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Cooperative Bank


Banking is by far the best invention of the modern times. The very concept of keeping money safe and letting it to get used by others is indeed a wonderful concepts. It is in fact a win win situation where the person who puts money earns the opportunity cost and the person who borrows earns profits or invests in residential or other purposes. Banks have facilitated the multiplication of a given sum of money by a simple money multiplier.

Cooperative Bank which was founded in the year 1872 as a Consumer Cooperative Bank is presently a commercial Bank trading in UK, operating from their headquarters in Manchester, UK. Cooperative Bank does not invest in companies that involve themselves in arms trade, genetic engineering, global climate change or animal testing and this gives it the status of being a bank that is ethically strong. From 2002, the Cooperative Bank and the Cooperative Insurance Society came to be known as Cooperative Financial Services Limited.

The Cooperative Bank offers a range of services to its customers that include banking, insurance, investments, business, corporate dealings and several other related facilities. The current account plus offers the customers an AER rate of 4.5% on savings plus. In fact, this account has been voted as the best as far as customer service is concerned. Besides, on applications submitted online, you can avail a discount of 10% on car insurance and 15% on home insurance. Internet banking comes as a huge boon to all the customers of the Cooperative Bank. The savings options that the bank provides are also more than just a few. You can save through Cash ISA or the Smart Saver. Long Term Savings and Fixed Deposits are other ways that you can save with Cooperative Bank.

Mortgages and loans too are available to the customers of the bank. The APR typical is 8.9%, variably, on any amount between £ 7,500 and £ 25,000. Loan protection plans are also available and you can insure yourself against a loan optionally. Credit cards also have several options of providing loans. The Platinum Fixed Rate Credit Card offers credit at 9.9% APR typical and is frozen for five years. The Think Credit Card on the other hand gives you credit at 12.9% typical APR. The think credit card offers you ethical benefits besides allowing you to accrue points on each transaction and requires no fee for transfers. In fact, all the credit cards offered by the Cooperative Bank allow you to earn points on transactions. There are also, options of Members’ Credit Card and Clear Credit Card allowing credit at 15.9% and 12.9% interest rates respectively.

For organizations for business and charity and public sector enterprises that have an annual turnover of more than £ 1m, the corporate banking scheme of Cooperative Bank is a great one with facilities like asset financial services, property finances, treasury services, charity banking and so on. Investment portfolios can also be taken care of by the Cooperative Bank in a wholesome way, balancing your inter-temporal wealth at its best.