Is the Co-operative Bank a safe place for you money?

[Emeye]

Was wondering if the Co-operative Bank's "Ethical Policy" means it is one of the safer places to have money? I'm assuming being ethical means they didn't put any money into the sub-prime market?

Cheers.

[Kaelic]

I been with them since Uni and to be honest I aint moving anywhere soon.

I have always liked their ethical policy

[Maxf]

Surely 'sub-prime' is ethical? Why would only investing in the wealthy people be ethical?

[Puggit]

They provide funds for the Labour party if that sways your mind...

[Emeye]

Maxf said:

Surely 'sub-prime' is ethical? Why would only investing in the wealthy people be ethical?

I'd assume ethical banking is about sensible lending of money, not reckless lending for short-term gains. I'm no expert on banking or finance, so I'm probably wrong.

[z_chromozone]

Emeye said:

Maxf said:

Surely 'sub-prime' is ethical? Why would only investing in the wealthy people be ethical?

I'd assume ethical banking is about sensible lending of money, not reckless lending for short-term gains. I'm no expert on banking or finance, so I'm probably wrong.

I don't think ethical banking has any thing to do with the investment process at all. It is all about which companies / organizations they invest with. Not with British Tobacco, or Slash and Burn Timber Co etc.

I don't think the policy extends far beyond there. (Not according to some financial guy and R2 a couple of weeks ago anyway).

Z

[V8mate]

Today's news mentioned that they are in talks to buy the Britannia Building Society, so they are clearly still in a reasonably strong trading position.

Phew! I've got both personal and business acounts with them.

[Catherine197]

I bank with the coop and Ii must say they are very good. I also bank with Yorkshire Bank and think they are also pretty good.

[Emeye]

Catherine197 said:

I bank with the coop and Ii must say they are very good. I also bank with Yorkshire Bank and think they are also pretty good.

But are they safe?

[Catherine197]

Well have you heard anything about them needing to be bailed out?

The coop are looking to merge with the Uk's second building society at the moment, but I believe this was on the cards before recent events.

[Witchfinder]

I am just moving my account from Co-Operative to First Direct. Their ethical policy is good, but they pour money into Greenpeace and various left wing pressure groups. They also constantly spam you with newsletters about carbon-neutral tofu.

[Timmy35]

Puggit said:

They provide funds for the Labour party if that sways your mind...

My sentiments exactly. You simply need to ask the question is this bank politically important to Labour voters specifically and you have your answer.