Coventry Building Society

Stompa

flower77g wrote: »

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.

My ISA is currently paying 1.40%, I hope you're correct.

Broadwood

apt wrote: »

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

The Coventry are boasting on their website of strong results to 31st Dec 2017.

The Coventry are making more money by taking it from savers !

Tom99

I to am with Coventry and have this and another type of closed acct also paying 1.4% but with no notification on the other account yet.

1.25% may not be the very highest for instant access these days but it is not far off so still not a bad rate. Better than Ulster who did not increase in December but have now decreased to 1%.

Noble_Savage

Broadwood wrote: »

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.

I think the point is that they did raise rates in December last year - but many others did not and now they're competing with organisations charging lower rates for mortgages.


Agree that you should look around, of course, but that's always been the case.

tfc

The Coventry are making more money by taking it from savers !

I am not sure that is true, but I do think that this does look like savers are paying to keep the mortgage rates low. As the notice said "However, as mortgage rates have continued to remain low, we've regretfully had to make the difficult decision to reduce the interest rates on some of our savings accounts."


It's about time that mortgage borrowers realised that they have been living in an unusually beneficial time for mortgages. I wonder how many of them borrowed sensibly, instead of loading up to the gills with silly percentage mortgages and made no provision for rates going up?


I wouldn't wish them to have to face the almost monthly mortgage rate rises on rates of over 10% that some of us remember, but is this a case of 'the establishment' not wanting to frighten 'the children'?

chess_010

If you want to be sure of a interest rate on your savings put in a fixed rate one for length of time you want invested either in ISA or other account. Else it will be a variable rate . You would not complain if interest rate went up so why complain if it goes down- cannot have it both ways.

50Twuncle

I remember - 10 years ago - Coventry were offering almost 6% on a fixed 10 year savings account (Poppy ?) - if only I had known then, what I know now ...

retiree

Coventry’s interest rate reductions from 16th March are now listed here:
[FONT=&quot]https://www.coventrybuildingsociety.co.uk/consumer/help/savings/changes-to-rates/changes-to-rates-accounts.html[/FONT]

Stubod

..thanks for the heads up. we have a poppy account and have today been advised of the rate drop. Seems a bit strange as it has been going down for years, then a rise in base rates and they drop the rates again!!

We have been with them for years, seems a shame but this is taking the p1ss so we will now be moving.

Stompa

retiree wrote: »

Coventry’s interest rate reductions from 16th March are now listed here:
[FONT=&quot]https://www.coventrybuildingsociety.co.uk/consumer/help/savings/changes-to-rates/changes-to-rates-accounts.html[/FONT]

Thanks, that's a relief, it looks like ISAs are unaffected.