COVENTRY BS Poppy Bond

mary

Yes correct

JayTee99_2

for confirmation from the terms

5. The interest rate paid is fixed until the account matures after close of business on 31st December 2009. The interest rate will be fixed at 6.25% AER/gross per annum (6.08% gross per annum, 6.25% AER monthly). In addition, one month after the product is withdrawn from sale, the Society will donate (without attributing any amount to a specific account holder) a sum equal to 0.25% of the balance held in this account to The Royal British Legion (Registered Charity Number 219279).
6. Interest is paid either annually on 31st December or monthly. Monthly interest must be paid out of the account.
7.1 Subject to 7.2 below, you can make additional deposits by cheque or internal transfer, but only whilst the bond is open to new investors.

savetilibleed

Looks like CBS automatically reinvest the bond at maturity in another fixed bond. I hope they write to let us know so we have a chance to do whatever else might be appropriate at the time, ie perhaps withdraw to elsewhere. Who knows what the situation will be in just over a year.:rolleyes:

alanq

The leaflet "How To Operate Your Poppy Bond" states that they will write offering options before the bond matures and that if no instructions are received the funds will be reinvested. However, penalty free withdrawals are permitted for 14 days after maturity. This compares favourably with some other organisations that automatically reinvest in the absence of instructions prior to maturity with no penalty-free get out.

savetilibleed

alanq wrote: »

The leaflet "How To Operate Your Poppy Bond" states that they will write offering options before the bond matures and that if no instructions are received the funds will be reinvested. However, penalty free withdrawals are permitted for 14 days after maturity. This compares favourably with some other organisations that automatically reinvest in the absence of instructions prior to maturity with no penalty-free get out.

Yeh thanks - you're right - I've since read the leaflet. Seems fair enough doesn't it.

I'm impressed with CBS. I posted my application Friday 14/11 and today, 18/11, I got 2 letters, one enclosing the ID and another to say the account is open. Instruction to operate it to follow. :j

Berty

I'm happy with them too. Very quick response and setting up times.

savetilibleed

My Poppy Bond is open though I don't yet have online access. I'm guessing I will tomorrow or next day as I've sent the security info yesterday.

:question: Does anyone know how long the security (password, memorable info) takes to be processed and be informed it is useable?

:question: And if quick, does anyone know if they are still accepting further deposits into a just opened Poppy Bond by any method, cheque or DD?

Although the Saga Fixed interest stuff I'm awating is a better interest rate, if I get online access to the Poppy Bond tomorrow I might just say damn Saga and let Coventry have that wedge instead. At least I know money clears quickly, though I don't know about online transfers. I see from the T&C's I printed out that one off DD's take three days to be credited and another 4 days to clear.

evenasus

savetilibleed wrote: »

My Poppy Bond is open though I don't yet have online access. I'm guessing I will tomorrow or next day as I've sent the security info yesterday.

:question: Does anyone know how long the security (password, memorable info) takes to be processed and be informed it is useable?

They don't inform you when your login details are set and ready to use.

The first time I sent my password & three memorable words, I waited ages for the WEB ID. Eventually phoned them and they said they hadn't received my form.

So they had to then send out another form, this I returned straight away and WEB ID was received about five days later.

Only managed to login once, then the second time I went to log in, which I did with exactly the same details...Computer said NO!:mad:

I rang them and they said they would have to send me yet another form. :mad:
Sent that back two days ago, so now waiting a few days before trying to log in again.

alanq

savetilibleed wrote: »

And if quick, does anyone know if they are still accepting further deposits into a just opened Poppy Bond by any method, cheque or DD?

The deadline for additional deposits has passed.

savetilibleed

Oh b*m, and they seemed so good too!:huh:
Looks like I'll need to chase sooner rather than later. Must admit the business of having to write password and three security answers on a bit of paper seemed weak. In fact when I put the form in the supplied envelope, I held it to the light and could see what I'd written! So I wrapped it in a folded A4 sheet then it was OK. Not that those details, even if intercepted, could have linked to me or the account (I hope). :rolleyes: