3.1% Easy Access Account - Coventry Poppy Online Saver

talexuser

Funnily enough I regard a 3 day BACS withdrawal as "instant" access nowadays since the delay is only really due to the banks fleecing us and not having widespread faster payments.

In my mind a notice account is where you have to give advance notice to the saving provider of a week or longer to prevent loss IMHO.

Bacs is certainly worth mentioning as a term of withdrawal but the rest is rather nit picking. Where else can you get more than current RPI with the same low risk apart from the measly 15 grand in Nat Savings... but there are thousands of accounts less than 3.1%?

Broadwood

2010 wrote: »

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.

Most of us on here want to be getting the best out of our finances and hope to be able to help others do the same, while at the same time picking up any useful tips and advice from others. We should all be on the same side. If there are down sides to certain accounts or providers then we should share that information, likewise any good points should be shared too. It is then up to individuals to weigh up the good and bad points together with their requirements and hopefully make an informed choice between providers and/or products.

Providers sell their products using terms like "you'll love" and "great rates". That is the nature of advertising. Pointing out the facts which the adverts choose to omit (but ARE in the T&Cs) is not me being negative for the sake of it. I am just trying to make sure that the gloss doesn't hide some of the relevant facts to the detriment of both us and our fellow savers who might not be so clued up.

We will only get better rates and T&Cs in the long run if more of us stick together and spread the word about being vigilant and making the effort to follow the best rates and terms. I want to see the end of Introductory Bonuses across the board. They are a distortion and unfairly misleading to consumers. Can you imagine if petrol was sold in this way. Big sign on road states "First litre of unleaded £1". Then when you get to the pump there is a tiny sign stating that litres over and above the first are priced at £1.35p......... This would quite rightly be called a Rip-Off and very quickly made illegal.

Slightly off topic but to highlight gloss masking the details......If I remember rightly back in the 1970's or 80's there was a legal scam where petrol had a two-tier pricing structure and you could either pay full price and get glasses/mugs/soup bowls, pink/green stamps or other gifts, or you could get a cash discount per FULL gallon instead. You paid the top price for all those part-gallons if you didn't stop filling at an appropriate point and believe me pumps were controlled by buttons on the console at the till. 5.99 gallons only gave 5 glasses. The government eventually outlawed two-tier pricing of petrol.

The latest issue of NS&I Index-Linked certificates should spur more providers on to up their rates to at least keep pace with inflation.

On a positive note....The Coventry DOES gives good customer service and their security and log-in experience ARE excellent. Their rates DO compare favourably with their competitors for directly comparable products.....but YOUR money is still LOSING some of its spending power when weighed against inflation however you choose to dress up the facts. YOUR money is subsidising mortgages.

talexuser

entirely agree with your good and valid points, but no low risk relatively easy access accounts beat inflation beyond the 15k you can put in NS&I. So 3.1% is a good deal at the moment because it is losing you less than 2% or (heaven forbid) 0.5%

2010

Whilst the BoE is frightened to increase interest rates because of the massive defaults and repossessions that would occur by people who have bitten off more than they can chew (mortgage holders), savers in this country have got no chance of finding inflation busting rates.

2010

http://www.thisismoney.co.uk/money/saving/article-2008583/New-3-1-instant-access-best-buy-Coventry-BS.html?ito=newsletter

savetilibleed

I opened one of these, which I was able to do almost instantly as I have another online account of theirs. I did this the day after OP date and can't remember if I saw that first or whether I saw it on their site first. But thanks anyway, OP.

equitydealer

Looks like the savings account war is hotting up, Coventry have raised the savings rate on this account to 3.15% from July 29. Applies to existing accounts too. Just received the info by email.

roddydogs

Wow a Whole 0.05% still better than nothing.

equitydealer

Well they are simply beating Derbyshire BS who have 3.11%

ShelleyC_2

equitydealer wrote: »

Well they are simply beating Derbyshire BS who have 3.11%

I'd opened the Derby one to shift (again) and now I don't have too