Co-operative bank accounts 'prove popular' amidst financial turmoil

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Co-operative bank accounts 'prove popular' amidst financial turmoil

Mon 24th Nov 2008

The Co-operative Bank has announced that customers are increasingly trusting it as a safe place to deposit their cash in the midst of the banking crisis.

According to the bank, deposits made by personal customers have increased from £2.7 billion to £3.8 billion in the last year.

The Co-operative Bank said it had avoided the fate of many other financial institutions because its business is fully funded by customer deposits, meaning that it only lends money that savers have put into their accounts.

Dick Parkhouse, managing director for retail at Co-operative Financial Services, said: "The strength of our balance sheet and the responsible approach we've historically taken in managing our customers' finances is helping to build consumer confidence in our brand during these uncertain times."

This latest news comes after last week's announcement that Lloyds TSB shareholders had agreed to takeover HBOS, helping to save the beleaguered bank from collapse.

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