The Co-operative Bank is set to legally transfer all customers to Coventry Building Society at the start of next year, following the £780million acquisition completed in 2025.
The move will affect customers with savings, credit cards or mortgages with Co-op Bank. However, there is expected to be no change to the way customers manage their accounts during the process.
No change to account details
Account details will remain the same, and customers will be able to log in and access their banking as normal. Repayments will continue, and customers must keep making payments on any lending arrangements they have in place.
The Co-op Bank will remain as a trading name, so its branding and logo will still appear on letters and statements. The transfer simply means Coventry Building Society will be responsible for providing the accounts.
Court approval and timeline
The plans are currently going through the High Court for approval, with a hearing expected in December 2026. If approved, the transfer will 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 customers can be compensated up to £120,000 per eligible person, per authorised firm, if a financial institution goes bust.
Customer protection and communication
Money would still be protected by the FSCS if the transfer is approved, but the protection would cover total combined deposits with both Co-op Bank and Coventry Building Society.
Co-op Bank has started contacting 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."
