Regular Savings Accounts: The Best Currently Available List!

OneUser1

Bridlington1 said:

I've just spoken to Coventry BS.
Their new loyalty rate regular saver will pay 7% variable
£250 max monthly deposit
Withdrawals/early closure subject to 30 day interest penalty

The fact it’s a variable rate is the potential issue. But I suspect I will apply for it anyway.

Bobblehat

Bridlington1 said:

I've just spoken to Coventry BS.
Their new loyalty rate regular saver will pay 7% variable
£250 max monthly deposit
Withdrawals/early closure subject to 30 day interest penalty

Sounds good ..... did you happen to ask if you could run this one and still run the 5.5% RS as well?

Kim_13

SonOfPearl said:

Bridlington1 said:

I've just spoken to Coventry BS.
Their new loyalty rate regular saver will pay 7% variable
£250 max monthly deposit
Withdrawals/early closure subject to 30 day interest penalty

Personally, the condition in bold puts me off completely so I won't be opening this Coventry regular saver, just as I haven't opened previous Coventry regular savers with this condition. But each to their own of course. 

I did open one with it in January 2020, but at that time I could only save £200 elsewhere at the rate they were paying. My Yorkshire Loyalty RS isn’t maxed out and pays the same with a penalty free withdrawal allowed, so I’ll pass on this one. 

I would reconsider if it were still available by the time I had more funds available than RS capacities with more attractive terms, and if it’s still available at such a time, great, I’ll have spread out my maturity dates. I wouldn’t be gutted if I missed it, so won’t open with £1 as I did with YBS.

In 2020 the terms were such that if the rate did reduce, you had a window in which you could withdraw without penalty. I didn’t use this as the reduced rate was still the best on offer at the time, so can’t comment on if it would be easily done or likely to encounter staff or system gremlins that still thought a penalty would be due - but it’ll be interesting to see if this is still in the terms.

As a Loyalty product this isn’t that attractive - half their usual deposit limit and still the usual terms of variable and 30 day penalty. A fixed portion with a variable top up rate would have been better.

allegro120

OneUser1 said:

Bridlington1 said:

I've just spoken to Coventry BS.
Their new loyalty rate regular saver will pay 7% variable
£250 max monthly deposit
Withdrawals/early closure subject to 30 day interest penalty

The fact it’s a variable rate is the potential issue. But I suspect I will apply for it anyway.

Should be able to close it without penalty,  https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/saving-accounts-terms-and-conditions.pdf (section 4)

happybagger

If it's variable, if the account rate falls by more than 0.25% more than base rate falls, don't they have to give you 30 days notice and allow you to exit without penalty?

subjecttocontract

What's the criteria for qualifying for the loyalty reg saver ?

Middle_of_the_Road

subjecttocontract said:

What's the criteria for qualifying for the loyalty reg saver ?

Held or been linked to a savings or mortgage account with Coventry Building Society, ITL or Godiva, continuously since the 1st of January 2022 or earlier.

flaneurs_lobster

subjecttocontract said:

What's the criteria for qualifying for the loyalty reg saver ?

Have had an account open since 01 Jan 22.

allegro120

happybagger said:

If it's variable, if the account rate falls by more than 0.25% more than base rate falls, don't they have to give you 30 days notice and allow you to exit without penalty?

At least 14 days' notice and 30 days' window to close the account.  No penalty.

allegro120

subjecttocontract said:

What's the criteria for qualifying for the loyalty reg saver ?

We'll have to see when the product is released, but usually it is 1 year of continuous membership.