Martin Lewis warns three million bank account holders they might be 'moved'

Martin Lewis' Money Saving Expert has warned three million bank account holders they could be "moved" to a rival. The ITV The Martin Lewis Money Show star's site issued a warning to Co-op Bank holders after an approach from Coventry Building Society to buy it.

MSE warned: "If you're a customer of the Co-operative (Co-op) Bank, your products and services may be provided by Coventry Building Society in future. The building society has today agreed to a potential takeover of the high street bank – though it's still very early days and the deal needs regulatory approval.

"Coventry said it would look to integrate the Co-op Bank's three million customers gradually over several years, with these customers eventually becoming members of the building society." Coventry Building Society has tentatively offered £780m to buy the Co-operative Bank from its hedge fund owners.

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“We have a very successful history, and we believe this could be the basis of a very successful future – with membership, great value and great service at its heart,” Coventry Building Society’s chief executive, Steve Hughes, said, in a statement on Thursday (April 18).

“The Co-operative Bank is a financially stable, profitable organisation with a shared heritage and products and services that complement our own … we’re confident that we have the people, capability and the financial strength to bring both organisations together successfully over a number of years.”

The two sides will now continue talks, and said that they were “working together to enter into definitive agreements in due course”. “A further announcement will be made as appropriate,” they added. “In coming to this decision, the board has been informed by member surveys and focus groups, which clearly signalled their priorities as maintaining our value proposition and service quality,” Coventry said in a separate statement issued yesterday.