Cord blood can be stored in public or private (commercial) cord blood banks.

In the UK, for example, the NHS Cord Blood Bank has been collecting and banking altruistically donated umbilical cord blood since 1996. The cord blood in the public banks like this is stored indefinitely for possible transplant, and is available for any patient that needs this special tissue type. There is no charge to the donor but the product is not stored specifically for that person or their family.

Companies throughout Europe also offer commercial banking of umbilical cord blood. A baby's cord blood is stored in case they or a family member develop a condition that could be treated by a cord blood transplant. Typically, companies charge an upfront collection fee plus an annual storage fee.

The main arguments against commercial banking have to do with the very small likelihood that the cord blood will ever be used by the child, a sibling or a family member; the existence of several well-established alternatives to cord blood transplantation and the lack of scientific evidence that cord blood may be used to treat non-blood diseases (such as diabetes and Parkinson’s disease). In some cases patients may not be able to receive their own cord blood, as the cells may already contain the genetic changes that predispose them to disease.

Read more:
Umbilical Cord Blood Banking - an opinion paper by the Royal College of Obstetricians and Gynaecologists’ Scientific Advisory Committee (published June 2006)
Cord blood banking: information for parents - based on the opinion paper above
Parents' Guide to Cord Blood Banks - aims to educate parents with accurate and current information about cord blood medical research and cord blood storage options
Ethical Aspects of Umbilical Cord Blood Banking (PDF file) - opinion of the European Group on Ethics in Science and New Technologies (2004)