Coventry BS reducing interest rates

retiree

From 1st September. In some cases the reduction is higher than 0.25%, but I cannot yet find a full list.

FOREVER21

My online saver going down to 1.15% from 1.5% wef 1Sept. Drop is greater than fall in base rate.

Coventry are usually good at keeping rates stable, and they have kept it at 1.5% for sometime now.

Even at 1.15% , it is still one of the best for easy access.

I am getting fed up with the constant need to keep switching accounts to get only pxxx poor rates, I am looking to spend some of the savings now.

Yorkshire_Pud

They notify of a rate drop in seperate emails or letters for each account held so more to come I guess. Their website says all notifications will be made by no later than the 17th and decisions will be made about any cuts by 12th August.

Thay passed on the .25% rate cut to mortgagees so that house prices can go up again to soak up the increase in funds available and using it as an excuse to slash rates more than .25% although that was coming anyway.

So yes we should spend spend spend! (That's what the govt. want)

Kim_13

Looks like my Easy Access Saver will be going from 1.3% to 1%. Have left about £3 in there. Never know when they might again be the best available instant access.

Yorkshire_Pud

Branch based ISA reducing from 1.75% to 1.4% on 1st Sept

retiree

Full (?) list of new Coventry BS rates is at http://www.coventrybuildingsociety.co.uk/pdfs/Web_Rate_Notice.pdf

Mannanan

I think they are all at it, no surprises really. Just received notification that my Virgin E-Saver is dropping from 1.20% down to 1.05% on 15th October so can't recommend staying a Virgin!

First_past_the_post

Letters received today with the following notification effective 1st Sep. 30 day notice ISA 2 - Annual, reducing from 2.20% to 1.85%
ISA Reward Annual reducing from 2.15% to 1.75%. In justification they state that this follows the recent decrease in the BOE base rate. They don't helpfully add that this was a 0.25%. decrease. You will of course note that the reductions exceed this. Tidy margin for CBS at the expense of the customer?

Bernard_Coleslaw

First_past_the_post wrote: »

Letters received today with the following notification effective 1st Sep. 30 day notice ISA 2 - Annual, reducing from 2.20% to 1.85%
ISA Reward Annual reducing from 2.15% to 1.75%. In justification they state that this follows the recent decrease in the BOE base rate. They don't helpfully add that this was a 0.25%. decrease. You will of course note that the reductions exceed this. Tidy margin for CBS at the expense of the customer?

Just out of interest, how do 1.85% and 1.75% compare to ISA rates available elsewhere?

bristolleedsfan

Bernard_Coleslaw wrote: »

Just out of interest, how do 1.85% and 1.75% compare to ISA rates available elsewhere?

http://www.moneysupermarket.com/savings/search/results/?goal=SAV_CASHISA&wom=true

Bernard_Coleslaw

bristolleedsfan wrote: »

http://www.moneysupermarket.com/savings/search/results/?goal=SAV_CASHISA&wom=true

Thanks for this bristolleedsfan.


So to re-cap, unless you live within 25 miles of Stockport and want a regular saver ISA, it seems that the new rates First past the post is getting on his/her ISAs are still pretty decent - and by some margin.


So it seems the complaint is:

• I was getting a relatively high rate in the first place
• I'm still getting a relatively high rate now
• They've been up-front and told me personally about the rate reduction

I know we like to criticise financial institutions on these boards - often with good reason - but this seems a little mis-placed here.