Coventry First Current Account

A_Flock_Of_Sheep

Sadly, the Coventry has now removed this account from its range and is no longer in the Current Account market. This appears to even have gone unnoticed on MSE as this took place late 2015 and I can't find any comments or threads when I do a search.

This account I opened when it first came about in 2006 and was marketed as a hybrid savings account with debit card facilities and the ability to pay bills and standing orders. Several years later The Coventry re-marketed the account giving it the title of "Current Account" on its website. Prior to this it was just part of the society's instant access savings range but was credit scored due to a £250 interest free overdraft. The scoring criteria was very high and I recall a number of MSE people falling short of the bar despite having significant cash at hand.

Just checked my first statement date June 2006 and the interest rate on this account was:

AER: 5.10%
Gross pa: 4.98%
Net Equivalent: 3.98%

On balances up to £250,000 providing £1,000 per month is credited.

The now "closed issue" version for existing customers like me is a shadow of this once market leader with a rate of just 0.25%. Now I just use the account to receive income and pay out bills and for debit card transactions.

It is very sad to see, particularly in terms that The Coventry have for me provided the best Customer Service I have ever had from a financial institution. It appears also that even their other "savings" products are hardly headline news in terms of rates. But whose are? Sandander with the 123 and a few other banks offering a decent rate on a bit of pocket money seems about the best bet for anyone daft enough to be saving these days.

The reasons for discontinuing the account are unclear but I hope they will consider returning to the market perhaps with an account offering a decent rate for smaller balances.

diamonds

5.10% its almost like a fantasy... but yes it was real!


Coventry has good care, thanks always good to know where has

A_Flock_Of_Sheep

I highly suspect the rate of 0.25% will drop to zero or perhaps 0.01% to cover the expense incurred maintaining the account for existing people like me. Or perhaps they will eventually write to us saying the account will be closing or the Debit Card facility will be removed rendering it pointless.

Similar happened to National Saving's Ordinary Account. The Blue Passbook Post Office Savings Account. That went from the Blue Book to a Cash Card to nothing.

A_Flock_Of_Sheep

They released a cut down version of Coventry First called Money Manager Debit Card. I wonder if any MSErs still have that?

A_Flock_Of_Sheep

diamonds wrote: »

5.10% its almost like a fantasy... but yes it was real!


Coventry has good care, thanks always good to know where has

Ohh bring back the days of 5% on instant access savings.

diamonds

A_Flock_Of_Sheep wrote: »

I highly suspect the rate of 0.25% will drop to zero or perhaps 0.01% to cover the expense incurred maintaining the account for existing people like me. Or perhaps they will eventually write to us saying the account will be closing or the Debit Card facility will be removed rendering it pointless.

Similar happened to National Saving's Ordinary Account. The Blue Passbook Post Office Savings Account. That went from the Blue Book to a Cash Card to nothing.

Oh I remember that, my granny was wheelchair bound and needed lots of help from me even as a young child when I was being 'looked after' by her to do basic things around the house, she would then send me to the post office every other day or three to pay a pound into my account she opened for me, off to the PO all proud I was :rotfl:


That woman made this man, such a good 'ane, sadly missed.


Did not know it was completely gone, I thought girobank sell off sent them NSOA to National Savings and Investments.

diamonds

A_Flock_Of_Sheep wrote: »

Ohh bring back the days of 5% on instant access savings.

The poor will get poorer soon enough, its a revolving feature of markets - bust and recessions, I call it control

A_Flock_Of_Sheep

diamonds wrote: »

The poor will get poorer soon enough, its a revolving feature of markets - bust and recessions, I call it control

You mean the overspenders will get poorer and reposessed because they have borrowed too much at a low rate to get a house they could ill afford if (when) interest rates go up.

It is odd though how the interest rates have tumbled over time yet the interest rates on Credit Cards have remained fairly constant.

jimjames

A_Flock_Of_Sheep wrote: »

Ohh bring back the days of 5% on instant access savings.

You mean like now? I get 5% on all my savings with instant access

A_Flock_Of_Sheep

jimjames wrote: »

You mean like now? I get 5% on all my savings with instant access

Really? On every penny up to £250,000? Or is it spread across pocket money values in current accounts? And could you do it if you were single? With no partner to have multiple accounts with? I bet you also have to fiddle about moving money online in order to fulfill the Ts & Cs of getting the interest.

Or is there some mystery account out there paying 5% in one place for people with ££££££s to pay in?

Here's the challenege then Jim:

Here's £250,000 in virtual cash - ££££££ - where will you put it to get 5% across the board average without palming any of it off onto a partner? Instant Access too,

A_Flock_Of_Sheep

How you getting on Jim??