3.1% Easy Access Account - Coventry Poppy Online Saver

2010

LittleVoice wrote: »

innovate, talexuser and 2010 - it seems to me that thizzby was well aware that the closure of the account would be a fifth withdrawal. The problem was that Coventry are saying the "year" that they count for withdrawals is not the account year (ie the date from which the account was opened) but basically any 12-month period starting from the date of the first of the withdrawals.

I would be challenging the interpretation of a year too. Innovate's extract from the terms and conditions doesn't specify what a year is. Perhaps it is elsewhere in the t&c. Can you find it?

On reflection and following innovate`s link, it says:

You can make 4 no-notice, penalty-free withdrawals each year. Additional withdrawals can be made but will be subject to a charge equal to 50 days' interest on the amount withdrawn. This will automatically reduce your capital investment. Withdrawals of interest credited to the account, and account closure will count as a withdrawal. The minimum withdrawal is £1.

I now tend to agree that thizzby may have a good case.
He/she should ask the Coventry for a copy of the T&C showing where it actually states "a year" is from the first withdrawal.

Where these accounts limit you to so many withdrawals, I tend to to be on the cautious side and try to keep at least one below whatever is stated.

I did have one of these accounts but when the Telephone Saver @ 3.25% came out I switched to that.(so I haven`t got any T&C for the Poppy)

Basically thizzby should ask the Coventry to prove the T&C.

thizzby

Hi

Thanks Littlevoice you have grasped the problem - They appear to have 2 definitions for a year - The interst rate bonus anniversary (from the date of opening) and the withdrawls anniversary (from the date the 1st withdrawl is made). Because of this and because I've used my 4 free withdrawls I'm stuck with the Coventry until my 'Withdrawl anniversary and because the bonus anniversary has expired I'm stuck with a paltry interest rate during this time unless I pay the penalty to close the account!!!

Who dreams up these schemes? These type of savings accounts shouldn't be allowed by the FSA! A savings account is supposed to be a risk free haven for your hard earned cash. There should be no risks and hidden charges involved.

Think I'll contest this one with the FO fella.


Thizzby

2010

thizzby wrote: »

Thanks Littlevoice you have grasped the problem - They appear to have 2 definitions for a year - The interst rate bonus anniversary (from the date of opening) and the withdrawls anniversary (from the date the 1st withdrawl is made).

As I said earlier, ask the Coventry to show you it in black and white.

The "FO fella" will not entertain you until you have exhausted the correct procedure, which is to consult with the Coventry first.

There is a laid down complaints process which has to be gone through first.

pqrdef

I don't understand why people with "bonus interest" accounts hang on for the full bonus period before switching. There are plenty of other accounts, so you don't lose anything by switching early.

If you get N free withdrawals and you have to make the Nth withdrawal, use it to close the account. Why not? Why lock the money up at all? What are you hanging on for?

The best thing to have done with a Coventry Poppy was switch the money to Derbyshire or Nottingham or Santander when they had a better rate on offer (with less restrictions) - irrespective of withdrawals made or bonus months left to run.

They won't keep their products competitive if people don't switch.

thizzby

pqrdef wrote: »

I don't understand why people with "bonus interest" accounts hang on for the full bonus period before switching. There are plenty of other accounts, so you don't lose anything by switching early.

If you get N free withdrawals and you have to make the Nth withdrawal, use it to close the account. Why not? Why lock the money up at all? What are you hanging on for?

The best thing to have done with a Coventry Poppy was switch the money to Derbyshire or Nottingham or Santander when they had a better rate on offer (with less restrictions) - irrespective of withdrawals made or bonus months left to run.

They won't keep their products competitive if people don't switch.

Don't need these smug self satisfied replies. I had the maximum safe amount in the best accounts. I've chosen to highlight a potential hazard to other moneysaving experts savers which is what this forum is all about! - educational and informative. Take your ego elswhere pal!

talexuser

Interesting, I missed the relevance of year too. I think you do have a case. In my case I assumed the year was from opening the account - i.e. the only year I was interested in was the year the bonus applied (because intending to move before the drop when something better came along).

strawberrylane

thizzby wrote: »

Hi

I've just come a cropper on this account - another case of not reading very carefully the t & c's. I opened my account on 18/8/11 and expected to be able to close it when on the anniversary ie 19/8/12.

I've used all 4 free withdrawls during the year so I'd expect the anniversary date to be the date when I could close the account without a penalty payment - BUT no - I was told the t&cs state the year begins when the 1st withdrawl is made which for me was 19th November and having used all my free withdrawls I have to wait another 3 months to get my money without paying the penalty.

I feel cheated by these people and have told them so. This is in my opinion another case of unfair t&cs. Wonder if there is a case for financial ombudsman. The FSA have cleared the account according to the COventry.

Thizzby:mad:

According to the specific terms and conditions for the Poppy Online Saver account, the above statement is incorrect. I have just dug out my paper copy of the full t&c's which I received when I opened the account last year. Condition 7.1 states.........

7.1 You may make 4 penalty-free withdrawals each year. A year commences on the date, or anniversary date, of the account being opened.

Quite clear really.

thizzby

strawberrylane wrote: »

According to the specific terms and conditions for the Poppy Online Saver account, the above statement is incorrect. I have just dug out my paper copy of the full t&c's which I received when I opened the account last year. Condition 7.1 states.........

7.1 You may make 4 penalty-free withdrawals each year. A year commences on the date, or anniversary date, of the account being opened.

Quite clear really.

Thank you very much - I'm going to ring them now.

21/8/12
RESULT - Rang them and a brown sauce of a message, gave me the wrong date for closure - instead of 19/11/12 it should have read 19/8/12.. So I can safely close my account. Thanks all who helped - on this really good forum.

innovate

strawberrylane for President!

Ooops, forgot, we don't have one of those.But nonetheless, strawberrylane was the one with the breaktrough information.

Absolutely delighted, for you, thizzby, that the issue has been resolved in your favour. And apologies once more for ripping into to you when I ignored all facts - bad mistake on my part.

2010

thizzby wrote: »

I requested, in a polite way, that *********, who sent the erroneous message receives a slap on the wrist for all the trouble she's caused.

I think you should edit your post and remove the girl`s name.

Let he who is without sin

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