Martin Lewis and his Money Saving Expert team have issued a warning to bank account holders after it emerged a major financial provider with 2.6 million customers had been SOLD. The BBC and ITV star’s team has explained how the Co-operative (Co-op) Bank has now been taken over by Coventry Building Society in a deal that went through on 1 January 2025.
MSE said: “However, it’s still very early days and the two brands will continue to operate separately for now. The plans were first announced in April, with the takeover receiving regulatory approval in November 2024.”
Steve Hughes, chief executive of Coventry, said: “Bringing our two values-driven organisations together will result in a mutually owned business that’s deeply passionate about its members, customers and communities.”
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MSE said: ” Existing customer of the Co-op Bank or Coventry? Don’t worry – nothing is changing for now. For the time being, there is NO change to the Co-op Bank’s or Coventry’s products or services – so you can keep using them as normal.
“This includes branches, telephone, online and mobile app banking. Coventry has said it will integrate the Co-op Bank’s three million customers gradually over time, though it says offering one joined-up service is expected to take several years.”
Previously, Coventry said it would look to integrate Co-op Bank gradually over several years, with the bank’s customers eventually becoming members of the building society.
Mr Hughes added: “If you have accounts with Coventry Building Society and The Co-operative Bank, you’ll continue to benefit from the maximum protection offered by the Financial Services Compensation Scheme through each organisation.”
He said: “We’re excited about what it means for our future.” Mr Hughes went on and added: “We’ll use our combined experience of almost 300 years to do more of the things that matter to you.”