Co-Operative Bank vs Asda Money

The Co-operative Bank®¹ and Asda Money®² are both popular providers of various financial services and products for UK customers. While they do have some overlapping services, they’re both quite different providers. As the products, features and fees of Co-operative Bank vs Asda Money vary pretty widely, you’ll want to compare them both before you pick the right one for you.

This Co-operative Bank vs Asda Money review covers all you need to know, so you can decide if either suits your specific needs. As a bonus we’ll also introduce Wise - a non-bank alternative with multi-currency accounts for personal and business customers which come with low fees³ and the mid-market rate. More on that later.

What is the Co-operative Bank?

You’ll often find the Co-operative Bank referred to simply as the Co-op. It’s a UK high street bank that’s been around since 1872, and which holds a full UK banking licence. The Co-op Bank has a focus on offering ethical banking services which are available to personal, business and corporate customers. Options include current accounts, instant and fixed saving accounts, mortgages, loans, insurance and credit cards.

The Co-operative Bank has a branch network, and also offers services by phone, through an app, and online.

What is Asda Money?

Asda Money is the financial services arm of the Asda supermarket brand. You can’t get a current account for day to day use from Asda, but you can access a good selection of other products like credit cards, loans, travel money, overseas payments and insurance. Asda’s focus is on offering unique products which can help customers save money.

Asda Money operates most services through partnerships with other providers. That means it’s safe to use, and providers hold their own licences to offer the specific services they have.

Co-operative Bank vs Asda Money benefits

Co-operative Bank and Asda Money have a quite different selection of services on offer. However, there’s some overlap. Here are some of the similarities between the two:

• Co-operative Bank and Asda Money are both safe to use
• Co-operative Bank and Asda Money both service UK based personal customers
• Both Co-operative Bank and Asda Money offer overseas payments, insurance, loans and credit services
• Both Co-operative Bank and Asda Money offer services online and through an app

If you want a credit card, insurance or a loan you may be able to consider both the Co-operative Bank and Asda Money. However, there are a few major differences in the types of services offered and the way each provider works - which might mean one suits you better than the other. Here are a few differences between Co-operative Bank vs Asda Money.

Co-operative Bank Benefits

• Fully licensed UK bank in its own right
• Service by phone, in branch, online and in-app
• Current and savings accounts available
• Services for business and corporate customers available
• Focus on ethical accounts and services

Asda Money Benefits

• Services offered through partner providers
• Aimed at personal customers only
• Savings and gift cards available for Asda customers
• Travel money available
• Focus on helping customers save with affordable and unique products

The Co-operative Bank and Asda Money target different customer niches, and operate in different ways. That said, they both have decent digital services, and a selection of products which are quite similar, such as insurance, credit cards and loans. If that’s what you’re looking for, the best one for you will come down to which specific product you’re interested in.

Co-operative Bank vs Asda Money fees and charges

Co-operative Bank and Asda Money have quite different product ranges as we’ve already explored. The Co-op has a selection of account services for individuals and business customers, which Asda Money does not offer. However, where the two providers overlap is in offering credit cards, insurance, loans and international transfers.

We’ll walk through the Co-operative Bank’s fees compared to Asda Money on a couple of their overlapping products next - credit cards and international transfers. To compare other options, such as insurance and loans, you’ll need to get personalised quotes from each provider to see what they’ll be able to offer you.

Co-operative Bank vs Asda Money credit card options and fees

Both the Co-op and Asda Money have several different credit card options, so you’ll be able to compare them and pick the right one for your needs. To illustrate, we’ve rounded up some of the important fees involved in using the popular 0% Balance Transfer card⁴ from the Co-operative Bank, and the Asda money credit card⁵. Other fees apply depending on how you use your card, so you’ll need to read over your account terms and conditions very carefully before you start to transact.

Co-operative Bank vs Asda Money - international transfers

The Co-operative Bank offers international transfers to be deposited into banks around the world. Asda Money also has a money transfer service which it offers in partnership with Ria®. The way each of these services operates is quite different. The Co-op allows you to send payments overseas to be deposited to a bank account directly by giving the bank a call, while the Asda Money service is a bit more flexible. You can set up your transfer online or in an app, and you can then decide from payment options including deposit to bank accounts, cash collection or home delivery, depending on the country you’re sending to. Ria has a large network of agent locations in 165+ countries, which means your recipient can pop out to an agent near them to get their payment in cash - often within minutes.

Generally, looking at ways to send payments overseas with online specialist services can be more convenient compared to using your bank - and may also mean you pay lower overall costs and get a better exchange rate.

Before you decide which service to use to send your payment abroad, compare a few different non-bank providers to see if any offers a service which suits you. Depending on exactly where you’re sending money to, and how you want the recipient to get the payment in the end, you may also want to consider Wise, a non-bank alternative which offers convenient and cheap international money transfer services to 160+ countries.

Here’s a quick summary of how Wise, Asda Money and the Co-op compare on international transfers:

If you’re thinking of sending money for cash collection, Asda Money may be a good pick thanks to their collaboration with Ria. However, if you’re sending a payment to a bank account it’s worth comparing the fees and exchange rates offered by Wise alongside the Co-op and Asda Money.

Wise always uses the mid-market exchange rate to convert your pounds to the currency needed for depositing, with low, transparent fees you can easily see and compare. Payments can be fast or even instant too. We’ll cover a bit more about how to transfer money overseas with Wise, later.

Co-operative Bank vs Asda Money - app and ease of use

The Co-op has a comprehensive app you can use to view and access your accounts, and arrange specific transactions. Asda Money has several apps which can be used for their different services. Which you need will depend on the specific service you want - for example, a credit card or travel money.

Checking online ratings is a good way to get a view of whether a banking app is user friendly. Asda Money’s apps don’t have a huge number of ratings online at the time of writing, so you’ll need to double check up to date information before you download the one you need. As an alternative, here’s how the Co-operative Bank measures up on app ratings:

• Details correct as of 30th October 2023

How to easily transfer money with Wise

Looking to send a payment overseas, for direct deposit to a bank account? Compare your options with Wise as well as with the Co-op and Asda Money to see which works best for you.

Like Asda Money, Wise lets you transfer money with just your phone or laptop, to 160+ countries. Transfers are easy and quick - in fact they could even arrive instantly. Plus, you’ll get the mid-market exchange rate to convert your pounds to the currency you need, with low transparent fees from 0.43%.

Here’s a step by step guide to sending money with Wise:

1. Download the Wise app for free
2. Register an account by entering your personal and contact information
3. Get verified by uploading a photo of your ID documents
4. Model the payment you want to make to get a fee and rate quote
5. Choose how you want to pay (bank transfer or card for example)
6. Check everything over and confirm - you’ll be prompted to pay using your chosen payment method

Want an easy, digital way to hold and exchange multiple currencies? Wise can do that too.

With a Wise account you can easily hold and exchange 40+ currencies, spend and make withdrawals in 150+ countries with your Wise debit card, and receive payments to Wise from abroad with local bank details for up to 9 currencies. You’ll be able to open your account online or in the Wise app easily, by adding some personal and contact information, and uploading an image of your ID documents. Once you’re all set up, you can start to send, spend, hold, receive and exchange multiple currencies instantly.

It helps to know that Wise isn’t a bank, it’s an e-money institution. It’s regulated in the UK by the FCA and safe to use, with 16+ million customers globally.

Please seeTerms of Use for your region or visitWise Fees & Pricing for the most up to date pricing and fee information.

Whether the Co-operative Bank vs Asda Money is right for you will depend on what services you need to access. This review should be a good way to kick off your own personal research and help you decide.

While you’re doing your homework, it’s also worth checking out other non-bank alternatives, like Wise. Depending on what you need, Wise could be a good pick with ways to hold and exchange 40+ currencies and spend with a linked card around the world, all with the mid-market exchange rate and low, transparent fees.