MSE News: Coventry Building Society pulling best buy cash Isa

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"Act now if you want Coventry Building Society's best buy Isa - application forms are being withdrawn on Wednesday night"
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Coventry Building Society pulling best buy cash Isa

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  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    Phew, opened one for daughter just in time.

    We were going to subscribe to same ISA again after April 5th, but perhaps they won't allow this now?
    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.
  • minislim
    minislim Posts: 357 Forumite
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    whats going on with banks and building society's?

    they are offering very very poor rates on isa and the last few remaining good deal like coventry's are being pulled too.

    its about time the government stepped in and sorted this.

    one of the key reasons we are in reccession was because of the banks and now they're holding us back in other ways.
  • badger09
    badger09 Posts: 11,247 Forumite
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    minislim wrote: »
    whats going on with banks and building society's?

    they are offering very very poor rates on isa and the last few remaining good deal like coventry's are being pulled too.

    its about time the government stepped in and sorted this.

    one of the key reasons we are in reccession was because of the banks and now they're holding us back in other ways.

    Not sure what mean by this.

    It is largely the Government/BOE's Funding For Lending scheme providing banks and building societies with very cheap money, which means they don't need to attract our savings by offering decent rates.

    In other words, the government has already stepped in :mad:
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    minislim wrote: »
    its about time the government stepped in and sorted this.

    It's called the free market economy and I'll thank HMG to keep out of it.
    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.
  • justine68
    justine68 Posts: 12 Forumite
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    they are offering very very poor rates on isa and the last few remaining good deal like coventry's are being pulled too.

    its about time the government stepped in and sorted this.

    Why should the government step in? It's not their job to provide us with bank accounts?

    Russia tried that a while ago and it didn't turn out too well. See also Cuba, Venezuela, and Bolivia for equally successful examples.
  • ThriftyFelicity
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    badger09 wrote: »
    Not sure what mean by this.

    It is largely the Government/BOE's Funding For Lending scheme providing banks and building societies with very cheap money, which means they don't need to attract our savings by offering decent rates.

    In other words, the government has already stepped in :mad:

    and the press has been largely ignoring this fact...
    R.I.P. Bart. The best cat there ever was. :sad:
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    I seem to recall that recently Vince Cable has been advocating that banks increase their reserves to help avoid another Cyprus-style fiasco. If he gets his way, the banks may start to need savers' funds again. So, perhaps there is some hope of savings rates edging upward again.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    I seem to recall that recently Vince Cable has been advocating that banks increase their reserves to help avoid another Cyprus-style fiasco.

    Increasing tier 1 capital ratios is a requirement of the Basel 3 regulations so Cable nor the banks can do anything other than argue about timescales, precise definitions of T1, and how they will be allowed to "grandfather" old capital that no longer qualifies as T1.
    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.
  • Mickygg
    Mickygg Posts: 1,737 Forumite
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    gadgetmind wrote: »
    Increasing tier 1 capital ratios is a requirement of the Basel 3 regulations so Cable nor the banks can do anything other than argue about timescales, precise definitions of T1, and how they will be allowed to "grandfather" old capital that no longer qualifies as T1.

    Lol as far from the original thread as you can get!!
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