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Is it worth opening an account at the Cooperative Bank?

Posted: Tue Dec 24, 2024 9:41 am
by shukla7789
When opening a personal bank account, we usually ask ourselves many questions. One of them is – is it worth opening a personal account in a cooperative bank? Why in such a bank? Because there are currently several hundred cooperative banks, called BSs, operating throughout Poland. They are also located in smaller towns and villages. However, their offer is still quite niche in the market. It does not often make it to the generally available media and the Internet.

Typically, characteristic BS advertisements are clearly visible on billboards and recognized only locally in smaller and medium-sized district towns. As a financial blogger, I will check, especially for you, what the current offer for individual customers of Polish Cooperative Banks looks like. Against the background of current market competition. I will present both the pros and cons of this type of banking branch and on their basis I will assess for you whether it is worth opening an account in a Cooperative Bank.

Local offer of Cooperative Banks
money grows in the garden like in a bank
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The offer of this specific, local banking sector is most often directed to local people living close to the bank (farmers, fruit growers and the elderly). That is, mainly to the local community and people who dominican republic whatsapp database less well-banked. The offer is dominated by basic products generally available, such as personal accounts, business accounts for entrepreneurs, cards, savings accounts and, of course, loans. However, like any bank, Cooperative Banks are also subject to market laws and face competition.

They need capital in deposits and savings accounts to be able to finance their lending.
Quite recently, some of the BSs underwent reorganization. They merged into larger entities, creating brands such as Hexa Bank, PBS Bank, Esbank. Together, as part of a uniform advertising campaign, they placed billboards not only in smaller cities, but also in the centers of large cities. They counted on expanding the current customer base to include residents of medium-sized and larger towns. As in the case of larger players, consolidation for the cooperative sector seems inevitable. For many years, the largest entities have been calling the shots on our market.