coventry bs new acc 3.25%

bloaty

courtney22 wrote: »

hi - i work at cbs and there is going to be 2 new accounts this weekend and we have been told that they are market leading rates .

However they are only for the over 50's an internet account - has instant access 3.25% .

a bond also at the same rate .

will warn you though every time we have had the internet account its not out very long as its very popular, once youve opened it you can have it for as long as you want .

thanks

Thank you, just opened an account.

This is a great rate, much better than ISA rates and with more flexibility.

mjmal51

castle96 wrote: »

T&C say if you already have an existing esaver/6.25, you cant open this new one - shame

what is IF rate ?

Thanks for that, didn't spot it. My esaver5 at 6% finishes in October and was hoping to put a small amount in this new account so that I could transfer it then. I did actually successfully apply this morning, using my existing account number, and printed out the form to sign, luckily not posted yet. Did just phone them to confirm the T & C's.
Just hope they have something later in the year.

G_M

Most annoying! I've had a 50+ esave iss 1 for ages. I emptied it way back when the interest rate dropped but he a/c has been sitting there empty. Last week finally got round to 'tidying up' and closed it. Cancelled web access etc so now have to start from scratch. They might have said......!

alared

Don`t forget the rate is FIXED at 3.25% for a year,although if something better comes along,there`s nothing to stop you moving it.

Ruy

Just 'phoned Coventry BS to check about closing existing version 3 of this account to transfer to a new version 6.

They confirmed that you can only ever have one version of this account, even if you have closed a previous version !

The only option for existing ( or previously held ) account holders is the alternative bond.

Steve_xx

Ruy wrote: »

Just 'phoned Coventry BS to check about closing existing version 3 of this account to transfer to a new version 6.

They confirmed that you can only ever have one version of this account, even if you have closed a previous version !

The only option for existing ( or previously held ) account holders is the alternative bond.

Go with Alliance & Leicester's Online Saver issue 5 paying 3.15%.

alared

IMPORTANT INFORMATION FOR eSAVE ACCOUNT HOLDERS

• As a current or previous holder of a 50 Plus or Sixty-Plus eSave you have benefited from an extremely competitive and innovative savings account – it's one of the reasons why Moneyfacts have made us the Best Over 50's Account Provider for two consecutive years.
• Since the first issue of the account, the combination of an initial fixed rate of interest as well as no notice, penalty-free access has provided savers with the comfort of a guaranteed return on their savings.
• All eSave customers have received at least 6.25% fixed for 12 months. This has been during a period where, because of significant economic uncertainty, the Bank of England Base Rate has fallen to an unprecedented 0.50% and has actually been 3.00% or below since November 2008.
• However, movements in the Bank of England Base Rate do have an impact on the overall structure of the Society's savings and mortgage portfolio and introduce an element of exposure to interest rate risk, which has to be carefully managed. This is particularly the case where we offer the combination of a fixed return and instant access and is why most fixed rate bonds don't allow savers early access to their money.
• Because we take a very prudent approach to these issues, it's important that we control the number of eSave accounts. As a building society committed to treating all of our customers fairly, we want to ensure that as many of our members as possible, aged 50 and over, can take advantage of this innovative product. This is why the account's specific terms and conditions explain that savers may only ever open one eSave account, either solely or jointly, whether it be a 50 Plus or Sixty-Plus issue.
• However, because we don't want you to miss out on the opportunity of earning 3.25% on your savings, we have launched a new e-Bond that pays the same competitive rate. It's available on balances from £1 up to a maximum investment of £250,000 and, as explained earlier, while many fixed rate bonds do not allow access to funds, with our e-Bond withdrawals are permitted subject to a 90 day loss of interest on the amount withdrawn.
• You may of course prefer to retain easy access to your savings. The current second year eSave variable rate of 2.00% AER is well in excess of the initial guarantee and 1.50% above the current Bank of England Base Rate. Although this rate is not guaranteed to precisely track base rate, any increases are likely to be reflected in improved returns on your savings.

THEY DON`T WANT YOUR MONEY :rotfl::rotfl::rotfl:

OFF TO THE SKIPTON

G_M

So when do they pick this up? I had issue 1 which I emptied last Jan and closed last week.

My on-line application for this issue 6 went through fine - waiting for application in the post ("Everything from applying to operating your 50 Plus eSave account is done online." ha ha!)

So at what point will they decline my £££???

OFF TO THE SKIPTON

why not the Leeds or A & L?

alared

G_M wrote: »

why not the Leeds or A & L?

Do they pay 3.85% fixed to Feb 2010?

Reaper

Edale wrote: »

Can you imagine the uproar if they advertised an under 50s account?

They do
http://www.coventrybuildingsociety.co.uk/savings/familyaccounts.aspx