Coventry BS First Account

Mc4ndy

Hello people,

This is my first post in these forums, although I have been reading 'em for a while.. Wow it took me 5 goes to register as I kept getting the image verification characters wrong - either I'm going blind or those letters / numbers are a little ambiguous!

Anyway I was looking at possibly changing my current account to one that pays more interest. I like like the sound of the Coventry BS First Account - savings and current account rolled into one for simplicity it would save me hassle of remembering to xfer money etc into a separate savings account and I would just get a decent interest on anything in there. My Balance fluctuates a fair amount but stays in credit.... However, I was reading this on their site and I can't quite fathom it...

QUOTE
"You'll earn interest on your money from the first day that a deposit is made (unless the account is overdrawn), up to and including the day before a withdrawal is made. Interest is not earned on the day of a withdrawal."

Does this mean interest is not earned on the day of a withdrawal on the amount you withdraw or on the whole balance of the account? To my mind if it's the whole balance, and it's being used effectively as a day to day bank account then it sounds bad, since a lot of transactions take place in a month on a my current account, ATMS, using card for food, shopping etc etc..

Can anyone else tell me if that is the case? The account is mentioned by Martin in the Loans and Banking section but this isn't clarified.

Thanks

Andy

tina68

Hi, I'm with the Coventry b/s and have looked into this myself and am confused also, as i no longer stay in Coventry i can't just go in and ask, maybe if you do they will clear this up for you..Do let me know
Tina

Bernard_Coleslaw

Nope, this condition just applies to the amount you withdraw on that day. The rest of your balance will continue to earn interest.

And bear in mind Cov BS does pay interest from day one on everything, including cheques too. It's a good account IMHO.

Hope this heps.

BC

Mc4ndy

Thanks for your post. That's what I'd hoped..

Andy