Coventry ISA opening vent

Arthurian

I opened a new Coventry Fixed rate ISA on 7th April, but didn't put my money into it immediately, waiting for the account opening process to complete first. I didn't want to send my money into an account completely 'blind', i.e., no way of seeing the balance on screen, etc. It took so long for them to complete the opening, what with password posted to me separately, then a security grid card posted separately, then organising a "WEB ID" as well, that I have now missed the opportunity to open the account at the original 2.25%. I still don't have a WEB ID (which might arrive this weekend - 25th April) and they reduced the interest rate yesterday. Apparently your money has to be in the account within 14 days from opening, so that's that. I'm now looking around for the best ISA for this year again. I know you can only open one ISA a year, but their customer advisor said that since there was no money in it, this ISA I opened didn't count.

Just felt frustrated and wanted to vent.

Thanks.

KGriff

Sadly the rules are the rules, but I must admit that 14 days is not what I would term a lengthy amount of time, especially taking into account that it was the start to a busy new financial year.

Still, it was not an account that allowed transfers in and only provided a 14 day deposit period. That to me, would have meant a cheque for all (or up to) £15,240 depending on affordability, being sent off with my signed application.

Still a lesson for us ALL to read the terms and conditions, set out by a provider and to think things through, so such opportunities are not missed in the future.

Good job you didn't deposit a £1 ... That may have been a much bigger issue for you.

At least you now have another opportunity to go find a good home for your hard earned pennies. I'm sure you will find something to suit your needs.

If there is £15,240 in your savings and that is mostly ALL the money you plan to save this year, then you might even choose to look at the higher interest paying current accounts as listed on the MSE website, assuming you have not done that already. Or you may choose to invest the money long term depending on your circumstances.

Anyhow 'fearing the black hole' where your money seems to disappear into 'the further' between accounts makes me think investing may not be a good choice, especially when you see a big(ish) drop in your S&S ISA and start to get the urge to sell... You just have to look the other way sometimes, er maybe with fingers crossed.:eek:

badger09

OP

This was a Fixed Rate Fixed Term ISA, and typically those products allow only a short time in which you can deposit new money or submit your transfer request form (if transfers in are allowed).

As you couldn't do anything with the money deposited in the ISA, without suffering a large penalty, I'm puzzled why you needed to wait until you had full online access?

colsten

OP, they might just have done you a huge favour. How much money is involved, what is your tax rate, have you exhausted all the interest paying current accounts and the regular savings accounts?

You might be able to make a lot more interest outside an ISA, and you have until April 5 2016 to use your 2015-16 ISA allowance.

Arthurian

Thanks, all. I erroneously assumed, without checking the T&Cs, that opening the ISA and getting an account number and sort code would have 'held my place' and did not realise that I had to actually put the money in within 14 days. I would normally have checked such details, but on this occasion failed to do so. Thanks, Colsten, but I have exhausted the other options you mention. I'll never skip the T&Cs again, no matter how busy I am!