Coventry BS Easy ISA (5)

Spendless_Dosh

Received letter today advising rate reduction from 1.3% to 1.05% from 2nd July. Apparently because mortgage rates are so low.

Ah well, looks like it's time to move again.

Arthurian

My Coventry Easy Access ISA (6) is reducing from 1.30% to 1.05% on 2nd July.

retiree

It was a good run, but Coventry's Poppy ISA reduces from 1.40% to 1.15% on 2nd July.

Tom99

Seems like it is only the ISAs at the moment.

Stompa

Full details here:

https://www.coventrybuildingsociety.co.uk/consumer/help/savings/changes-to-rates.html

Sadly they're reducing my ISA rate from 1.40% to 1.15%. Time to transfer elsewhere I think.

jimjames

Tom99 wrote: »

Seems like it is only the ISAs at the moment.

Yep. My non ISA accounts are still paying 3% - 5%

david78

Mine (Issue 6) is also reducing to 1.05%. But these are flexible ISAs so you can just withdraw money and pay into a better paying instant access (non ISA) account. Then if you want, you can put the money back into the Coventry ISA before the tax year ends. Then look to transfer it somewhere else.

This is what I have done but have put the money in various accounts including Atom bank 2.05% fixed for a year. The only problem with this strategy is I have to move use money from somewhere else if I want to re-fund my Coventry ISA before the end of the tax year.

BLB53

I have given up on the Coventry since new CEO took over last year. I have been loyal for past 20 years but sad to say, now they are becoming just like all the rest.

Will be interested to see how much CEOs and other senior managers salary/bonus jumps this coming year!

colin79666

Got letter today, dated the 3rd so I'm thinking somewhere in the system there was a handy delay so customers had a bit less time to think about it before the rate dropped... Good while it lasted but given interest rates are looking likely to go up a bit later in the year (fixed ISA rates reflect this) it seems a bit odd to drop it for existing customers.

Virgin Money are doing a 2 year fix at 1.61% and only 90 days interest penalty on about withdrawn if you pull out early, might suit some people who think they can fix aren't 100% sure. Also have a 1.21% variable that allows 2 withdrawals a year which works out similar if you withdrew after a year, assuming the rate hasn't dropped. Not as good as some like Paragon but Virgin are a more recognised name.

No_Name

If I transferred out, I believe I can transfer an amount of my choice rather than the whole balance, but do I need to transfer the whole of the previous years' (for example) subscription?

gwapenut

I'm not impressed that they're giving less than 30 days' notice for a 30-day notice account. I thought these were the good guys.