Coventry First account rate increased to 5.46% gross (5.60% AER)

Kazza242

According to Moneyfacts, Coventry Building Society's First (savings/current) account rate will increase, from 5.22% gross to 5.46% gross. Therefore the AER is going up from 5.35% to 5.60% (if my calculations are correct). This should be with effect from 1st December 2006.

Coventry First guarantee to pay BOE base rate +0.60% for the first year after the account has been opened. You must deposit £1,000 per month to receive the higher rate of interest, otherwise the account will pay a nominal sum.

Here is the link to the current accounts list on Moneyfacts.

mary

That's the one I was waiting to have confirmed and was hoping I wouldn't need to move.

oscarhugo

I asked them a week or 10 days ago if they were increasing their interest rates & they advised that they were presently "reviewing" them. Since then I 've waited in vain for them to move. I just had another look at their website & the rate remains stubbornly at 5.35% so I was just having a closer look at the Icesave account. Now, thanks to the above, I will sit tight a bit longer & not open an a/c with the Icelanders for the time being. I like the Coventry, actually - they start paying interest on cheques, so they say, from the day it's received, long before it clears. And withdrawals only take 2 days to appear in the recipient a/c.

tom188

oscarhugo wrote:

I asked them a week or 10 days ago if they were increasing their interest rates & they advised that they were presently "reviewing" them. Since then I 've waited in vain for them to move. I just had another look at their website & the rate remains stubbornly at 5.35% so I was just having a closer look at the Icesave account. Now, thanks to the above, I will sit tight a bit longer & not open an a/c with the Icelanders for the time being. I like the Coventry, actually - they start paying interest on cheques, so they say, from the day it's received, long before it clears. And withdrawals only take 2 days to appear in the recipient a/c.

Well they do have a guarantee to raise it within one month, so you shouldnt worry too much about it.

Stompa

FWIW I just received an email telling me that my Coventry NetSave account interest rate had been increased by 0.25%. Still waiting for a Coventry First email.

oscarhugo

Stompa wrote:

FWIW I just received an email telling me that my Coventry NetSave account interest rate had been increased by 0.25%. Still waiting for a Coventry First email.

Me too. Me too. (I don't usually repeat myself but it told me my message was too short to post ! How stupid.)

Loobeylou

Have just had a Coventry bond mature and they are wanting me to renew my investment. They are offering a three year bond to customers with a three year old maturing bond, not available to new customers.

Annual AER/Gross p.a. 5.45%, monthly rate AER 5.40% and gross 5.27%, minimum investment £1000.

Thoughts anyone?

Innys

Now done, see

http://www.coventrybuildingsociety.co.uk/coventryfirst/home.aspx

oscarhugo

Innys wrote:

Now done, see

http://www.coventrybuildingsociety.co.uk/coventryfirst/home.aspx

Thanks, Innys -- still not had any e-mail advice from them re Coventry1st.