We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Coventry BS First Account
Mc4ndy
Posts: 142 Forumite
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
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
Why do today what you can put off until tomorrow.
0
Comments
-
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
Tinaon this day 23/05/1430
Joan of Arc captured and delivered to the English0 -
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.
BCEveryone needs something to believe in.
I believe I need another beer.0 -
Thanks for your post. That's what I'd hoped..
AndyWhy do today what you can put off until tomorrow.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards