What is the Co-operative Bank?
Although not a true co-operative – the bank is owned by a holding company, Co-operative Banking Group, of whom the Co-operative Group is sole shareholder – customers can become Co-operative Group members and so indirectly acquire an ownership interest.
Members earn dividends on any account holdings and borrowing they have with the bank as well as on any other products or services provided by the Co-operative Group, such as travel and groceries.
In 1999 the Group launched Smile, the UK’s first fully internet-based banking service, and in 2009 merged with the Britannia Building Society to form a ‘super mutual’, enabling them to share facilities while retaining their individual brand identities.
What types of current account does the Co-operative provide?
The Co-operative offers a range of bank accounts including children’s accounts, student accounts and basic bank accounts as well current accounts with a range of additional benefits.
All Co-operative current accounts offer free basic banking facilities with secure online banking, a debit card, standing order and direct debit facilities, regular statements and customers can have wages, pensions or benefits paid straight into this account.
The Standard Current also comes with a cheque book while the Current Account Plus also offers a £200 fee free overdraft facility but is only available to customers paying in £800 or more each month.
The Co-operative student account offers all of the basic bank account services plus cheque book and overdraft facilities.
What are the advantages of using Co-operative current accounts?
The process of switching accounts can seem daunting, particularly if you have a number of standing orders or direct debits that all need transferring but the Co-operative have a specialist switching team to make the transition a smooth one.
This can be done online, over the phone or in branch. Once your account is open your switch will be completed within 7 working days. If anything goes wrong The Co-operative will refund any charges made on either your new or old account..
Customers also benefit from having a UK-based call centre that open all day, every day.
Why use MoneySuperMarket to compare Co-operative current accounts?
A current account forms is the hub for all of our financial activity and so it makes sense to have the best product available to suit your needs.
And with the range of current accounts available it is important that you compare those that are on the market to make sure that you’re getting the most suitable product for your needs and circumstances.
MoneySuperMarket’s comparison tool offers a quick and simple way to do this, whether you are looking to compare products from the Co-operative or from a number of providers.