Established in 1844, Coop is now one of the world’s largest consumer co-operatives, owned by millions of members. It is the UK’s fifth biggest food retailer with more than 2,500 local, convenience and medium-sized stores. The business is also the UK’s number one funeral services provider, a major general insurer and a growing legal services business.
Britannia Fixed Rate Cash ISA
If you have a lump sum to save and do not require immediate access to your money then you could earn a fixed rate of interest, with a choice of two maturity dates available. You can open an account with between £5,000 and £20,000 for the 2020/2021 tax year, and once your account matures your money will be transferred to a variable rate instant access cash ISA. You can make withdrawals before the account reaches maturity, however you’ll lose 180 days’ worth of interest on the amount you withdraw.
Online Cash ISA
If you want instant access to your savings with the ability to manage your money anytime, anywhere with Coop’s online banking and mobile app, then the Online Cash ISA will earn you 0.15% tax-free AER variable, paid annually. You can open an account with just £1. This is a type of savings product that lets you make deposits and withdrawals anytime.
Similar to the above, except that you can access this Cash ISA in branch or over the phone and deposit cheques at your local Post Office, as well as via your online account or mobile app. You will earn 0.09% tax-free AER variable, paid annually. You can open an account with just £1.
Britannia Additional Allowance ISA
This is an account designed just for additional allowances. It is for a spouse or civil partner of a deceased Co-operative Bank, smile or Britannia cash ISA customer who you lived with at the time of their death. With this ISA you will earn tax-free interest of 0.09% tax-free AER variable on your additional allowance. You can make withdrawals whenever you want and get access to your account and make deposits by post or by visiting in branch.
Coop has a large range of insurance offerings, including car, home, life, travel, buildings, pet, breakdown and young driver insurance.
The Cooperative Bank Reviews and Ratings
Online reviews for Coop Insurance are quite negative with people criticizing the company’s rude, incompetent staff and disappointing customer service. Many have been happy with the initial deals they have obtained from the Coop, but unhappy at renewals. Noteworthy are the large number of existing and loyal customers who are now unhappy with the Coop’s deteriorating service levels.
Trustpilot – 1.4/5 (based on 1,835 reviews)
- A long established, trusted brand and one of the world’s largest consumer co-operatives
- A large selection of fixed and variable interest rate Cash ISA products
- Fast easy online setup
- Open an account with just £1
- Good support tools on website, including a savings budget calculator and product help guides
- Authorised by the Prudential Regulation Authority
- Regulated by the Financial Conduct Authority and the Prudential Regulation Authority
- Poor customer reviews
- Reports that long-standing customers not treated particularly well
- Limited online resources or tools available
- Cash ISA products only
- Stocks and Shares, Lifetime or other ISA offerings not available
Website: The Cooperative Bank