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Bringing The Co-operative Bank and Coventry Building Society together
From 1 January 2027 we’re proposing to transfer the Co-operative Bank’s business to Coventry Building Society. The Society is owned by members, not shareholders. Some things may change. How you bank with us will stay the same.
On this page:
What's happening?
On 1 January 2025, Coventry Building Society (the Society) purchased The Co-operative Bank (the Bank). Both our organisations have strong histories built on ethics and values.
We’re now working on the next steps to bring our organisations together. To do this we’re proposing to transfer the Bank’s business, including smile, to the Society. We expect this to happen on 1 January 2027, subject to Court approval of the proposed transfer.
What the proposed transfer means for you
There will be no change to the way customers manage their account(s) and/or product(s) with us on a day-to-day basis.
If the proposed transfer becomes effective, the Society will still use ‘The Co-operative Bank’ and ‘smile’, as trading names. This means customers will continue to see the Bank and smile branding and logos on communications we send, such as letters, statements and emails. If the proposed transfer is approved, the Society will then be responsible for providing all account(s) and/or product(s). The Society will have certain rights and responsibilities under account terms in the same way the Bank does currently.
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To find out more about the proposed transfer and what this means for our customers visit our customer booklet and FAQs.
Please read this information carefully. If you’re happy with the information, you don’t need to do anything. Please note that some of your money may no longer be covered by the FSCS in the way that it was before the proposed transfer. If that happens, we’ll contact you and explain how you can withdraw money if you feel you have been disadvantaged.
Becoming a member of Coventry Building Society
The Society is a mutual which means it is owned by and run for the benefits of its members. It doesn’t have shareholders, so everything it does is in the best interests of its members.
Becoming a member will depend on the type of account(s) and/or product(s) you have when the transfer happens. Membership will also depend on your personal circumstances and status.
You can find out more detail in the 'Coventry Building Society membership' section of our customer booklet.
Your protection with the Financial Services Compensation Scheme (FSCS)
The FSCS is the UK’s deposit guarantee scheme. It protects up to £120,000 for each eligible person, per bank or building society should they fail.
Joint accounts are eligible for FSCS protection up to the same limit of £120,000 for each person. This limit includes any individual accounts held with the same bank or building society. This means that a two-person joint account is protected up to £240,000.
Your money would still be protected by the FSCS if the proposed transfer is approved. But, as any deposits you hold in accounts with the Bank and smile brands will be held by the Society after the proposed transfer, you will have a single FSCS protection limit of £120,000 which will apply to your eligible deposits with the Bank, smile and the Society.
If you only have and keep account(s) with the Bank, you’ll still have £120,000 of protection for those accounts after the proposed transfer. If you already have an account or open one with the Society in the future, your protection will be limited to £120,000 in total for your account(s).
For more information on FSCS protection please visit our customer booklet or FAQs.
What are the next steps?
A Court hearing will take place on 2 December 2026 to decide whether to approve the proposed transfer. If it’s approved, we expect the transfer to happen on 1 January 2027.
If you’re a Co-operative Bank or smile customer, we’ve sent you a letter or email with all the information you need.
Below, you’ll find lots of documents with supporting information about the proposed transfer. Please take some time to read these:
If you would like to receive this information in an alternative format such as large print, audio or braille, you can do this by calling us. Alternatively, you can use the online form.
Please call us on 0800 028 4321*. The team will register your objections or answer any questions you may have. You can also request an alternative format. Lines are open 9am to 6pm Monday to Friday. Call charges.
Write to us
Please use the address:
Proposed Transfer
The Co-operative Bank
1 Balloon Street
Manchester
M4 4BE
*You will not be able to object after the court hearing takes place on 2 December 2026.
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