In 2013, the bank was ‘rescued’ after recording a shortfall of almost £2billion – after the subsequent restructuring, the Cooperative Group no longer owns a stake in the company. The business agreement between the bank and Cooperative Group is due to end in 2020. As a result of these issues the bank lost some 25,000 current account customers in 2017 and reduced its number of branches from 95 to 68 in the spring of 2018.
Cooperative Bank markets itself as an ‘ethical’ bank, and this policy was written into its constitution in 2013. The policy means the bank avoids investing in companies and initiatives including the arms trade, genetic engineering, animal testing, sweatshop labour and fossil fuel extraction. In the financial year 2005-06, the bank turned away almost £10 million in business as a result of this policy.
The ethics policy is overseen by a values and ethics committee and overseen by an independent director.
Cooperative Bank has a number of current account options available to customers. The most basic of these is Cashminder, an account designed for those whose financial status might mean they don’t qualify for a standard current account. This account is available for new customers only unless an existing customer needs to switch due to financial difficulty. The account has no overdraft facility or chequebook.
Alongside Cashminder and their standard current account, Cooperative Bank also offers a paid (£15/month) current account named Everyday Extra, which includes travel insurance, roadside assistance and mobile phone insurance.
The bank partners for insurance services with Legal and General, offering life insurance, home insurance and critical illness cover.
Cooperative Bank also allows customers to take out pre-paid funeral plans and has done so for more than 80 years. The bank is the only UK provider of funeral plans to offer fully guaranteed plans for both cremation and burial.
Cooperative Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority.
9 Prescot Street
London
E1 8BE
Telephone: 0161 201 1964
Email: london.corpcentre@co-operativebank.co.uk
Find answers in Q&As and ask your question
Hi Thomas, if you're looking to switch from Tesco to Co-op Bank, this is definitely something you could do. They will be able to do this under the switch guarantee system within 7 days for you. Just get in touch directly with Co-operative Bank. Here is a link to their switch page: https://www.co-operativebank.co.uk/currentaccounts/switch-to-us Thanks, CB Team
I have been a customer of the bank for over 50 years. They have succeeded in transforming it in a very short period of time (a matter of months) from the best bank in the UK to quite possibly the worst.
My major complaint would be about customer service except that there isn't any. It has become almost impossible to deal with them.
Appalling.
What a waste of over an hour of my life this morning. Received visa.card to replace existing one as expiry date was ending. Letter said phone number on sticker to activate. No sticker,phoned the number on letter which is not free, 3 times to try and.speak to someone. No option to do this. The two options were nothing to do with my reason for phoning,so that's it the. How ridiculous. So you don't want customers to speak to you. This could have been sorted on seconds but No I then
had to try and find something on line. Managed to do some sort of on line chat
where I found out you don't gave to activate the card,sorry letter was not clear.thus us one year if my old 74 years life I won't get back. Customer service nil
Sat writing this review on hold for 50 minutes. I'm locked out of my online account and my card is blocked. Disgusting wait times and terrible service. I'm off to another bank!
All I want to do is order a cheque book, more than 1 hour on hold then cut off.
Plus they charge for the phone call.
Still need a cheque book.
