Is it safe? / Co-op Bank
Is Co-op Bank safe?
Yes — Co-op Bank is FSCS-protected. Deposits up to £120,000 per person (£240,000 for joint accounts) are covered under the The Co-operative Bank plc banking licence (Coventry Building Society (owner since January 2025)). Important: that limit is shared with Co-operative Bank — money across these brands counts as one pot.
Protection
FSCS to £120,000
Licence holder
The Co-operative Bank plc
Parent company
Coventry Building Society (owner since January 2025)
The shared-limit catch
Co-op Bank shares its banking licence with Co-operative Bank. If you hold savings with more than one of these, the £120,000 FSCS limit applies to the combined total — not per brand. Spreading large balances across different licences keeps every pound protected. Check your spread →
The fine print (verified July 2026)
Keeps its own licence despite the Coventry BS acquisition — Co-op Bank and Coventry deposits are protected separately, expected to remain so for several years.
Worth knowing
FSCS also covers temporary high balances (house sale, inheritance) up to £1.4m for six months (raised December 2025). Compensation is automatic if a firm fails — typically paid within seven days.