Coventry Building Society

retiree

Coventry Building Society has notified the reduction in interest rate on its (discontinued) Easy Access Online account from 1.40% to 1.25% on 16th March. This does not bode well either for some other accounts:"we’ve regretfully had to make the difficult decision to reduce the interest rates on some of our savings accounts". Note the use of the plural!

Mchambers

Simple answer is go elsewhere.

EachPenny

Mchambers wrote: »

Simple answer is go elsewhere.

I thought it was "Complain"?

In terms of the OP, I wonder if this is actually a sign that they are cutting interest on existing accounts in order to have some cash spare to launch new higher interest offerings? Or perhaps that's wishful thinking?

Rich2808

1.25% instant access for a cash isa is a market leader.

So if you want to keep a cash isa instant access you are unlikely to get a better rate elsewhere

glider3560

Rich2808 wrote: »

1.25% instant access for a cash isa is a market leader.

So if you want to keep a cash isa instant access you are unlikely to get a better rate elsewhere

The OP is referring to a normal savings account, not an ISA.

BLB53

I have just emailed the ceo Mark Parsons to register my disappointment. The rate only increased to 1.4% last month when the BoE rate increase was passed on and 2 months later it is being reduced.

The Coventry has always played fair with its savers but now they are just becoming like all the others so I am no longer a loyal customer and will therefore just shop around for the best rates on offer.

It's a sad day for me after 15 years with the same building society!

retiree

I was not complaining, but informing. I find it helpful when folk post details of the ups and downs of interest rates. I thought others might wish to be aware, that's all.

flower77g

I have some money in a (discontinued) online cash ISA with Coventry BS paying 1.35% and as yet no notice of interest rate reduction, so it may not be all accounts that are affected.

talexuser

My POA Easy Access saver was 1.3%, now to go to 1.15% on 16 March. Can't see much of a logical reason for it. Switching again.

apt

Also reducing their Regular Saver from 3% to 2.8%. Very shoddy.

Broadwood

With inflation almost double most of the best savers' rates The Coventry BS could raise their mortgage rates and savings rates but choose not to.
Savers are paying the price of keeping borrowing rates artificially low.
I'll be ditching and switching at the earliest opportunity.

There are no rewards for loyalty. Simply follow the best rates.