Coventry Fixed Rate ISA 2.75%

bigadaj

I know what you mean about bankers being bankers, but I still don't see how they can't be held to account for manipulating things just to inflate bonuses.

Prior to the financial crisis this was justified by the fact that these bankers were brilliant, we were in a new paradigm etc

Once things went pop then apparently these things couldn't be foretold, being incompetent isn't a criminal offence, even though these people were apparently so brilliant that you needed to pay them guaranteed bonuses etc etc

Why investment banks are still tied to retail banks is bizarre, glass steagal worked well for over sixty years, then we ended up with the banking system globally collapsing. Splitting them isn't a panacea, as the effects of Lehman demonstrated, but the effects can be managed, unlike when a retail bank is threatened and governments just roll over.

EdGasket

ColdIron wrote: »

Nothing to do with banker's mistakes, everything to do with the Funding for Lending Scheme which the government is using to encourage lending to house buyers and SMEs. Rates were reasonable until that scheme started

Well I think you are wrong. The low interest rates were introduced to keep lending going, reduce the effect of recession, and prevent further defaults after the bankers caused the credit crunch.
Funding for lending is only a small cog in a big machine.

VT82

2010 wrote: »

This ISA is mentioned in the mse weekly email namely for it`s loophole of getting your money back anytime with a loss of 120 days interest.
Mse seems to think this is a three year fixed ISA but in fact it matures on 30/11/2017 which makes it a three year and EIGHT months fix.
http://www.coventrybuildingsociety.co.uk/savings-accounts/cash-isa.aspx

I've applied for this and had it in my head that it's May 2017 maturity. Have they pulled and replaced (with same rate and same conditions, just different end date), or was I mistaken?

Triumph13

The one key omission from the list of culprits people have posted so far is a certain Mr Greenspan...

ColdIron

EdGasket wrote: »

Well I think you are wrong. The low interest rates were introduced to keep lending going, reduce the effect of recession, and prevent further defaults after the bankers caused the credit crunch.
Funding for lending is only a small cog in a big machine.

A small cog perhaps but one that's had a significant effect

In 2008 before the base rate reduction I had an M&S 1 year fix at 4.5%. In 2012, before FLS came in, I got a 1 year fix with Aldermore at 3.55%, a reduction of 22%. That same Aldermore account today is at 1.6%, less than half or a 55% reduction

The base rate reduction felt bad at the time but it's FLS that has crippled rates in my experience

2010

VT82 wrote: »

I've applied for this and had it in my head that it's May 2017 maturity. Have they pulled and replaced (with same rate and same conditions, just different end date), or was I mistaken?

No it`s the same one.
This has been on and still is on the "best buy" lists as a FOUR fix on

https://www.savingschampion.co.uk/best-buys/personal/fixed-rate-isa/

but time has moved on and it`s now 3yrs and 8 months fix.

VT82

Just in case anyone was confused like me, I've checked my paperwork, and it is 2.75% to May 2017, if you've got the Issue 19 version like I have. Wasn't going mad after all!

osian

How long did it take to open this? Just wondering if I have time to apply & get the money paid in by the end of the tax year. Did you have to send a cheque to them or can it be done by bank transfer?

Thanks.

osian

Just found the answer to one of my questions. You can do a bank transfer to pay the money in.