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Coventry BS cutting rates
merlinthehappypig
Posts: 1,106 Forumite
I had a letter this morning from the Coventry. Rates are coming down pretty much across the board by .25% from Jan 1st.
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although I doubt they can reduce the rate on the 50+ e-save account as that rate is allegedly fixed until 21/12/08.0
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although I doubt they can reduce the rate on the 50+ e-save account as that rate is allegedly fixed until 21/12/08.
Why 'allegedly'?Stompa0 -
There are one or two fixed rates which obviously won't be affected, in common with most building societies. If it's advertised as fixed it will be.0
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The 50+ is a cracker (if you're an old git...) the rate is fixed at 6.4% until the end of 2008, and it's instant access, so if other rates go up, very little lost. Excellent 'hedge' account given the signs for 2008.
How long it will be available at 6.4% for new accounts remains to be seen (I suspect they'll drop the rate sometime in January).0 -
Although website still offers 6.35%.
Surely something should be done?0 -
anyone who has netsaver 3, rate will be now around 5.15% gross.
anyone with 100.00 coventry internet or callsave accounts who dont need their 100.00 for 3 years are best switching into this if they are 5 year + members.
http://www.coventrybuildingsociety.co.uk/savings/membersbond.aspx0 -
inertiamink wrote: »Although website still offers 6.35%.
Surely something should be done?
If you are referring to the Coventry First account, the rate is still 6.35%. It won't fall until the 1st January. I'd much rather a bank always advertised the current rate of interest for an account, otherwise it would be the perfect opportunity for them advertise new increased rates long in advance of actually paying them.0 -
Well fair enough. But anybody signing up for that account now couldn't possibly have their application completed by the time the rate dropped. Therefore the advertisement is clearly misleading. I'm going to call and complain tomorrow and see how far I get.
Maybe they should be advising people that they have already decided to change the rate during the sign up procedure?
The letter I got says that they are responding to a change in the bank of England base rate on the 6th December, but how long has that decision taken? I signed up around the 14th of December and I suspect they already knew the rate was going to drop though failed to point this out. People looking at their website in the last few days wouldn't get one day of interest at the higher rate.
The Coventry website still says 6.35% 48hrs before the rate change! I don't think they should get away with this.0 -
Well at least they wrote to give notice that the 60+ Saver (2) account was changing to 6.25% (1st year) from 1 January. This gives me the opportunity to move funds from that account to the then higher paying 60+ eSaver account on the same day.0
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My husband will have some £5k for a few months but may need access to it at short notice. However, ideally the terms of the 50+ account would suit him better than the terms of the two 60+ accounts. Does anyone know if you are age 61, you are obliged to take the 60+ account or can you choose to take the 50+ account instead?0
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