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Coventry Building Society completes takeover of Co-op Bank – here's what it means for savers and borrowers

Front of a branch of The Co-operative Bank
Helen Knapman
Helen Knapman
News & Investigations Editor
Created 18 April 2024 | Edited 2 January 2025

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. 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.

The Co-op Bank offers a range of current accounts, credit cards, savings products, insurance policies, loans and mortgages. The deal also includes brands owned by the Co-op Bank including Britannia, Mortgage Agency Services Number Five (MAS Five), Sainsbury's Bank mortgages, Smile, and the Co-op Bank for Intermediaries (formally known as Platform). 

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."

Important: What the takeover means for your savings protection

If you're a saver with the Co-op Bank or Coventry, for the time being your savings of up to £85,000 remain protected by each brand under the UK's Financial Services Compensation Scheme. Coventry says it expects the separate protection to be in place for "several years".

For more on how the scheme works, see our Savings safety guide.

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.

You can also continue to reach out to the Co-op Bank's customer services and to Coventry's customer services with any queries or complaints, or see Coventry's FAQs about the move.

Of course, it could be worth taking this opportunity to check you're getting the best possible deal – see our guides on:

Before switching, remember to check for any exit fees or penalties.

The move follows a series of similar announcements from other providers

In June 2024, Sainsbury's Bank announced plans to move its credit card, loan and savings customers to NatWest. The deal is expected to complete in the first half of 2025.

Meanwhile in October 2024, it was announced that Nationwide Building Society had completed its take over of Virgin Money, with the Virgin Money brand due to eventually be phased out.

And in November 2024, Tesco Bank confirmed that its savings accounts, credit cards and loans were now being run by Barclays under a "partnership" between the pair.

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Co-op Bank is now part of Coventry Building Society

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