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Coventry first account
Milarky
Posts: 6,356 Forumite
Have the conditions changed lately to require a minimum monthly amount of £1000?
I used to pay in £1000 and then draw it out straight out - using just the overdraft which is 0%. But for some reason I stopped paying in any regular amount, since I thought that was purely required in order to maintain the rate of in-credit interest rate (not relevant if keeping the account in authorised overdraft)
Current terms & conditions [5.1] clearly states that £1000 must be credited monthly. But I suspect that term's been added.
Is anyone expert?
I used to pay in £1000 and then draw it out straight out - using just the overdraft which is 0%. But for some reason I stopped paying in any regular amount, since I thought that was purely required in order to maintain the rate of in-credit interest rate (not relevant if keeping the account in authorised overdraft)
Current terms & conditions [5.1] clearly states that £1000 must be credited monthly. But I suspect that term's been added.
Is anyone expert?
.....under construction.... COVID is a [discontinued] scam
0
Comments
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It seems to date back to at least 2007.
"The minimum funding requirement for the account is £1,000 per month."
http://www.myfinances.co.uk/savings/2007/10/1/coventry-current-account-offers-6-35-up-to-25
However what happens if the "minimum deposit" is not made? Currently the website says
"If you do not make the minimum monthly deposit, then you will only earn a nominal variable rate of interest for the following month."
http://www.coventrybuildingsociety.co.uk/savings-and-investments/productfeatures.aspx?prodCode=CA30
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