3.1% Easy Access Account - Coventry Poppy Online Saver

2010

A great rate and easy access
Our Poppy Online Saver account is an online easy access savings account with a rate you'll love.

Invest from £1 to £250,000
Enjoy a rate of 3.10% AER*/Gross p.a. (variable) including a first year bonus of 1.10% AER*
4 penalty free withdrawals each year. Additional withdrawals will incur a 50 day interest penalty on the amount withdrawn
For every £20,000 invested the Coventry will make a donation of £10 to the Poppy Appeal
£5m donated since 2008

alanq

melb wrote: »

so it is instant access but only 4 times a year - is that correct as i'm about to take the plunge

To be "instant access" you would have to be able to withdraw cash at a branch or at an ATM or have Faster Payments out. Coventry correctly describe the account as "easy access". The funds from the penalty-free withdrawals will reach you within a few days (as soon as BACS can deliver them).

Broadwood

2010 wrote: »

A great rate and easy access
Our Poppy Online Saver account is an online easy access savings account with a rate you'll love.

Invest from £1 to £250,000
Enjoy a rate of 3.10% AER*/Gross p.a. (variable) including a first year bonus of 1.10% AER*
4 penalty free withdrawals each year. Additional withdrawals will incur a 50 day interest penalty on the amount withdrawn
For every £20,000 invested the Coventry will make a donation of £10 to the Poppy Appeal
£5m donated since 2008

OK.....I have to say something worth saying and informative. (Since when have you been judge and jury?)

I don't love or enjoy an interest rate of 3.1% (which after year one becomes only 2% without the bonus), when RPI inflation rate is currently above 4%. You might not work for The Coventry, but you sure see their products through rose-tinted glasses !

At best this account will lose you money in real terms, and at worst if you leave it there after year one you will have been mugged by The Coventry. They and most other savings institutions rely on customers NOT noticing or realising that closed accounts have slid way down the rates league tables. Martin calls them "Suck & Slap" accounts, to be countered by "Ditch & Switch". But it takes time and effort which not everyone has the inclination for.

Is that informative enough for you?

Special_Saver2

Hi Folks,

In recognition of the posts above, I have changed the title of this thread so it says "easy access" rather than "instant access".

I can see both sides in the debate in the posts above.

This account provides a very competitive easy access interest rate. It will also be quite handy for people who have a Coventry First current account as they should get "instant access". The account will also suit people who make few withdrawals; there are some people who only withdraw money when it is time to move on to another account paying a better interest rate.

On the other hand, this account will not suit people who need to make frequent withdrawals. I also recognise that the interest rate is less than inflation although that is the case with most accounts at the moment. It is a shame that "suck & slap" accounts exist and you will need to "ditch & switch" at the end of 12 months as has been indicated above.

Anyway, I hope we can stop the debate now. I think we are all here just to help each other save money. That is why I started this thread.

SS2

k9oky

savings for the long term! I've had many more good years than bad years - now is just a time (if your taking virtually no risk investments) for me now is a time to just suck me chest in and take it like a man - I'm more than happy with the past years real income!

2010

Broadwood wrote: »

OK.....I have to say something worth saying and informative. (Since when have you been judge and jury?)

I don't love or enjoy an interest rate of 3.1% (which after year one becomes only 2% without the bonus), when RPI inflation rate is currently above 4%. You might not work for The Coventry, but you sure see their products through rose-tinted glasses !

At best this account will lose you money in real terms, and at worst if you leave it there after year one you will have been mugged by The Coventry. They and most other savings institutions rely on customers NOT noticing or realising that closed accounts have slid way down the rates league tables. Martin calls them "Suck & Slap" accounts, to be countered by "Ditch & Switch". But it takes time and effort which not everyone has the inclination for.

Is that informative enough for you?

More negativity from you because you criticise but don`t offer a better alternative for either rates or customer service.
We would all like to have better rates but when the main concern in this country is to look after mortgage holders and not SAVERS, we have and will be stuck with below inflation interest rates for a long time.

You have to shop around and try to get the best account for your own needs and then watch it like a hawk and be prepared to move it if need be.
More importantly read and understand the T&C of the account inside out.

As I pointed out in my post number 9, the Coventry sends an email every month reminding you to log in and review your accounts.

2010

Special_Saver2 wrote: »

Hi Folks,
In recognition of the posts above, I have changed the title of this thread so it says "easy access" rather than "instant access".

Anyway, I hope we can stop the debate now. I think we are all here just to help each other save money. That is why I started this thread.
SS2

SS2, It was a good post for a decent account, but of course as usual, on these boards we have the nit pickers(post 4 for instance).
All people have to do is click on your link and ALL is explained but that`s a bit too easy for some.


Couldn`t agree more with your last sentence and thanks again.

roddydogs

The low interest rates now offered are a bombshell waiting to go off, they are not sustainable for much longer, then you will find thousands of homes repossessed, and then thousands who will have to claim social housing and benefits.

SnowMan

Thanks for bringing this account to our attention Special Saver 2 :beer:

We need more TLC on this thread

talexuser

another thanks for the thread.

A useful account in addition to NR, Halifax and Santander for 'not immediately for use money' if you want to spread around below the 85k safety limit at the best rates available at this time.