Coventry online saver restriction

hjaymac

Have Coventry Online saver2 and recently opened Online saver4. Just noticed today in T&Cs that you cannot open an online saver account if you have ever opened one before even if it is now closed. I applied online in good faith and was allowed to open a second account. Not sure if I am missing something but why would Coventry restrict business in such a way. What should I do now?

alanq

The Ts&Cs are unambiguous. "If you have ever opened an Online Saver (2) or Online saver (3) you are not permitted to open an Online saver (4). You may only ever open one Online saver (4), either solely or jointly. However many issues of the Online Saver account there may be, you cannot open more than one."

Presumably they only want to offer the best rate to new savers and/or wish to ensure that multiple accounts are not opened to allow more than 4 penalty-free withdrawals a year. Having invented the rule you would have thought that they would enforce it!

Interest-wise there is not much to be gained with OLS4. OLS2 (with extended bonus until 28 Feb 2014) is currently paying 2.00% and OLS4 (with bonus for 1 year) is also currently paying 2.00%.