Co-op/Britannia financial dire?

T

TitanTim

Elite
Reading in the paper today that any savings you have in the co-op or Britannia could be at risk as the Co-op financial services seem to be going down the pan. I'm slightly worried as have all my savings in Britannia and wondering if its prudent to get my monies out. You should be OK for any savings upto 80k or so as it would be compensated but it doesn't look very reasuring at the moment.

Anyone else bank with them and worried about this?

Tim.
 
just move the cash out, unless you have penalties for doing so, in which case do it gradually when the products come up for renewal. I'm guessing your isas won't exceed £80k....so leave them there.

i'm no expert but it's common sense surely?
 
I have no savings (only overdrafts) so I'm hoping RBS go down the pan!


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Have some in there as long as you don't have more than 85k no worrys its protected by gov comp scheme :)and there rates are good as they can be at the moment :thumbsup:
 
kevinmarkwhite said:
I have no savings (only overdrafts) so I'm hoping RBS go down the pan
Click to expand...

:rofl: +1

On the Coop front, as mentioned above the figure for your cash that is protected is £85k. I work for the bank and whilst the results are pretty bad, it was expected and we are looking to build for the future so, we are not going down the pan. Give us a try, we have the best customer satisfaction :thumbsup:
 
Unless you have more than the £85k then you'll be fine.......

As for the Co-Op, I never really considered them to be a bank, and still don't -wouldn't use them for anything at all....the only time I did was as a Saturday employee back when I was doing A levels - that's almost enough to put you off for life LOL
 
Always divide and spread. There is always a reason why say Greece or Cyprus banks offer higher interest rates as the risk is higher that you lose.

Also make sure you have a second signature on the account in case you plop and nobody can pay for your funeral :D
 
Problems were caused last time when people panicked and withdrew their cash from struggling banks. In doing so it lead to the eventual demise of some. In times like this these companies need their customers to keep the faith.

But as PVR says you should spread any savings and investments. Keeping them in 1 place is not the best idea.
 
Thanks for the replies, there isn't much on the internet about it at the mo so I'm not panicking just yet but will keep and eye on things. I didn't realise Britannia needed bailing out in 2009 hence why the Co-op took them over but looks like they took on too much. Good point Angie about peeps taking all their savings out and just making things worse and should the worse happen then you wouldn't loose your monies anyways if less than 85K.

I think what really gets on my goat is that S**t Paul Flowers :x

Tim.
 
Don't forget they were out to buy a whole branch of banking earlier last year but their finance wouldn't support the purchase and they withdrew.
 
Ah bless. Are you trying to make out you have £85k to lose. Or loose.
 
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