The Top Easy Access Savings Discussion Area

Beddie

Outdated, staid Coventry Building Society buys outdated, staid Co-op Bank. Fair dos.

friolento

Beddie said:

Outdated, staid Coventry Building Society buys outdated, staid Co-op Bank. Fair dos.

I love my Coventry accounts - though I am selective and only use their top interest payers. Version 1 of their First Home Saver is a great account though you will have missed the boat on it if you don't already have it. Also their Loyalty Bond issue 6 was worth having IMO. Coventry do generally have much better savings products than, for example, Nationwide and the High Street Banks. With the acquisition of the COOP Bank, they would add a current account and Business accounts to their portfolio, plus a large number of customers. It will be a challenge to integrate T&Cs, product portfolio and systems, though.

Patr100

off topic I know but our local arts group has a co-op business account - absolute pain to work with - took a year to get all the paperwork sorted with them to fully change our treasurer over. 

happybagger

friolento said:

Beddie said:

Outdated, staid Coventry Building Society buys outdated, staid Co-op Bank. Fair dos.

I love my Coventry accounts - though I am selective and only use their top interest payers. 

Same.
And I will add into the mix, probably the most outstanding customer service I've had anywhere. Initially with powers of attorney, and then when I had two bereavements to deal with in quick succession last year, the in-branch staff were superb and no appointments necessary. Open until 7pm too.
Had cause to call them and found them brilliant on that aspect too.

poppystar

happybagger said:

friolento said:

Beddie said:

Outdated, staid Coventry Building Society buys outdated, staid Co-op Bank. Fair dos.

I love my Coventry accounts - though I am selective and only use their top interest payers. 

Same.
And I will add into the mix, probably the most outstanding customer service I've had anywhere. Initially with powers of attorney, and then when I had two bereavements to deal with in quick succession last year, the in-branch staff were superb and no appointments necessary. Open until 7pm too.
Had cause to call them and found them brilliant on that aspect too.

Ditto. And interest statements for year arrive promptly by post! 

CuparLad

Does anyone recall the minimum balance for the Metro Bank Online Instant Access Savings when launched back in Nov'23 @ 5.22%? I have a note that says £500, but the current IA Accounts are minimum £1 so want to be sure what the required minimum balance is to keep it open after the interest rate cut today.

auser99

CuparLad said:

Does anyone recall the minimum balance for the Metro Bank Online Instant Access Savings when launched back in Nov'23 @ 5.22%? I have a note that says £500, but the current IA Accounts are minimum £1 so want to be sure what the required minimum balance is to keep it open after the interest rate cut today.

The £500 was to trigger the top rate of interest.
Not even sure you need to keep £1 in there to be honest, as I had an easy access account with Metro, then emptied it to fund this enhanced 5.22% one. And it's still open. I believe you have to go into store/specifically ring to shut the account down, they won't do it automatically.

Is it tomorrow (22nd) that the 5.22% (5.1% for monthly interest) drops?

flaneurs_lobster

CuparLad said:

Does anyone recall the minimum balance for the Metro Bank Online Instant Access Savings when launched back in Nov'23 @ 5.22%? I have a note that says £500, but the current IA Accounts are minimum £1 so want to be sure what the required minimum balance is to keep it open after the interest rate cut today.

This is what the Summary document says

Limited Edition rate of 5.10% Gross / 5.22% AER* (variable) From 10 November 2023 you can earn a Limited Edition rate of 5.22% AER* (variable) for 12 months if a minimum account balance of £500 is reached within 28 calendar days of account opening. • During the 12-month period the rate can vary meaning it can go up or down, but it will not go below the Standard Variable rate that is available at that time. • Your account will earn Standard Variable rate interest until you meet the Limited Edition rate criteria.

After that there's no mention of a minimum balance. Mine's had a couple of quid in it for a week since I emptied it, no sign of sanction.

gt94sss2

auser99 said

Is it tomorrow (22nd) that the 5.22% (5.1% for monthly interest) drops?

Yes, though the 22nd is today not tomorrow 

ColdIron

CuparLad said:

Does anyone recall the minimum balance for the Metro Bank Online Instant Access Savings when launched back in Nov'23 @ 5.22%? I have a note that says £500, but the current IA Accounts are minimum £1 so want to be sure what the required minimum balance is to keep it open after the interest rate cut today.

There was a minimum account balance of £500 that must be reached within 28 calendar days of account opening to qualify for the higher rate

From the T&Cs:

• Limited Edition rate of 5.10% Gross / 5.22% AER* (variable)
• From 10 November 2023 you can earn a Limited Edition rate of 5.22% AER* (variable) for 12 months if a minimum account balance of £500 is reached within 28 calendar days of account opening.
• • During the 12-month period the rate can vary meaning it can go up or down, but it will not go below the Standard Variable rate that is available at that time.
• • Your account will earn Standard Variable rate interest until you meet the Limited Edition rate criteria.
• Standard Variable rate of 1.64% Gross / 1.65% AER* (variable)
• If your account balance does not reach £500 within 28 calendar days of account opening you will be eligible for our Standard Variable rate of 1.64% Gross / 1.65% AER* (variable).

But I see nothing about maintaining that balance once the eligibility criteria is met. It's basically the Instant Access Savings Account with a better rate and that account has a minimum balance of £1

I plan to remove all but £5 today or tomorrow and move it to the Chase Boosted Rate Saver or the Santander 5.20% one but I'll keep this as the new 4.97% rate may have its day in the sun again