Co-operative current account sees double growth

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Co-operative current account sees double growth

David Black, banking specialist at Defaqto, commented on the group's published statistics this month and said he was surprised at the findings, which appeared to show the results of a well-established company model.

He added: "Apart from capitalising on individual consumer dissatisfaction with other providers […] the many switchers are obtained by offering attractive introductory deals such as interest free overdrafts or high credit rates."

According to the Co-operative financial services group, current account balances were recorded at 21 per cent higher than 2008 and the bank's market share has increased from two to four per cent.

However, money.co.uk recently found that only seven per cent of people "completely trust" their financial provider while a quarter do not place any trust in their bank at all after the Supreme Court overdraft charges ruling, which found in favour of the banks.

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