Coventry BS Regular Saver

kev2009

Interesting.... I applied online, got told they would send me application form to confirm, sign & send back - no account info supplied.

I received it 1 week later, signed, sent back and got my account details through 1 week later, then went online with temp pswd, registered for online banking and now waiting the grid card so I can login, they said this would be 3 - 4 days.

Kev

Bobblehat

kev2009 wrote: »

Interesting.... I applied online, got told they would send me application form to confirm, sign & send back - no account info supplied.

I received it 1 week later, signed, sent back and got my account details through 1 week later, then went online with temp pswd, registered for online banking and now waiting the grid card so I can login, they said this would be 3 - 4 days.

Kev

I can only assume it has something to do with ID checks, and mine being more straightforward for whatever reason.

Since my earlier message, I have funded the account using faster payment from an external account and phoned up to check that it was credited to the RS account. All very quick and painless. Let's see if it continues with the paperwork by post

One note:- The CS person at Coventry BS did say that FP in is no problem, but it's not FP out. Given that I have no reason to envisage closing the account early, what is a day or two extra to get my mitts back on the money once it matures after a year!

Joe9090

Bobblehat wrote: »

One note:- The CS person at Coventry BS did say that FP in is no problem, but it's not FP out. Given that I have no reason to envisage closing the account early, what is a day or two extra to get my mitts back on the money once it matures after a year!

Is that why you have to nominate a bank account when you set the account up? I assume any money out will be slow via the Nominated Bank Account.

Bobblehat

There are quite a few Savings Accounts that require you to set a nominated account on opening. The Banks/BS's seem to want to allow only payments in and out to that one account.

It usually takes a day or two to receive money sent from one of these accounts, with a couple of other Savings Accounts I have, but I can't speak for Coventry BS as I am still waiting for my Login ID so am only assuming there … got all the rest of the paperwork today … just the ID to come, I think!

pafpcg

Bobblehat wrote: »

It usually takes a day or two to receive money sent from one of these accounts, with a couple of other Savings Accounts I have, but I can't speak for Coventry BS .....

Unless the procedure at CoventryBS has changed since I made my last withdrawal, the timing is:
1. Request withdrawal
2. Funds debited from your CoventryBS account in the morning of next working day
3. Funds arrive in your receiving account in the afternoon.

Note: this timing differs from other building societies such as YorkshireBS where the funds are debited on the day of the request but don't arrive until the following day.

Inward funds sent to the Coventry by Faster Payments are credited (and are visible) in the account on the day of despatch.

Bobblehat

Thanks pafpcg …. good to know if I ever need to make a withdrawal.

Joe9090

pafpcg wrote: »

Inward funds sent to the Coventry by Faster Payments are credited (and are visible) in the account on the day of despatch.

We had to wait a day for the first payment to show but subsequent payments were credited the same day.

kev2009

Thanks all, forgot to update this. When i applied, i got a letter 7 days after to say sign & return it, no ID was required so the checks they did they were happy with. It then took another week i think to get the account number and then i applied online to register for internet banking and it took 4 days for the grid card to arrive.

I'm now all set and can login online, see my account and I've made my first payment, within the allotted 30 day time period so that's good. I thought it was 30 days from time i applied but it was 30 days from the day they opened the account so that was a few days later than i thought as i was concerned i might run out of time

Thanks all

Kev

Rich2808

Two slightly annoying/unusual things about the Coventry and this account.

The monthly process works not on a calendar month basis but based on the account opening date. So if you open it on 25th of the month (say 25 November) you cannot pay in another £500 until 25th of the following month (say 25 December) - not 1st day of the next month (1 Dec) unlike most other regular savers. I made this mistake - and they kicked back the funds the same day into my account. Yes - I know its in the terms but most regular savers are on a calendar month basis!

If you login with an incorrect set of data - username, DOB, password and grid card - you are locked out after only 2 incorrect attempts (easily done as there is no 'show' button to see what you type). The prompt you get after the second error just says they will send you a letter to reset your details by post - it doesn't reference the online reset option which you have to search for separately. Just a warning to get it right first or second time!

Neil_Jones

Rich2808 wrote: »

Two slightly annoying/unusual things about the Coventry and this account.

The monthly process works not on a calendar month basis but based on the account opening date. So if you open it on 25th of the month (say 25 November) you cannot pay in another £500 until 25th of the following month (say 25 December) - not 1st day of the next month (1 Dec) unlike most other regular savers. I made this mistake - and they kicked back the funds the same day into my account. Yes - I know its in the terms but most regular savers are on a calendar month basis!

Santander works the same way for their regular saver, so if you're used to that Coventry isn't any different

If you really want to pay in on the first with everything else, you could just pay £1 on the 25th and then £499 on the first of the month, or however you want to split it.