Co-op Bank set to move all customers after £780million takeover by rival lender

Co-op Bank set to move all customers after £780million takeover by rival lender This will affect those who have a savings, credit card or mortgage - however, there is expected to be no change to the way customers manage their accounts Co-operative Bank customers look set to be moved to Coventry Building Society at the start of next year. Coventry Building Society completed its £780million acquisition of Co-op Bank in 2025 - but now, the lender is moving forward with plans to legally transfer the business. This will affect those who have a savings, credit card or mortgage with Co-op Bank. However, there is expected to be no change to the way customers manage their accounts during this process. This means your account details will remain the same and you will be able to log in and access your banking as normal. Your repayments will also continue and you will need to continue to make payments on any lending arrangements you have in place. The Co-op Bank will remain as a trading name, which means you will still see its branding and logo on your letters and statements. The transfer just means that Coventry Building Society will be responsible for providing your account. The plans are currently going through the High Court for approval, with a hearing expected to take place in December 2026. If approved, the transfer would then happen on January 1, 2027. Both Co-op Bank and Coventry Building Society accounts are covered by the Financial Services Compensation Scheme (FSCS). FSCS protection means you can be compensated up to £120,000 per eligible person, per authorised firm, if a financial institution was to go bust. Your money would still be protected by the FSCS if the proposed transfer is approved - but the protection would cover your total combined deposits with both Co-op Bank and Coventry Building Society. Co-op Bank has started contacted customers about the changes. Rachel Macfarlane, General Counsel at Coventry Building Society, said: "This is an important step in bringing The Co-operative Bank into Coventry Building Society and creating a simpler structure for the future." "Although the legal process is technical, what customers need to know is straightforward. There are no changes to day-to-day banking services as a result of this announcement, and customers do not need to take any immediate action." "We are writing to customers so they have clear information about what is happening, what it means for them and how they can raise any questions."