Opinions on Coventry First

codetown

Hi,
i would like opinions on Coventry First
http://www.coventrybuildingsociety.co.uk/coventryfirst/home.aspx

This appears to be a current account + Savings account alltogeter, which offers 5.1% AER (incl. a bonus for 1 year) with monthly interest payments.

I am interested in using it as a saving account (I will not use ICICI because I don't trust them) and is the first time I hear about this account. Anyone using?
I have no access to a Coventry BS branch, so everything would need to be done by post/online. Is this feasible?

Suggestions/comments welcome.

Stompa

codetown wrote:

I am interested in using it as a saving account (I will not use ICICI because I don't trust them) and is the first time I hear about this account. Anyone using?

Yes, I use one as a savings account and have not had any problems so far. The only awkward feature is "All you need to do to earn this great rate of interest is pay in £1,000 each month directly from an external source.".

codetown wrote:

I have no access to a Coventry BS branch, so everything would need to be done by post/online. Is this feasible?

I have no access either, but it's easy enough to manage online.

codetown

Stompa wrote:

Yes, I use one as a savings account and have not had any problems so far. The only awkward feature is "All you need to do to earn this great rate of interest is pay in £1,000 each month directly from an external source.".

I read that, but I assume you can fund the account with 1000 pounds and then take the money back as/when needed, or even set-up a standing order back to other accounts. Am I correct in thinking this?
[yes I know I will loose ~4-5 days interest on the 1000 pounds doing this transfer]

Stompa

codetown wrote:

I read that, but I assume you can fund the account with 1000 pounds and then take the money back as/when needed, or even set-up a standing order back to other accounts. Am I correct in thinking this?
[yes I know I will loose ~4-5 days interest on the 1000 pounds doing this transfer]

I guess so, though you'd almost certainly lose a bit more that 4-5 days interest on the £1000 since there would be two transfers involved.

If making the monthly transfers manually, then you obviously need to be very careful that you don't miss one, otherwise the interest rate on the full balance reverts to a nominal rate (which could be costly!).

flossy_splodge

Coventry BSoc in my view is reputable and operates well. I am not in position to pay in £1000 as required but would certainly have one of these accounts were it possible. Cov BS also do a first class Home insurance policy. Well recommended. Have other business with the COVBS and very happy.:T

Quietgirl

Hi,

I have been using the Family 1st accounts which consists of one account for child benefit which is fixed at a good rate for 12 months and there is a normal account attached to it. With 2 cash cards. I know this is a different account to what your talking about, but I am more than happy with them. I don't live anywhere near a branch but use there internet banking which I am more than happy with. Also I have rang them up on a few occasions and have been happy with there customer service.

Hope this helps but sorry if off topic with the wrong account.