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

dosh37

NandoDave wrote: »

I'm surprised at the lack of comment on here relating to recent experiences of interest rate reductions across the board for cash isa's held with this BS (as I understand it they've very recently reduced rates to 1.15% on a host of accounts paying between 1.2% and 1.4% previously).

Based on this history it's reasonable to suspect that this is just a short term promotional rate to rake in some capital, and the rate will be reduced thereafter.

In my case I wanted a short term instant cash ISA quickly before the end of the current tax year. The advantage of the easy access account is that it should allow me to consolidate a number of separate fixed ISAs as they mature throughout the 2019/2020 tax year. Once that's done, I intend to move the consolidated account into a 1 or 2 year fixed ISA paying a higher interest rate.

I'm just hoping the long winded initial setup process used by The Coventry allows me to deposit this year's allowance before April 5th. I don't like to make deposits until I have full online access. With a new instant account, I usually deposit and withdraw a small test amount (£1) to make sure everything is working before transferring larger sums.

dosh37

dosh37 wrote: »

I recently applied for a new 'Easy Access ISA' on The Coventry BS website. So far it's been far from 'Easy'.

After a few days, I received the initial 5 page Welcome letter along with two leaflets:-
‘Welcome to your Easy Access ISA (Online)’ and ‘Easy Access ISA (Online) At a glance’.
The letter failed to mention that certain essential pieces of information are required before registration for Online Services can be carried out and that this information would be sent through the post separately.

I assumed I should be able to register for Online Services straight away.
My first attempt to login using my old registration details from an earlier (closed) account failed.
So I then tried to register from scratch using the new account number.
The process asked me for some letters from a password that I did not yet have.

I phoned Customer Services. I waited around 20 minutes during which time the same annoying jingle was played repeatedly. Eventually an adviser told me that an initial password would be sent in a separate letter. Why was this not mentioned in the first letter?

A couple of days later I received THREE separate letters from The Coventry: An ISA tax declaration, an online banking information letter and the initial Online Services password.

I attempted to register again using the initial password.
The system then asked to create a new password, which I did.
Then it displayed a ‘page unavailable’ error.
Another phone call to Customer Services. Another 20 minute wait listening the same annoying jingle. This time I was told that the problem was that the system had not yet issued a Web ID. I was told that the registration process had now triggered the creation of a Web ID and it would be sent in yet another letter though the post along with a grid card (no doubt in two separate letters). Why was this not mentioned earlier?

So I am now waiting for the next two pieces in the jigsaw.
It’s a bit like one of those early 1970’s computer adventure games. Who remembers ‘Colossal Cave’?

I have several different online savings accounts but I have never come across such a slow and frustrating setup process. The biggest problem is that you are not told what the process is in advance. You are not told what information is required, what triggers each stage of the process or that each piece of information will be sent in separate letters through the post.


The Coventry need to make their customer and account setup / registration process easier and simpler.

After waiting another two days, a fourth letter containing my grid card arrived. Still no Web ID.

So I went online and attempted to use the 'retrieve Web ID' process.
This prompts for name, address, date of birth, letters from the password and numbers from the grid card.
After entering all the information, I get the unhelpful message...
"Sorry, we don't recognise the details you have entered."
I tried again - being very careful that I did not make a mistake. I got the same error message.

I can't face another 20 minutes on the phone listening to that annoying jingle while waiting for Customer Services to answer. I think I might just give up and take my money elsewhere.

:mad:

vixen1500

Didn't bother with thi one and reading through this thread makes me think it was the right choice

jimbow25

I've been pleased with the service. Opened the account last Thursday and got the first post on Saturday and Monday - the web ID and grid card. Rang them to obtain the account number (as I neglected to write it down upon opening and wondered if they would actually confirm it via post, as it's an obline account) and the lady on the phone was helpful was able to log in that evening.


My ISA transfer was completed yesterday too so 6 days from opening.


My only complaint is the sheer volume of paperwork under separate cover. I've had 7 separate letters so far, including 4 at once on Tuesday as has my mum with her account (we don't live together). The "welcome to your account" and brochure actually came last of all, which perhaps reduced my confusion.

jimbow25

According to the email I've just received from them

You recently opened an Easy Access ISA (Online); this is a limited issue account which closed to new investors on 19 March 2019.

Haven't seen this mentioned, so just in case anyone wondered.

colsten

Had the same email as jimbow25. Glad I just edged my way in before it closed, even though I can't deposit anything for the current tax year as I already maxed out on the allowance.

dosh37

vixen1500 wrote: »

Didn't bother with thi one and reading through this thread makes me think it was the right choice

Indeed. When you read the Coventry BS reviews on trustpilot, I'm surprised they are still in business. After my experience thus far, I don't think I would trust my money with them even if I did manage to open a new account. I've now given up with my Coventry ISA application and have applied for an ISA with Paragon instead.

It's worth the 0.05% lower interest rate (£10 less on £20,000) just to avoid being forced to listen to the annoying jingle while waiting for Customer Services to answer the phone.

Squirrelz92

I set this ISA up yesterday evening online. No bother at all. Done and dusted in 10 minutes. Took Halifax a day to transfer my ISA balance over to Coventry and is now sat happily earning a lot more than 0.6%!

dosh37

I just received this email from The Coventry.

Are they having a laugh?
They are telling me I need to transfer my money in but they still haven't given me online access to operate the account!
That's what I call rubbing salt into the wound.

Limited time to pay in for the current tax year

You recently opened an Easy Access ISA (Online); this is a limited issue account which closed to new investors on 19 March 2019.
You have until 5 April 2019 to pay some or all of your £20,000 ISA allowance for the 2018/2019 tax year into your Easy Access ISA (Online).
Any payments received after this date will count towards your 2019/2020 ISA allowance.

dosh37

gemmacampbell2019 wrote: »

I set this ISA up yesterday evening online. No bother at all. Done and dusted in 10 minutes. Took Halifax a day to transfer my ISA balance over to Coventry and is now sat happily earning a lot more than 0.6%!

For that to happen, I assume you must be already registered as an existing customer. For new customers the registration and setup process appears to take several days or even weeks and involves receiving around six separate letters through the post.