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Should I leave the Co-OP/Smile bank??

(7 Posts)
rocket74 Sat 15-Mar-14 20:27:59

I bank online with Smile part of the co-op group. It all seems to be going pear shaped so should I stay or should I go?
I have no savings - just monthly income and outgoings?
Will they get bailed out like all the big ones did?

I sound really uneducated - I'm not but just not sure what most people would do in this situation - if it is a situation!

dogindisguise Sat 15-Mar-14 20:29:51

I think so long as you have no more than 85k (?) in savings it should be OK.

SignoraStronza Sat 15-Mar-14 20:30:42

No, believe you are protected up to 50k. They are still the only high street banking organisation that invests and lends ethically, which is the reason Is sick with them, despite the dubious leadership.

HermioneWeasley Sat 15-Mar-14 20:37:35

The bank was shored up last year and there is no reason to think there's an issue. Your account will be fine. Even in the incredibly unlikely event that the bank did fail, you would be covered up to £85k anyway.

CogitoErgoSometimes Sat 15-Mar-14 20:48:24

Your deposits are protected but you might decide - and with good reason - to move your account simply because you're unhappy to trust your money to an organisation the structure of which the last CEO described as 'unmanageable'. hmm There are other banks, some of whom will offer cash incentives to switch. smile

Lettucesnow Sat 15-Mar-14 20:50:22

Rocket74 Thanks for this thread. I was wondering the same about Smile. Thank goodness I'm a little away from 85K...about £84,700 away sad

HermioneWeasley Sat 15-Mar-14 20:52:57

The co-op bank is now a separate organisation to the co-operative group. According to reports this week, the board have voted to accept the Myners' report reforms so hopefully it will become governable again quickly! It's got such a great heritage as an organisation it's a shame to see the state of them at the moment.

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