Co-op to take over Lloyds accounts: what it means for you I'm a Business Banking customer - does this affect my account? Some Business accounts will be transferred to the new owner, but Lloyds said that it will make sure every customer affected is kept fully informed about what it means for them. You don't need to do anything now and you can continue to bank as usual. Who is the Co-op Bank? This Manchester-based organisation is one of only two "ethical" banks that offer a personal current account. It has been operating since 1872. Despite its name, it is not a technical co-operative as it is not owned directly by its members. Instead, it is wholly owned by the Co-operative Banking Group, which is in turn owned by the member-owned Co-operative Group. If you bank with the Co-op you have the option to become a member of the Co-operative Group. It also owns Smile, the internet bank. It is merged with Britannia Building Society. Is it any good? The Co-operative has the benefit of very high customer satisfaction ratings, although the interest rates it offers to its customers are seldom market leading. Its standard current account does not pay interest on credit balances. Although the Co-op has few branches it does allow you to do most of your banking via a local post office and you can also bank over the internet with both the Co-op and Smile, its internet brand. But what about the Co-op's products? As well as its current account the Co-op offers mortgages, loans and credit cards as well as having an insurance arm. Again, the rates are not always competitive - its current cash Isa rate is 0.5pc. Fixed-term bonds offer a better value solution, including a three-year bond paying 3.93pc interest on a monthly basis. But it is ethical, right? On the ethical side of things, the Co-op's members decide its investment policy. The Co-operative says it has withheld more than £1bn of funding from business activities that its customers say are unethical. These include extremist organisations, arms manufacture, organisation that uses child labour or businesses that restrict access to vital medicines in the developing world.