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

glider3560

TBC15 wrote: »

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

Higher rate taxpayer, with more than £500 interest from regular savers, so the 1.5% rate at Marcus is only 0.90% after tax.

Rich2808

glider3560 wrote: »

Higher rate taxpayer, with more than £500 interest from regular savers, so the 1.5% rate at Marcus is only 0.90% after tax.

Ditto for me - I am using prior year ISA funds.

And unlike London capital and finance this account has FSCS protection!

triplea35

I opened an account online on the 7th March, was given sort code and account number, and deposited funds immediately.

Welcome pack came on the 9th with all the info to login into account. Requires a Web ID and the use of a Grid card(supplied) in addition to password to gain access, but once done and accessed see funds have been credited on the 7th.
So all good!

Frogletina

triplea35 wrote: »

I opened an account online on the 7th March, was given sort code and account number, and deposited funds immediately.

Welcome pack came on the 9th with all the info to login into account. Requires a Web ID and the use of a Grid card(supplied) in addition to password to gain access, but once done and accessed see funds have been credited on the 7th.
So all good!

Yes, as I thought - much easier for new customers to open an account than for an existing customer with an Isa already with the Coventry.

I'm still waiting for my forms to come in the post

frogletina

Kazza242

I think the problems occur if you have an existing Coventry BS ISA holding current year ISA subscriptions.

In my case, I am an existing Coventry BS customer with an old Easy Access ISA with them, which held subscriptions from previous tax years only. My ISA had an "inactive" status.

I applied online for the new Easy Access ISA (Online) paying 1.50%. I chose "No" when asked if I wanted to transfer funds from another provider. My ISA was then opened (with a £0 balance).

I then called the phone number on Coventry webpage and asked the adviser to do an internal ISA transfer (maintaining my ISA's tax-free status). This was done immediately and my old ISA was closed and interest + balance transferred to my new ISA.

The whole process from start to finish was complete within 10 minutes. After waiting around one hour, I can now see my new ISA online.

Frogletina

Kazza242 wrote: »

I think the problems occur if you have an existing Coventry BS ISA holding current year ISA subscriptions.

In my case, I am an existing Coventry BS customer with an old Easy Access ISA with them, which held subscriptions from previous tax years only. My ISA had an "inactive" status.

I applied online for the new Easy Access ISA (Online) paying 1.50%. I chose "No" when asked if I wanted to transfer funds from another provider. My ISA was then opened (with a £0 balance).

I then called the phone number on Coventry webpage and asked the adviser to do an internal ISA transfer (maintaining my ISA's tax-free status). This was done immediately and my old ISA was closed and interest + balance transferred to my new ISA.

The whole process from start to finish was complete within 10 minutes. After waiting around one hour, I can now see my new ISA online.

Yes, mine is a current easy access Isa - but you think they could have worked around this, as you can usually open an isa with a nil balance.

frogletina

Kazza242

Frogletina wrote: »

Yes, mine is a current easy access Isa - but you think they could have worked around this, as you can usually open an isa with a nil balance.

frogletina

Yes, it is rather silly expecting Coventry customers, with current year ISA subscriptions, to have to do this via the post. They should really be able to do all of this over the phone, at the very least.

During my call earlier, I did mention to the adviser that some existing customers with current year subscriptions were having difficulties opening this ISA. He said that they should be able to override it and resolve the issue over the phone. It's odd that they are making customers, in this situation, have to complete and send in paper forms.

If you have access to a printer and you haven't received the forms after 3-4 working days, then I would advise asking them to send them to you via e-mail.

Frogletina

Kazza242 wrote: »

Yes, it is rather silly expecting Coventry customers, with current year ISA subscriptions, to have to do this via the post. They should really be able to do all of this over the phone, at the very least.

During my call earlier, I did mention to the adviser that some existing customers with current year subscriptions were having difficulties opening this ISA. He said that they should be able to override it and resolve the issue over the phone. It's odd that they are making customers, in this situation, have to complete and send in paper forms.

If you have access to a printer and you haven't received the forms after 3-4 working days, then I would advise asking them to send them to you via e-mail.

Unfortunately I don't have a printer. If the forms don't arrive tomorrow I will ring them to see if they can do it over the phone. I was told they were waiting to get the terms and conditions in the office and once there they could set the account up via a call

frogletina

Rich2808

Frogletina wrote: »

Yes, mine is a current easy access Isa - but you think they could have worked around this, as you can usually open an isa with a nil balance.

frogletina

I had no issues opening the account on line via online servicing and I have a Coventry isa already.

Oddly though you apparently cannot transfer online between Coventry ISAs - it needs to be done over the phone according to what I was told so you keep the tax free wrapper.

cosh25

I had an ISA with them up until 3 weeks ago when the rate was reduced (honestly can't see the sense when they've launched this... but oh well). I opened it online last Tuesday and asked to do an ISA transfer from Tesco Bank, got a confirmation screen but no account details or log in etc. Then yesterday my welcome pack turned up which included the sort code and account number, but no details of how to log in online. I will just wait to see of these turn up this week.