MSE News: Coventry BS launches market-leading ISA to rival top easy-access savings accounts

Frogletina · 7 March 2019 at 11:19AM

It's not easy to open this account if you have an existing one with the Coventry. I rang and was told to open it online and then once it was opened I would get a call back.

But it's impossible to open online.

I was asked if I had a current Isa with another provider to transfer, so I said no - then I got a message to say I have an Isa which contains this year's subscriptions.

So I rang back and was told I was given the wrong information. I can have a forms sent out to open the account and transfer my current Isa, or ring again tomorrow and they could open it online if they have access to the terms and conditions which they don't have at the moment.

Currently those people who are not with the Coventry are getting treated better than those already with them

Don't know why I am surprised by that!

frogletina

katies_mum · 9 March 2019 at 12:37PM

I was thinking about transferring my existing Coventry ISA over to this new 1.5% account. Please would anyone know why existing customers have to phone them? usually you can open new accounts and transfer existing ones just by logging on.

katies_mum · 9 March 2019 at 2:18PM

I have just rung for clarification if you want to transfer an existing ISA with the Coventry to another ISA with them. You open the account online and then have to ring them as they use a different system to transfer the funds from your existing account to the new one. This is a totally different system from their ordinary savings accounts and its not accessible on line.

Hope this helps anyone who like me is a bit confused by their system

Frogletina · 9 March 2019 at 3:41PM

katies_mum wrote: »

I have just rung for clarification if you want to transfer an existing ISA with the Coventry to another ISA with them. You open the account online and then have to ring them as they use a different system to transfer the funds from your existing account to the new one. This is a totally different system from their ordinary savings accounts and its not accessible on line.

Hope this helps anyone who like me is a bit confused by their system

As I stated in my previous post, I was advised this as well but it was not possible to open the account online. The system detected that I already had a current isa with the Coventry and I was not able to proceed.

I am currently waiting for an application form for the new isa and a transfer form which is being sent to me in the post

The second advisor told me that I had been given the wrong information when I rang up the first time

Have you managed to open a new account online?

frogletina

TBC15 · 9 March 2019 at 3:51PM

What’s your personal circumstances that warrant wasting your ISA for 1.5 %. Anyone can get this rate with Marcus.

Frogletina · 9 March 2019 at 3:59PM

TBC15 wrote: »

What’s your personal circumstances that warrant wasting your ISA for 1.5 %. Anyone can get this rate with Marcus.

With my fixed rate savers I've exceeded my personal allowance this tax year. When the rate was 1.15%, I gained very slightly with money in Marcus after tax, but not at 1.5%

frogletina

katies_mum · 9 March 2019 at 4:45PM

Hi Frogletina, no I have not opened new account yet. The guy I spoke to at Coventry said I needed log onto my Coventry account, open it online and then ring them to have money moved over, he did not mention anything about sending any forms in the post.

Uxb1 · 9 March 2019 at 5:03PM

TBC15 wrote: »

What’s your personal circumstances that warrant wasting your ISA for 1.5 %. Anyone can get this rate with Marcus.

Well if you get taxed on your savings if your income is high enough then it seems obvious that putting money in an ISA at 1.5% and not paying any income tax on it is better than putting the same money in a Marcus account at the same 1.5% - but having now to pay income tax on the interest received.

As an aside: For those of us oldies with long memories during the 1970's under a labour governemnt you paid normal tax rates on all your income including that on all your savings income then on top of the tax you had already paid you then paid an additional 15% investment income surcharge tax just on all your unearned income - ie on all your savings interest.