Coop Business Banking – Bank Account Review:

The Co-operative Bank is a high street business bank founded in Manchester, United Kingdom in 1872. In 2013, the bank implemented the Ethical Policy.

Since then, Co-operative Bank declined to do business with entities or individuals involved in the violation of human rights, environmental regulations, and animal welfare, and those who threaten global development and safety.

What Are The Services Offered By Co-operative Bank?

When undertaking a business banking comparison it is worth taking into consideration the Coop’s ethical credentials as mentioned above. Here are come of the services from Coop business banking for you to compare:

Current Account

The Co-Operative Bank offers 5 types of business current accounts:

• Business Direct Plus – Best for new businesses because this type of checking account provides clients with a 30-month free banking period
• FSB Business Banking Account – Ideal for members the Federation of Small Businesses (FSB)
• Standard Tariff – A checking account with a basic charging structure
• Cash Tariff – Best for businesses with high cash turnovers
• Community Direct Plus – Designed for co-operatives, community interest companies, registered charities, and credit unions.

Overdrafts

The bank provides access to a secured or unsecured overdraft up to £250,000. Computation of interest rates is based on the Bank of England Base Rate. The interest rate for arranged overdrafts is calculated using the 6.97% representative EAR variable. A 1.5% arrangement fee will also be charged.

Business Finance And Loans

The bank offers loans amounting to £25,020 up to £250,000 with a repayment term of 1-15 years and monthly interest. Business owners have the option to get an interest-free (48 days) Charge Card with a minimal monthly fee of £2.

Savings Account

Co-operative Bank offers an instant access savings account with a 0.50% interest rate(adjusted to 0.03% on 10/06/2020) on a variable computed daily and paid twice a year. The interest rate may fluctuate, but rest assured that the bank will inform you 2 months before adjustments are made to your account.

Customers Reviews And Ratings

Customer feedback on Trustpilot is mixed. Some account holders are satisfied with the bank’s services while many complained about the poor performance of the bank’s online channels and the slow processing of payments and transfers.

Reviewers on Smart Money praised Co-operative Bank’s products and customer service.

In an independent service quality survey conducted, among the 14 largest business banks Co-operative Bank ranked 11th in the overall service quality category, 13th in the online and mobile banking services category, 13th in customer relations and account management category, and 12th in the customer service in branches category.

On “Which?”, the Co-operative Bank earned a 4/5 rating in customer service, online and mobile banking, communication, complaints management, and application categories. For in-branch service and value for money, the bank got a 3/5 rating.

Reviews Summary

• Trustpilot – 2.3/5 (based on 626 reviews)
• Reviews.co.uk – N/A
• Smart Money People – 4.18/5 (based on 257 reviews)
• Which? – 71%

Pros:

• Good current account options
• 30-month free banking period for new account holders
• Excellent rating on Which?

Cons:

Bank only offers one type of savings account
Negative reviews on Trustpilot
Low ranking in the independent service quality survey

About COOP Business Banking

Co-op Bank is a UK-based bank known for its ethical approach to banking and its commitment to supporting local communities. The Co-operative Bank offers a range of business banking services to cater to different business needs. Some topics related to Co-op business banking include:

Business Current Accounts

Co-op Bank provides business current accounts that cater to various types of organizations, such as small businesses, larger enterprises, charities, and community groups. These accounts allow businesses to manage day-to-day transactions, make payments, and receive funds.

Ethical Banking

Co-op Bank is known for its ethical approach to banking, which includes a focus on environmental and social responsibility. The bank has a customer-led policy that directs its investments and business practices to ensure they align with its ethical principles.

Loans and Financing

Co-op Bank offers various financing options for businesses, including loans, overdrafts, and asset finance. These options can provide businesses with the necessary funds for growth, development, or managing cash flow.

Business Savings Accounts

Co-op Bank offers business savings accounts that allow organizations to save and earn interest on surplus funds. These accounts can help businesses manage their finances more effectively and plan for future growth.

Online and Mobile Banking

Co-op Bank provides online and mobile banking services that enable businesses to manage their accounts efficiently, check balances, make payments, and transfer funds. The bank also supports integration with accounting software to simplify financial management.

Branch Access and Customer Support

Co-op Bank has a network of branches in the UK that provide in-person banking services. Additionally, the bank offers customer support through various channels, including telephone, email, and online chat.

Additional Services

Co-op Bank offers a range of additional services for businesses, such as payment processing, merchant services, and insurance products. These services can help businesses manage their finances and mitigate risks.

Member-owned

Coop business banks are owned by their members, who are also the customers. This means that the bank’s primary goal is to serve the best interests of its members.

Democratic decision-making

Each member typically has an equal say in the bank’s decision-making process, regardless of the size of their deposits or investments. This helps ensure that the bank’s operations are focused on benefiting the entire membership.

Profit distribution

Any profits generated by the coop business bank are typically reinvested into the bank or distributed among the members as dividends, depending on the bank’s bylaws and regulations.

Community focus

Coop business banks often have a strong commitment to their local communities, supporting local businesses and providing financial services that benefit the community as a whole.

Community Support

Co-op Bank is committed to supporting local communities and offers various initiatives, grants, and partnerships with community organizations, charities, and social enterprises to make a positive impact.

Financial services

Coop business banks offer a range of financial services, such as savings accounts, loans, credit cards, and investment options, similar to those provided by traditional banks. However, their focus is usually on serving the specific needs of cooperative businesses and their members.

Ethical banking

Many coop business banks adhere to a set of ethical principles, prioritizing social and environmental responsibility, transparency, and long-term sustainability.

The Co‑operative Bank Head Office Address

The CO-OP bank head office address is as follows:

1 Balloon St, Manchester M60 4EP