I have been banking with the Co-operative for just over 3 years now so I like to think I have enough experience of the service to give a fair review. I joined whilst I was working as a debt adviser. Ironic since I had a mountain of debt at the time which is only slightly smaller now! If the ... Read review
Advantages: Excellent online banking, easy to open account, great customer service, ethical policies Disadvantages: I can't think of any
...have been banking with the Co-operative for just over 3 years now so I like to think I have enough experience of the service to give a fair review. I joined whilst I was working as a debt adviser. Ironic since I had a mountain of debt at the time which is only slightly smaller now! If the people I advised were entering into a debt management plan or an IVA, they were advised to set up a new basic bank account. One of the list of bank accounts we ... ...part of banking with the Co-operative is the excellent online banking facilities. I log in to my account online nearly every day and this helps me keep on top of my ingoings and outgoings each month. From here you can cancel direct debits at the click of a mouse and it's easy to send transfers between bank accounts. Since opening my Cashminder account, I also have a Smartsaver account with the Co-operative. Whilst the interest probably isn't the ... more
I have been banking with the Co-operative for just over 3 years now so I like to think I have enough experience of the service to give a fair review. I joined whilst I was working as a debt adviser. Ironic since I had a mountain of debt at the time which is only slightly smaller now! If the people I advised were entering into a debt management plan or an IVA, they were advised to set up a new basic bank account. One of the list of bank accounts we recommended was the Co-Operative Cashminder account. One of my colleagues already had this account and she had nothing but praise for the Co-operative. So, since I was in the process of reclaiming my bank charges from Barclays at the time, I felt a change in my finances was in order.
Setting up the account was easy as pie. I did it over the telephone and it was a simple and straightforward process. I was worried as to whether or not I would be accepted considering my poor credit history but since this account has no overdraft, the checks are far more lenient. I was told to expect a response within 2 weeks. A week later, my welcome pack arrived, shortly followed by my shiny new debit card and later the pin number. Having changed my bank details with my employer, I was ready to go!
The card I have is a Visa Electron, which again is a reflection of my far from impeccable credit history. So far, this hasn't given me any major difficulties as I've found most places accept Electron. I did have an online order with M&S cancelled because they didn't accept it but it saved me some money and I won't be shopping online with them again. As I see it, Visa Electron is a well known brand nowadays and if a large company chooses not to accept it, then they won't be getting their mucky paws on my money!
As part of my new financial ways, I don't use my card very often for purchases as I find it too easy to spend on plastic without thinking about the true cost of something. Therefore, I prefer to withdraw cash each week and live off that. If you haven't tried this, give it a go. I think you'll agree you start to think more about whether or not to buy something when you're handing over a crisp £20 note as opposed to typing in your pin number!
My favourite part of banking with the Co-operative is the excellent online banking facilities. I log in to my account online nearly every day and this helps me keep on top of my ingoings and outgoings each month. From here you can cancel direct debits at the click of a mouse and it's easy to send transfers between bank accounts. Since opening my Cashminder account, I also have a Smartsaver account with the Co-operative. Whilst the interest probably isn't the best rate available, I like being able to transfer money between my current and savings accounts in seconds and it helps seeing both balances as soon as I log in to the online banking facility.
I haven't had much reason to speak to customer services but on the occasions that I have, I have always found them to be knowledgeable, courteous and very helpful. The only 'incident' I have experienced since I switched my banking to the Co-operative is when I made a cash withdrawal from an ATM but didn't receive the cash. Unfortunately, since the ATM wasn't owned by the Co-operative it took a couple of weeks for the money to be returned to me and I was struggling at the time to make ends meet since it had been a large withdrawal. Unfortunately, these things happen and I can't really fault the Co-operative for the part they played in reclaiming my money.
Finally, if you're not sure about getting a Co-operative bank account because there isn't a branch locally to you, I use the Post Office regularly. When you open a new account you are sent a paying in book and envelopes that can be used at any Post Office branch. You can deposit cheques using the envelopes and cash using your card. Cash deposits are instantly credited to your account and cheques take up to 7 days. In the three years I've been banking with the Co-operative, I have yet to step foot inside one of their branches!
I really can't fault the service I've received from the Co-operative. If you're looking for a simple bank account with no overdraft and no means of getting into debt - then this is perfect. If you'd prefer an account with more features, then I'm sure the Co-operative has plenty of alternatives on offer. I'd definitely recommend them for ease of banking and the excellent online services. Oh, and I haven't even mentioned their ethical policies. I won't go into this in massive detail but I do feel it's worth mentioning so I've stolen this off the website: The bank will not invest in businesses that operate in areas of concern to our customers. This covers areas such as human rights, animal welfare, fair trade and genetic modification so you can sleep at night knowing that your money is being put to good use.
(Also published on Dooyoo under my alterego of kitschkitty.)
Advantages: good service Disadvantages: don't know how the interest rate compares
...cash mini ISA with the Co-operative bank. For those of you who don't know, ISA stands for Individual Savings Account. They are a saving incentive by the government, who won't tax you on your interest. There is a maximum you can save and you can only have one mini ISA and one maxi ISA and one has to be cash and one has to be stocks and shares. If, like me, you don't have huge amounts of money to save, then the maximum isn't a problem.
I find this ... ...would highly recommend, for current Co-operative bank customers but also to other people. The Co-operative bank has been the best bank I have ever used. Despite not having a branch in my local town (the nearest being about 8 miles away) I have always found their service of the highest quality, unlike many high street banks who shall remain nameless. If I have to complain about anything its that you now have to pay for the postage when posting a cheque ...
meday 17.08.2001 (22.08.2001)
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Ciao members have rated this review on average: very helpful Review of Co-operative Bank Accounts
Advantages: everything you need to function normally in a financially dependant society Disadvantages: none
For a debt riddled society and banking systems that have been quite happy to fuel such a situation I can honestly say that the Co-op basic bank account is definitely one for those who would like to be in complete control of their money i.e those who do not want to or can not live on bank credit.
Most people are accepted including bankrupts
POSITIVES
No annual charges (the account is free), Visa electron card shop online & instore as well as withdraw ... ...at branches, set up direct debits & pay bills online, internet banking, great customer service, wages & benefits can be paid straight into account. Easy to apply online/phone/writing & quick set up time.
BEWARE
please note banking is free however if you do set up a direct debit for instance and the bank refuses to pay it due to insufficient funds you will be charged about £18 if this sort of thing happens approx. 3 times then the account will be ...
dragonsurge 11.10.2009
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Ciao members have rated this review on average: very helpful Review of Co-operative Bank Accounts
Advantages: Good ethics policy and one of there highest overdraft facilities available to students Disadvantages: The total overdraft has to be paid back 1 yr. after graduation, otherwise interest will be charged, unlike other banks which reduce the balance yearly
Hi, I recently graduated and thought I would give my opinions on the Co-op's student bank account, I managed to stay debt free for the first 2 years at university but in the 3rd year had a few financial problems, so I decided to go for a student overdraft, Initially I asked for a short term overdraft on my current account, specifying that it was to pay the rent on my student house. Unfortunately I was not told about the student overdraft facility ... ...a student bank account was brought to my attention I called in the bank to get some more details, I was immediately offered an account and a £1000 overdraft, which I took, the following week I received a letter telling me that my overdraft facility was now £2000, which I am sad to say I lost all self-restraint and used up fully. I mentioned in my local branch that I had previously had a current account and that I had been getting charged for the ...
ssteele 07.03.2001
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Ciao members have rated this review on average: helpful Review of Co-operative Bank Accounts
Advantages: Highest interest rate Disadvantages: None, (within the restraints of a mini cash ISA)
This opinion refers directly to the SMILE.CO.UK online account that I have.
Having scoured the Sunday papers for best interest rate to be had in a Mini Cash ISA, the one that consistently tops the list is SMILE, which was, at the time, paying 7.25% tax free. UPDATE Mid FEB 2001. In common with all other banks, the recent reduction in the bank rate has reduced this to 6.75% but I'm confident that this will still leave Smile at the top of the pile.
... ...£3000 into Mini Cash ISAs, and this looks like being extended into a third year, before it drops to £1000. So in theory you could invest £3000 before 05/Apr/2001 and another £3000 straight away after that date. Don't forget, you can only open one mini cash ISA in any one year, and even then, this assumes that you don't have any maxi ISA at all in that year.
The smile.co.uk site is easy enough to navigate and sign up for. The account gives instant ...
BNibbles 24.11.2000 (14.02.2001)
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Ciao members have rated this review on average: helpful Review of Co-operative Bank Accounts
Advantages: Good telephone & internet banking sevices.No cash machine charges.Strong ethical policy. Disadvantages: Very high overdraft set up and monthly charges.Not enough branches.
...a current account with the Co-operative Bank when I started working for them a few years ago, and before this I had heard little about them. They have strong ethical policies regarding how customers money is used, for example they won't support cruelty to animals or any company involved with pollution and I whole heartly agree with this and this was one of the main reasons I decided to stay with them even after changing my job. Until recently I was ... ...On the plus side the Co-operative bank don't have any cash machine charges at all and you can use practically ever cash machine going so you will never have a problem withdrawing your cash. However, this is now the case with most banks so nothing really to shout about. If you don't want an overdraft on your account and are paid your wages directly to the bank then you would find this account easy to use, but otherwise I would certainly go elsewhere ...
louise3233 06.12.2000
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Ciao members have rated this review on average: helpful Review of Co-operative Bank Accounts
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Advantages: Good customer relations. Ethical concepts Disadvantages: Comparatively small branch network
I have maintained a current account with the Co-operativeBank for over 20 years and have really no major complaints about this bank. Whilst lecturing in the East Midlands in the early 1980's I decided to open an account with the Co-op largely on account of it being conveniently located for me and to a lesser extent because I was disatisfied with another high street bank,which shall remain nameless.
After leaving the area and going overseas I still maintained my account with them.Customer service seems good both face to face and on line service and I have always found the Bank dealt very promptly with any queries I submitted to them.
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ashford 03.12.2000 (08.01.2002)
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Ciao members have rated this review on average: very helpful Review of Co-operative Bank
Personaly I am not happy at all with Co-operativebank. i have been banking with them for over 7 years.
Unfair charges for not having money into your account even when a direct debit is not paid which does not make sense. I have had horrible experience with Co-operativebank and have indured charges for not having funds into the account for unpaid direct debits but the bank did not even pay the direct debit so that what is making me very unhappy because all they say is that *YOU HAVE SIGNED THE TERMS AND CONDITIONS*
I would not mind if the bank had paid the funds out to the direct debit which I would then accept to pay the penaly but they charge you even in such cases and their charges are amasingly high from 30-35 pounds for not having money wile a direct debit is unpaid. ...
UnhappyUnfairCharges 11.11.2008 (05.11.2008)
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Ciao members have rated this review on average: somewhat helpful Review of Co-operative Bank
Advantages: Internet operated, good rates Disadvantages: site can be slow to load
I have had a Smile mini cash ISA for over a year now, and have been very impressed with the product and the service. Smile is the internet arm of the Co-operativebank, and the ISA accounts are operated on-line, although you can phone as well. You pay in money by direct debit from existing accounts, or you can pay in cheques by post or put money in at the post office.
When I opened the ISA the interest rate was the highest around at 7.25%. Even now that savings rates have dropped in line with cuts in the Bank of England base rate, the Smile ISA is continuously top of the savings ratings given in the money sections of the newspapers, and it is still paying out 6%. Interest is added at the end of the tax year in April.
Signing up for the account on-line in the first place was very simple, although the fact that we had recently moved ...
Suse 06.06.2001
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Ciao members have rated this review on average: very helpful Review of Smile Accounts
