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Yorkshire_Pud said:

nottsphil said:

Yorkshire_Pud said:

nottsphil said:

Yorkshire_Pud said:

 As it’s variable........

I opened one yesterday!

Can't see the logic in that. Didn't you know they can slash the interest rate, then charge you a month's interest to close the account? 
 I opened one last week but still haven't funded it because the 16 page booklet (supposedly containing the terms and conditions) fails to mention the notice you are entitled to for an interest rate drop. 

The logic was I hoped they wouldn’t immediately cut the rate or if they do it won’t be the full base rate drop.
Their t&c state that if they reduce the interest rate you have 30 days to close the account or make a withdrawal with NO interest penalty.

That now makes sense. I didn't read the online terms and conditions  when opening the account because they were only the general ones. I made the mistake of thinking this important concession would be included in the booklet entitled 'Welcome to your Regular Saver (2)', where the only references (on pages 6 and 9) to withdrawing money early state there will be a charge equal to 30 days interest. 

Coventry are one of the better providers in my experience for not slashing rates immediately or as far as others. I expect the issue 1 RS will get a cut  but not as much as the newer issue 2 as they usually reward loyalty and also the issue 1 will mature earlier so can afford to be more generous and I’d expect neither to fall the full .5%.

But who knows!?

Also amended my previous post to clarify its 30 days from notification of rate drop to withdraw funds or close without penalty rather than the date the interest rate reduces. 

They are worst.
In my experience, they have a habit of reducing savings rates before and after a base rate rate cut.
My Coventry Reg (former Stroud Reg) rate was slashed recently. I am now certain they will be cut again. 
They've done this several times in the past.

apt

Yorkshire_Pud said:

nottsphil said:

Yorkshire_Pud said:

nottsphil said:

Yorkshire_Pud said:

 As it’s variable........

I opened one yesterday!

Can't see the logic in that. Didn't you know they can slash the interest rate, then charge you a month's interest to close the account? 
 I opened one last week but still haven't funded it because the 16 page booklet (supposedly containing the terms and conditions) fails to mention the notice you are entitled to for an interest rate drop. 

The logic was I hoped they wouldn’t immediately cut the rate or if they do it won’t be the full base rate drop.
Their t&c state that if they reduce the interest rate you have 30 days to close the account or make a withdrawal with NO interest penalty.

That now makes sense. I didn't read the online terms and conditions  when opening the account because they were only the general ones. I made the mistake of thinking this important concession would be included in the booklet entitled 'Welcome to your Regular Saver (2)', where the only references (on pages 6 and 9) to withdrawing money early state there will be a charge equal to 30 days interest. 

Coventry are one of the better providers in my experience for not slashing rates immediately or as far as others. I expect the issue 1 RS will get a cut  but not as much as the newer issue 2 as they usually reward loyalty and also the issue 1 will mature earlier so can afford to be more generous and I’d expect neither to fall the full .5%.

The days of Coventry giving longstanding savers a decent deal are long gone. 

Stenwold

apt said:

The days of Coventry giving longstanding savers a decent deal are long gone. 

Really? Admittedly I've not kept on top of things over the last few months, but Coventry have often had some decent accounts available.

colsten

Stenwold said:

apt said:

The days of Coventry giving longstanding savers a decent deal are long gone. 

Really? Admittedly I've not kept on top of things over the last few months, but Coventry have often had some decent accounts available.

I think the moan is about the lack of preferential treatment for existing customers. C'est la vie.

apt

Not just 'lack of preferential treatment for existing customers'. The rates for 'loyalty' accounts are lower. Eg Regular Saver 2.2% vs 2.5%. ISA 'Reward' 1.2% vs 1.25% for the current Easy Access ISA. Very glad I dumped my ISA with them for 1.7% fixed with Barclays.

JamesRobinson48

The Tipton & Coseley BS RS (paying 2.00%) has been pulled. Another one bites the dust.

colsten

apt said:

Not just 'lack of preferential treatment for existing customers'. The rates for 'loyalty' accounts are lower. Eg Regular Saver 2.2% vs 2.5%. ISA 'Reward' 1.2% vs 1.25% for the current Easy Access ISA. Very glad I dumped my ISA with them for 1.7% fixed with Barclays.

There is nothing that stops an existing customer from applying for the 2.5% Regular Saver, or from moving the 1.2% ISA to the 1.25% one. Existing ISA customers could even have moved to the 1.5% instant access ISA they had this time last year. Regularly reviewing their savings, and shopping around for the best deal is something everyone can do - and it seems you have done just that.

schiff

After the BoE action, I was surprised to find that there were still some 2% fixed that I haven't got out there - Lloyds Monthly, Halifax and Bank of Scotland. Opened this week. I'll probably leave it at that for now and deal with each maturity follow up on its merits. It's a comfort that all my RSs (bar Santander) paying 2.75% or more are on a fixed rate.

vermania

Fingerbobs said:

Actually it did arrive today - the postman was much later than normal.

However, the cheque doesn't look valid to me as it isn't signed. It looks like someone has started to sign it as there is what appears to be a partial signature, but this has been scribbled out and then the cashier's reference number (which is also printed on the bottom left corner of the cheque) just written in pen where the signature should be.

I'm wondering whether to query it or just deposit it and hope it clears.

I paid my Nottingham BS cheque into Lloyds on Thursday. It cleared last night and I moved the money into another account this morning, but it triggered a fraud alert, and they challenged me about where the money came from and what I was doing. I've not had that before. I suppose with a cheque the receiving bank may not possess all the details of who it came from. I hope they move over to BACS soon.

vermania

HSBC seems to have regressed with their regular saver. Last year, I could open it over the phone and it was opened on the same day (even at 9 o'clock in the evening). Having had the First Direct and M&S date slippage phenomenon, I was impressed with the immediate service. However, now you can only open it online or in branch, and it takes 1-2 working days to open. They can't be sure how long it'll take. The advice given over the phone suggested the opening date might not be able to be set at all now, but I will be trying in branch to see if I can set the opening date. Any actual experience from anyone would be helpful.