Is Co-operative Bank Safe?

If you’re looking for a good place to keep your money, or for a day to day current account, you may be wondering: is the Co-operative Bank safe - or even: is the Co-operative Bank a scam?

The good news is that the Co-operative Bank is licensed and regulated for the services it provides in the UK. That makes it safe to use to hold money, make payments, and more. This guide walks through how the Co-operative Bank keeps customers and their money safe - and we’ll also touch on Wise as a secure alternative that lets you manage your money flexibly across currencies.

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Is Co-operative Bank safe to use in the UK?

Yes. The Co-operative Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA in the UK. This means that the Co-operative bank has to comply with tight regulations which cover how customer funds are held and used, and the security measures in place to allow customers to transact safely.

Another obvious question is: Is the Co-operative Bank insured? Here you can also rest easy. The Co-operative is covered by FSCS insurance² which means that any money you hold in a Co-operative bank or in other Co-op brands including Britannia and smile are covered to the legal maximum allowed. At the time of writing this means that deposits are protected to 85,000 GBP per depositor in the unlikely event that the Co-operative bank were to fail.

Co-operative Bank security features and technology

Some of the specific features used by the Co-operative Bank to improve security when transacting include³:

• Dedicated service for scam and fraud reporting - call 159
• Verification codes and automated messages used when you transact to increase security
• Fraud guarantee which will refund money lost to fraud as long as you’ve acted appropriately to prevent and report the issue
• Card security measures including Visa secure, Chip and PIN technology and payment limits to prevent fraudulent use
• Safe online banking including secure sessions, time outs and encrypted data protection

How to transfer money securely with Co-operative Bank

Sending a payment can be daunting - particularly if you’re sending money overseas. You might be worried about how to make sure the payment gets to the recipient account securely, or unsure of the information needed to process your transfer without any unnecessary hassle.

The Co-operative Bank suggests you use their phone banking service to send an international payment⁴. Depending on the account you hold you may also be able to use online banking or call into a branch to transfer money. Before you get started, make sure you have all the details needed to hand. The information needed when sending or receiving a payment with the Co-operative Bank is set out below.

Information needed to send a payment with the Co-operative Bank

• The payment amount and currency
• The recipient’s account number or IBAN (International Bank Account Number)
• The recipient’s account sort code or the international equivalent for overseas payments
• The recipient bank’s registered address
• The recipient bank’s SWIFT/BIC code for overseas payments

Information needed to receive a payment with the Co-operative Bank

• The account number or IBAN (International Bank Account Number) for your account
• Your account sort code
• The Co-operative’s registered address: The Co-operative Bank plc, PO Box 101, Balloon Street, Manchester, M60 4EP
• The Co-operative’s SWIFT/BIC code: CPBKGB22

Tips to stay safe when using Co-operative Bank

Staying safe with the Co-op is also about individuals taking sensible steps to keep their own accounts protected. Keeping your Co-operative Bank account safe shouldn’t be too tricky - simple common sense measures are likely to be all you need.

Here are a few tips to bear in mind:

• Check your account and balance regularly to make sure there are no unexpected transactions
• Never share your sensitive financial details with anyone - don’t give others your PIN or password for example
• Keep up to date with common banking scams - these do change from time to time, but being cautious and aware can help you stay safe
• Get familiar with the Co-operative Bank’s range of security features, such as Visa Secure which can be activated to make paying for things online safer
• Keep your personal and contact details fully up to date with the bank in case the fraud prevention team needs to contact you
• Once a payment is on the way it can not be stopped - double check you have all the correct details before you confirm

Wise - a secure alternative

The Co-operative Bank is safe to use, but it may not give you the flexibility you need to manage your money across currencies. Check out Wise as a secure and easy to use alternative that lets you hold and exchange 40+ currencies and spend globally with your Wise card.

You can open your Wise account online or in the Wise app, with no fee for personal customers, no minimum balance and no ongoing costs or charges. Hold dozens of currencies, get paid with local bank details for up to 9 foreign currencies, and switch between them with the mid-market rate and low fees from 0.43%.

Learn more about Wise

Wise isn’t a bank. It’s a non-bank alternative that’s FCA regulated in the UK and also overseen by similar bodies everywhere else it does business. That means it’s safe to use. As a digital-first provider you can expect security measures built into the Wise app, including instant transaction notifications, 2-factor authentication and safe log in processes, making Wise a secure and straightforward way to transact, that can have lower fees for international services, too.

Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

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Source:

1. Co-operative Bank
2. Co-operative Bank - FSCS
3. Co-operative Bank - how we keep you safe
4. Co-operative bank international transfers

Sources last checked 18-October-2023