We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Conventry Building Society
sorcerer
Posts: 878 Forumite
I was setting up their online saver issue 3 last night, and I noticed some interesting stuff in their terms and conditions.
After you have setup it up, if you close it you can never have another online saver, not even if they change the issue number in the future. So it's a one shot deal, use the acount for 1yr to get the bonus, and never come back.
Their is only one reason I can think they have done this, and it's because, they don't want customers who keep shifting money from bank to bank.
After you have setup it up, if you close it you can never have another online saver, not even if they change the issue number in the future. So it's a one shot deal, use the acount for 1yr to get the bonus, and never come back.
Their is only one reason I can think they have done this, and it's because, they don't want customers who keep shifting money from bank to bank.
0
Comments
-
Hmmm, we have a Poppy with them, and I guess the same might apply.
I don't like banks that use "bait and switch" tactics, so that's fine!they don't want customers who keep shifting money from bank to bank.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Perhaps they should change from TLC to LULU (Love Us and Leave Us).
I don't particularly like the concept of anyone who has saved with them for over a year having to accept a rate 1.15% per annum below that of new customers. Would be much more loving to at least allow loyal customers to move money to the best rate available to new customers.I came, I saw, I melted0 -
Perhaps they should change from TLC to LULU (Love Us and Leave Us).
I don't particularly like the concept of anyone who has saved with them for over a year having to accept a rate 1.15% per annum below that of new customers. Would be much more loving to at least allow loyal customers to move money to the best rate available to new customers.
You are right, of course.
But some Building Societies are now doing the same sleazy money making tricks as the Banks, because they have to make more profits, not for shareholders, but to pay hugely increased contributions to the FSCS to bail out their competitors the taxpayer bailed out banks
Even though no Building Society has ever claimed on the FSCS scheme, they are forced to pay these huge increases in contributions to it.“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
Just wanted to say that I have saved with Coventry for quite a number of years and they have always been very happy to change my account to a higher rate one at the end of my bonus period. Would highly recommend.0
-
I've generally found that by then Coventry have launched a different account with a competitive rate, so it's worth opening the new one even before the bonus on the original has expired. Although I already had a Poppy account, I opened an Online Saver [2] soon after it was launched.I was setting up their online saver issue 3 last night, and I noticed some interesting stuff in their terms and conditions.
After you have setup it up, if you close it you can never have another online saver, not even if they change the issue number in the future. So it's a one shot deal, use the account for 1yr to get the bonus, and never come back.
I'm a big fan of CoventryBS - if you need to phone them, their customer services people know what they are talking about and have always been very helpful.".....where it is corrupt, purge it....."0 -
They did the same with the esave account. I had a go at them a few years ago for doing this and put it directly to them that it was a silly way to behave towards longstanding customers. At that time they relented and let me move to the new account.
Building Societies will reap the reward of this strategy. If they behave like banks their shareholders will treat them like banks and vote for their demutualisation. Nationwide are behaving like a bank too.
Coventry have also stopped offering more than one year fixed rate bonds. Cannot understand why.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
Have been with them for years and always found them very fair with good rates.
When one rate ends they write and let you know what available to switch to.
They also send a monthly email reminding you to log-in and check your account.
My 12 month fixed cash ISA (3.1%) is coming to an end and they`ve offered 3.4% to roll it over and also to add this years allowance.
One of the better savings providers.0 -
Just wanted to say that I have saved with Coventry for quite a number of years and they have always been very happy to change my account to a higher rate one at the end of my bonus period. Would highly recommend.
Totally agree with archieboy always switched on-line to another at the end of each period with no problem.
Would also "highly recommend"nitraM0 -
"If you have ever opened an Online Saver(2) you are not permitted to open an Online Saver(3)"
Is this the condition?. If the Coventry BS want new investors for similar accounts in the future they will simply change the name and allow new investments.0 -
Building Societies will reap the reward of this strategy. If they behave like banks their shareholders will treat them like banks and vote for their demutualisation.
1) Building Societies don't have shareholders.
2) Demutualisation is finished for the foreseeable future. The rules have been changed.“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards