coventry bs new acc 3.25%

supremetwo

TomsMom wrote: »

I have emailed them pointing this out and asking to change from an issue 3 to an issue 6 in accordance with their statement that they don't launch products only available to new customers.

However, I have a feeling that they will stick closely to the wording, i.e. "products available to new customers are open on the same terms to existing Coventry members" and the conditions state that you can only ever open one. I think they will reply that these same terms apply to new customers, not that old customers can have the new issue.

I think we're on a loser but one can hope.

Just had a phone call from Coventry in reply to my phoned similar complaint to their management.

Existing 50 plus esave account holders will be allowed to apply for 50plus (6) but the application must be completed by 14 July.

Since the account has now disappeared from the web pages, you will have to phone Coventry for an application form.

mjmal51

supremetwo wrote: »

Just had a phone call from Coventry in reply to my phoned similar complaint to their management.

Existing 50 plus esave account holders will be allowed to apply for 50plus (6) but the application must be completed by 14 July.

Since the account has now disappeared from the web pages, you will have to phone Coventry for an application form.

Great, I did an online application on Sat and wrote out a cheque, then reading here and already having issue 5 at 6.25%, I shredded the application form that I had printed out. Just phoned them and they are sending one in the post - they must receive it by 15th July. My plan is to transfer money into issue 6 when issue 5 "matures" in October.

alared

supremetwo wrote: »

Since the account has now disappeared from the web pages, you will have to phone Coventry for an application form.

This is correct,and also bear in mind that that there MAY be a postal strike in Coventry shortly and I was advised to send the application by recorded delivery,so they would have proof of the date posted and also show that an effort was made to get it there by the 15th.
http://www.coventrytelegraph.net/news/coventry-news/2009/07/07/backing-for-postal-workers-in-strike-threat-92746-24088174/

This ESaver 6 account must be one biggest c0ck-ups all round by the Coventry and it raises the question about their short-sighted management to come up with a "once only in a life time account".
Never heard so much tripe in my life.
They seem to be even sillier than the banks and we know where they ended up.

alanq

I really can't face the hassle. I have 50+ Issue 1 that has been earning a not very high rate and consequently has a not very high balance. I'll be closing it today. Other organisations are beginning to offer similar higher rates without the grief. The very least that CBS should have done was to raise the rate on the existing accounts to a level approaching the one just offered.

juicyjude

They all seem to do this, it drives you mad! I have just transferred my B & B internet 6 to internet 7 as the interest is better. Alliance and Leicester are just the same, it is so time consuming, drives you mad moan over

dach

I have a previous issue 50plus e save, didn't read special terms and conditions, downloaded and sent off application on saturday with £10.00 cheque. just checked my account online 50 plus esave (6) open, cheque credited though not cleared. transferred balance from previous issue now paying 2% to new account paying 3.25%. well pleased

hansi

I sent CBS a secure message about me being a non taxpayer and this is the reply that I received:


Thank you for contacting us about our 50 Plus eSave (6) account. I am sorry that you are disappointed with our decision to restrict this offer to customers who have not held a 50 Plus or Sixty-Plus eSave account before.
Your views are important to us and in light of your feedback I would like to invite you to open the account if you still wish to do so. We are sending an application pack and, under separate cover, a more detailed letter in the post explaining why savers normally may only ever open one eSave account, whether it is a 50 Plus or Sixty-Plus issue.
I hope this demonstrates that we do take our members views seriously at the Coventry, and thank you for taking the time to make contact.

Colin Franklin
Sales & Marketing Director

They must be taking a lot of mail about this!

sabretoothtigger

B.n.c.o. Ok

G_M

hansi wrote: »

I sent CBS a secure message about me being a non taxpayer and this is the reply that I received:

Thank you for contacting us about our 50 Plus eSave (6) account. I am sorry that you are disappointed with our decision to restrict this offer to customers who have not held a 50 Plus or Sixty-Plus eSave account before.
Your views are important to us and in light of your feedback I would like to invite you to open the account if you still wish to do so. We are sending an application pack and, under separate cover, a more detailed letter in the post explaining why savers normally may only ever open one eSave account, whether it is a 50 Plus or Sixty-Plus issue.
I hope this demonstrates that we do take our members views seriously at the Coventry, and thank you for taking the time to make contact.

Colin Franklin
Sales & Marketing Director

They must be taking a lot of mail about this!

I too emailed CBS and received a near-identical reply.

Dear XXX

Thank you for contacting the Coventry about our new 50 Plus eSave (6)
account. I am sorry that you are disappointed with our decision to
restrict this offer to customers who have not held a 50 Plus or
Sixty-Plus eSave account before.

In light of your feedback I would like to resolve this for you and allow
you to open the account if you still wish to do so. However I thought
it might be useful to explain why savers generally may only ever open
one eSave account, either solely or jointly, whether it is a 50 Plus or
Sixty-Plus issue.

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% AER 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. Such accounts that have been open for over one year now earn a
rate of 2.00% variable, or four times the Bank of England base rate and
1.5% higher than promised when the account was opened.

As a building society committed to treating members equally, all members
are restricted to one such account only. To spread the benefit as
widely as possible, whilst managing the risk of a fixed rate, easy
access account, the numbers of eSave accounts have had to be controlled.
But every eligible member has been treated the same - whether new to the
Society or an existing member - they all have had the opportunity to
open an eSave account.

However, we feel it's extremely important to listen to our members and
act on what they tell us. We've listened to your feedback and
understand the strength of feeling. As a direct result we've decided to
stop offering 50 Plus eSave (6), but under the circumstances I am happy
for you to apply for and invest in 50 Plus eSave (6) if you still wish
to do so. We are posting an application pack to you under separate
cover. Please be aware that your completed application must reach us by
close of business on Wednesday 15 July.

I hope this demonstrates that we do take our members' views seriously at
the Coventry, and thank you for taking the time to make contact.

Yours sincerely

Colin Franklin
Sales & Marketing Director

alared

G_M wrote: »

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% AER 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. Such accounts that have been open for over one year now earn a
rate of 2.00% variable, or four times the Bank of England base rate and
1.5% higher than promised when the account was opened.

To me this is all nonsense.
Their job is to attract as much money as possible to fund mortgages and loans.
The way it is worded would make you think they lost money by offering such good rates

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they did not.
The sooner they reverse this absurd policy the better,especially if they want maturing money to stay with them.
I have also sent a secure message complaining about this policy.