Co-op Bank customer? You could be moved to Coventry Building Society in future – here's what's happening

Coventry said it would look to integrate the Co-op Bank's three million customers gradually over several years, with these customers eventually becoming members of the building society.

The Co-op Bank currently offers a range of current accounts, credit cards, savings products, insurance policies, loans and mortgages. However, the deal also includes brands owned by 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 the Coventry, said: "We may be three times bigger, but its [Co-op Bank's] customers, colleagues, branches, mortgages and savings balances, and the additional products and services it provides, will make us stronger and able to keep offering the value and service that matter to you."

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. 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.

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. If the sale goes ahead, Coventry says it still expects the separate protection to be in place for "several years". For more on this, see our Savings safety guide.

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

• Best bank accounts

• Top savings accounts

• Top cash ISAs

• Cutting existing loan costs

• Shifting credit card debt to 0%

• Cheap insurance

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

The move follows a series of similar announcements from other lenders

In January, Sainsbury's Bank revealed plans to stop offering loans, credit cards, savings accounts and more. 

In February, Tesco Bank announced that it would be run by Barclays in future – though the Tesco Bank brand will remain. 

Meanwhile, it was announced in March that Nationwide Building Society is to take over Virgin Money, with the Virgin Money brand eventually being phased out.