Unexpected interest rate reduction

Wassa123

I always thought it was normal for banks to slowly reduce interest rates to nothing to punish those who just leave it in there without checking.

It's only the newer accounts that have the eye catching rates, before the cycle repeats.

Radiantsoul

I think interest rates are going up, but a lot of the better rates on offer are more about getting new customers rather than funding mortgage lending.

AndyPK

OP - Do you recall which year you opened this account ?


2013? long before?

alanq

I have just been notified that my legacy Coventry BS Online Saver account (easy access with 12 penalty-free withdrawals per year) will have its interest rate reduced from 1.40% to 1.25% from 16th March.

HUMBUG

Looks like Coventry Building Society are reducing all their saving rates by about 0.15% . Time to move elsewhere.

AndyPK

Got my email. Damm!

They only just increased the rate before Xmas

Phil27356

AndyPK wrote: »

OP - Do you recall which year you opened this account ?


2013? long before?

Opened it in Early 2011

Broadwood

Mass ditch and switch from The Coventry to somewhere better ?

What date shall we do it ?

These are serious questions by the way.

stehouk

would this be classed as a run on the society, if you all leave on the same day will be able to repay all the investors,

stehouk

i'm not seriously expecting them not to have the funds available,......but you never know