Coventry Building Society

Broadwood

tfc wrote: »

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'?

I guess the underlying issue is that it is government policy to keep interest rates artificially low to try and avoid another recession. However, us savers are the sacrificial lambs because banks don't need our money to fund loans and mortgages - the government has chosen to electronically create billions of £s instead.

The government chose to disguise the illusion by giving it the name of "Quantitive Easing".

Who says money doesn't grow on trees?

There is a magic money tree after all. :rotfl:

Perhaps it's time for savers to start a union or something then we would be more able to organise mass ditches and switches on specific dates. Coventry take note.

Just had an email from The Coventry saying that our 30 day notice account is reducing its rate from 1.50% to 1.35% from March 16th. More bad news for savers.......:mad:

glider3560

Letter arrived today. The Easy Access Saver (the one without an issue number) is down from 1.30% to 1.15%.

Shame, since they've only just upped the rate after the BoE change.

Broadwood

Mass ditch and switch from The Coventry to somewhere better ?

What date shall we do it ?

These are serious questions by the way.