Coventry Building Society reduce interest rates

niceyl

Did anyone else get a letter from Coventry Building Society this week to say they are reducing the interest rate on Cash ISAs on the 3rd January. What a convenient time to tell everyone that the interest rate is reducing Coventry!! Only giving us a few weeks notice and over the Xmas period. If you try to move your money now, you'll find any transfer dragging out over Xmas. Nice one Coventry - really nice customer service. Are you hoping that everyone forgets about it over Xmas and doesn't bother moving the money?

flossy_splodge

Heard nothing. I am afraid the Coventry is not what it once was.

sparkyspark

I think it depends on which ISA version people have, I have an Easy Access Isa at 1.25% and according to the existing Closed Isa Accounts page Easy Access versions 3 to 7 are reducing to 1.15% on the 3rd January, yet versions 1,2 and 8 are staying at 1.25%, don't know about the latest Easy Access Isa version 9 currently at 1.15%
https://www.coventrybuildingsociety.co.uk/consumer/savings-accounts/closed-accounts/cash-isa.html

Stompa

sparkyspark wrote: »

I think it depends on which ISA version people have, I have an Easy Access Isa at 1.25% and according to the existing Closed Isa Accounts page Easy Access versions 3 to 7 are reducing to 1.15% on the 3rd January, yet versions 1,2 and 8 are staying at 1.25%, don't know about the latest Easy Access Isa version 9 currently at 1.15%
https://www.coventrybuildingsociety.co.uk/consumer/savings-accounts/closed-accounts/cash-isa.html

Thanks for the link. Mine is issue 1, and doesn't appear to be changing. Mind you, since they're flexible ISAs I transferred it all out to their (no longer available) Limited Access Saver for 1.55% some 5 months ago, so it's makes no difference to me anyway.

SandraX

I can only praise the Cov BS. They answer the phones quickly, helpful and polite and informative and their rates are competitive. If you are unhappy, move all of your funds out of the BS.

Mr.Saver

I've got a letter too, and I'll transfer out soon.

niceyl

Thank you for the replies. I just think it is pretty unfair timing, sending a letter like that with less than two weeks to Christmas and saying that the rate is changing on the 3rd of January! I didn't really want to be sending my ID off for identification purposes over Xmas to any new ISA provider - increased Xmas post and just needing ID for around Xmas time.


Anybody already with the Virgin Money ISA at 1.45%? I once used Virgin internet and I was not very impressed by their customer service. What is the customer service like at Virgin Money?

Mr.Saver

niceyl wrote: »

Thank you for the replies. I just think it is pretty unfair timing, sending a letter like that with less than two weeks to Christmas and saying that the rate is changing on the 3rd of January! I didn't really want to be sending my ID off for identification purposes over Xmas to any new ISA provider - increased Xmas post and just needing ID for around Xmas time.


Anybody already with the Virgin Money ISA at 1.45%? I once used Virgin internet and I was not very impressed by their customer service. What is the customer service like at Virgin Money?

You don't have to finish the transfer before the rate drops. In fact, a few weeks different between 1.15% and 1.4% doesn't make much different.

Even you have 50k in the ISA, the different between 1.15% and 1.4% in a month is only about £10 interest.

thor

flossy_splodge wrote: »

I am afraid the Coventry is not what it once was.

Indeed that are not. Earlier this year, the Coventry reduced some of their own rates only to put them back up to the same level again after the boe rise, presumably to trumpet how they are looking after their savers. This, despite them paying out the same even though boe is 0.25% higher.
Thankfully being a mutual they don't need to pay dividends to shareholders so they can pass on the benefits of being a building society to their members(when I say members I mean borrowers of course).

Gambler

thor wrote: »

Indeed that are not. Earlier this year, the Coventry reduced some of their own rates only to put them back up to the same level again after the boe rise, presumably to trumpet how they are looking after their savers. This, despite them paying out the same even though boe is 0.25% higher.
Thankfully being a mutual they don't need to pay dividends to shareholders so they can pass on the benefits of being a building society to their members(when I say members I mean borrowers of course).

They've done that on two occasions now in the past 12 months or so.


Unfortunately there's not a lot of competition for flexible ISA's.

Stompa

I've just received a letter saying that my Easy Access ISA will be dropping from 1.25% to 1.15% on Feb 1st.

It looks as though this change will also affect the Easy Access ISA [2], the Branch Instant ISA and the Poppy ISA.

https://www.coventrybuildingsociety.co.uk/consumer/savings-accounts/closed-accounts/cash-isa.html