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News Tag: Co-operative Bank

November 27, 2012

Lloyds TSB writes to customers over Co-op move

by Jan Harris
Lloyds TSB writes to customers over move to Co-op
Lloyds TSB is writing to the 3.5 million customers affected by its sale of 632 branches to the Co-operative Bank. Customers will start receiving letters tomorrow, officially informing them that their accounts will be moved to a new TSB Bank which will be run by the Co-op. Lloyds Banking Group sold the branches under European rules, after it ...




October 10, 2012

Barclays follows Co-op in banning sales incentives

by Jan Harris
Barclays follows Co-op in banning sales incentives
Barclays is changing its bonus system for 18,000 branch and call centre staff, following a similar move by the Co-operative bank. Barclays is ending the practice of awarding staff commission for selling financial policies. Like the Co-op, Barclays will now provide bonuses for good customer service rather than for meeting sales targets. Antony Jenkins, who has replaced Bob Diamond as ...




July 19, 2012

Co-op bank boosts high street presence

by Jan Harris
Co-op bank boosts high street presence
The Co-op’s long-awaited deal with Lloyds Banking group has taken a major step forward with the sealing of a Heads of Terms agreement, under which the Co-op will pay around £750m for 632 Lloyds branches. Lloyds Banking Group was ordered to sell the branches under the terms of the bail-out it received from the government four years ago. The latest move ...




May 4, 2012

Co-operative Bank ends interest-only mortgages

by Jan Harris
Co-operative Bank ends interest-only mortgages
The Co-operative Bank will stop offering interest-only mortgages from next Tuesday, but the decision will not affect existing customers. A recent report by the Independent on Sunday suggested that a quarter of a million people with interest-only mortgages will reach retirement age by the end of the decade with a substantial capital debt still to pay. Customers on interest-only mortgages only pay the ...




April 12, 2012

NBNK submits new offer for Lloyds branches

by Jan Harris
NBNK submits new offer for Lloyds branches
NBNK Investments Plc, which was formed in 2010 to create a new British bank, has submitted a new offer to buy 632 Lloyds TSB branches from the Lloyds Banking Group. Lloyds is required to sell the branches under European Commission competition regulations. In December it named the Co-op Bank as preferred bidder for the so-called ‘Project Verde’ branches, rejecting an earlier ...




April 3, 2012

Co-op Bank announces mortgage rate increase

by Jan Harris
Co-op Bank announces mortgage rate increase
The Co-operative Bank has announced plans to increase its standard variable mortgage rate (SVR) by 0.5 percentage points to 4.74 per cent from 1 May. The increase means that 54,000 mortgage borrowers will have to pay an average of £15 a month more on their mortgage. The bank has increased its rates to help offset the higher costs of funding mortgages. Changing conditions ...




March 1, 2012

£182bn of tax-free savings unused

by Jan Harris
£182bn of tax-free savings unused
More than three quarters of savers are unaware that everyone aged 16 and over is allowed to put £5,340 into cash ISA this year, according to research from uSwitch. Only half of savers are planning to put any money at all into a cash ISA, and just a quarter are using their total allowance, the price comparison and switching website says. On average, ...




70% of UK adults in debt

by Jan Harris
70% of UK adults in debt
Seven in ten UK adults are in debt but many are choosing to ignore the problem instead of seeking help before it gets out of hand. Research by The Co-operative Bank found that 29 per cent of people refuse to confront their debt problems. Many do not admit that they are in debt until borrowing on credit cards, overdrafts and loans ...




May 26, 2010

Co-operative 3.99% mortgage blows away competition

by David Masters
Co-operative 3.99% mortgage blows away competition
The Co-operative Bank and Britannia today launched a new five-year mortgage at a fixed-rate of 3.99%. The mortgage is available to homeowners with a deposit of at least 25%. Borrowers taking out the mortgage are required to pay a £999 fee. The two providers, which merged last year, also announced a two-year fixed rate mortgage at 2.95%, also requiring a 25% deposit and with ...




April 28, 2010

Rescued lenders fail to impress mortgage borrowers

by Gill Montia
”Rescued
Mortgage customers with two of the UK's rescued banks are less than happy with the service they receive, according to new research from Which? Money. The 41% state-owned Lloyds Banking Group has the furthest to go: only 41% of Bank of Scotland borrowers surveyed expressed satisfaction, while the group's Halifax unit impressed 44% of home loan customers, and Lloyds TSB 48%. In ...




December 2, 2009

Mortgage borrower repaying ahead of schedule

by Gill Montia
”Mortgage
The Co-operative Bank has reported that the number of borrowers paying off their mortgages ahead of schedule has soared 56% in the past year. The trend is at its strongest among variable rate customers who are taking advantage of the record low base rate, at 0.5%. The benefits can be twofold as early repayment reduces the overall cost of a mortgage and allows ...




November 13, 2009

Homeowners suffer from seven-year itch

by David Masters
Homeowners suffer from seven-year itch
Homeowners get the itch to move house every seven years, new research has discovered. Co-operative Bank found the main reason people move house is to make room for a growing family. Other popular reasons homeowners cited for moving included wanting to live closer to work, and getting bored of their current home. One in six (14%) said the prospect of taking on new DIY projects ...




September 2, 2009

Co-op and Ecology best for ethical mortgages

by David Masters
Co-op and Ecology best for ethical mortgages
The Co-operative Bank and Ecology Building Society are two of the best institutions for ethically minded mortgage holders, it emerged this week. Virginia Wallis, money expert at the Guardian newspaper, recommended the two lenders to homeowners with "ethical ideals". Co-operative's tracker mortgage charges 2.49% above the base rate, and is available at up to 75% of the value of the property mortgaged. Ecology ...




August 26, 2009

Housing market confidence breaks through

by Gill Montia
”Housing
Britons are regaining their confidence in the UK housing market, with 35% of vendors currently prepared to stick with their asking price, rather than drop to secure a sale. According to new research from The Co-operative Bank, a change in attitude is taking place among sellers, although home buyers are holding back, with only 12% prepared to offer the full asking price for ...




June 28, 2009

Which? names Co-operative Bank Best Financial Services Provider

by Kay Mitchell
”Which?
The Which? Awards, which names 'the best of the best' in products and services, has named the Co-operative Bank as the Best Financial Services Provider. The bank has been performing well amid the recession and its customer numbers have increased significantly in recent years because of its ethical investment policy. Since 1992, the bank’s commercial lending has grown from £571 million ...




May 18, 2009

Co-operative Bank halves home repossessions

by David Masters
Co-operative Bank halves home repossessions
Home repossessions by the Co-operative Bank halved during the last 16 months, the lender revealed this week. The ethical financial provider said since the start of 2008, it has only carried out 8 home repossessions, compared to 16 home repossessions in the 16 months leading up to 2008. The announcement comes as the Council of Mortgage Lenders (CML) revealed that overall repossessions in the ...




May 6, 2009

Disillusioned savers switch to ethical banking

by David Masters
”Disillusioned
Ethical banking is proving a popular choice for British savers, with record numbers signing up for accounts at the Co-operative. The bank this week revealed that 123% more people have signed up for its current account this year compared to last year. Customers are coming to the Co-operative, which has an ethical screening policy on its investments, from more traditional high street banks ...




April 28, 2009

Co-operative updates 3-year mortgage deals

by David Masters
Co-operative updates 3-year mortgage deals
The Co-operative Bank yesterday announced updates to two of its mortgage products. Interest charged on Co-operative's 3 Year Discount Mortgage was reduced to 3.24%, whilst the bank's 3 Year Fixed Rate Guarantor Mortgage was reissued at a rate of 5.99%. The Discount mortgage has a maximum loan-to-value (LTV) of 75%, and a £995 application fee. Legal and valuation costs are included. The fixed-rate Guarantor mortgage ...




April 3, 2009

Co-op bank shines in the beleaguered banking world after profit announcement

by Peter Charalambous
”Co-op
The Co-operative Bank has increased profits by 70 percent (for the year to 10 January) as depositors fled to what has always been seen as the “boring bank” but in troubled times, many savers have warmed to its security. In a period where its competitors struggled, retail deposits increased by 17 percent whilst corporate deposits rose 27 ...




February 27, 2009

Mortgage holders overpaying up by half

by David Masters
Mortgage holders overpaying up by half
The number of mortgage holders making overpayments has increased by half, research by the Co-operative Bank has discovered. Low return on savings, because of recent falls in interest rates, is the main reason for the overpayments, with 80% of overpayers citing this as the key motivation for their decision. In addition, the Bank of England's base rate cuts have improved the mortgage deals ...