3.1% Easy Access Account - Coventry Poppy Online Saver

savetilibleed

savetilibleed wrote: »

I just sent a message a few moments ago to Coventry re a Poppy Online Saver (2) which has the same restrictions, to get this clarified, even though it does now seem clear. I also wanted to know about withdrawal limits into the linked account per transaction so asked that too for clarification.

The answer I got was:
"Customers will be allowed to make 4 no-notice, penalty free withdrawals in a rolling 12 months from account opening. For the 5th and all subsequent withdrawals in that year, there will be a charge equal to 50 days interest on the amount withdrawn."
I also called them. Answer, 4 withdrawals in a calendar year of opening, then a fresh 4 starts at the next year. The operator gave example of say account was opened January and 4 free withdrawals were made December, after the next January a fresh 4 free withdrawals are available.

I was also unclear how much could be transferred to the Nominated account. By message reply it was £50000, by phone is was as much as is in the account.

*scratches head*

innovate

Reassuring that the quality of bank and building society staff seems to be the same throughout the industry. Just a crying shame that so many of them don't even know their own products.

savetilibleed

Clarification on withdrawal limits: It is indeed £50,000 on-line to the nominated account but over the phone, no limit.

All I was wanting to know actually is that because a Coventry FR bond will mature at the end of the month and, as the offer to extend it is not in the least favourable, we want it to mature into a Poppy Saver (2). Now we know we can withdraw more than £5,000 (which is what I thought it might have been), in a single transfer, we can to pay back money 'borrowed' temporarily to fund another FR elsewhere.