Regular Savings Accounts: The Best Currently Available List!

friolento

When you opened the new Coventry Loyalty Save, did you notice they state interest will be paid tax-free? What they actually mean is that it will be paid without any tax deduction. This could be misinterpreted by account holders, thinking the interest is not taxable income. Unfortunately, it is. Really bad of Coventry to be so ambiguous.

Bigwheels1111

SickGroove said:

Good evening, 

Just a quick one re Coventry...

I already have an Cash ISA with them & I've just noticed in my account details section it states...

Named Bank Account - Account holder(s) Starling Bank Ltd (Should that actually be my name?)

I've checked the account & sort code which are correct but just a little paranoid the named bank account - account holder bit is wrong...

It actually states Starling Bank Limited next to the bank name within the named bank account section...

I'm pretty sure it was all pre populated when I originally applied.

Also, I've only been with Coventry since October, but the 7% account is also showing available to me...

If I apply will it go through or be rejected once they realise?

Cheers

Mine had FD my banks name and account details and all went through fine. As you say pre populated.

They gave you a sort code and account number, just add your name ie Joe Blogs.
Found my account and name via cop.

friolento

SickGroove said:

Good evening, 

Just a quick one re Coventry...

I already have an Cash ISA with them & I've just noticed in my account details section it states...

Named Bank Account - Account holder(s) Starling Bank Ltd (Should that actually be my name?)

I've checked the account & sort code which are correct but just a little paranoid the named bank account - account holder bit is wrong...

It actually states Starling Bank Limited next to the bank name within the named bank account section...

I'm pretty sure it was all pre populated when I originally applied.

Also, I've only been with Coventry since October, but the 7% account is also showing available to me...

If I apply will it go through or be rejected once they realise?

Cheers

I wouldn't worry about the account name, as all that counts is the sort code and account number. How likely are you to want to withdraw from your ISA to your non-ISA Starling account, anyway?

About the Loyalty RS. If they let you apply, and if you really want the account, why not just apply for it? Worst case, they will cancel it and return your money.

Bigwheels1111

All looking good on my end.

SickGroove

friolento said:

SickGroove said:

Good evening, 

Just a quick one re Coventry...

I already have an Cash ISA with them & I've just noticed in my account details section it states...

Named Bank Account - Account holder(s) Starling Bank Ltd (Should that actually be my name?)

I've checked the account & sort code which are correct but just a little paranoid the named bank account - account holder bit is wrong...

It actually states Starling Bank Limited next to the bank name within the named bank account section...

I'm pretty sure it was all pre populated when I originally applied.

Also, I've only been with Coventry since October, but the 7% account is also showing available to me...

If I apply will it go through or be rejected once they realise?

Cheers

I wouldn't worry about the account name, as all that counts is the sort code and account number. How likely are you to want to withdraw from your ISA to your non-ISA Starling account, anyway?

About the Loyalty RS. If they let you apply, and if you really want the account, why not just apply for it? Worst case, they will cancel it and return your money.

The only reason I was concerned, is that I'm having the interest from my Cash ISA paid away into my Starling account as regular monthly income, the first payment is this Friday so just wanted to ensure everything is correct.

Cheers

SickGroove

Bigwheels1111 said:

All looking good on my end.

Can I ask if it shows your name or your bank's name in the named bank account section under account holder(s)?

Also, have you opted to have your interest at maturity added to this account or paid away to your nominated bank account?

Bigwheels1111

SickGroove said:

Bigwheels1111 said:

All looking good on my end.

Can I ask if it shows your name or your bank's name in the named bank account section under account holder(s)?

Also, have you opted to have your interest at maturity added to this account or paid away to your nominated bank account?

I was so surprised to get the opportunity to open it.
I was not taking much notice.
In the new account under account details 
My name and my bank FD.
Interest. Annually and into this account.

soulsaver

Descrabled said:

Coventry LRS

Note that payments into this account must be new money to Coventry. No transfers from existing savings in Coventry easy access accounts as I sometimes do with First Home Saver 1.

Reading the terms can be useful... you can

1. Transfer money from another Coventry account

friolento

Coventry account opened yesterday and deposited my first £250. What date do I set my SO to - 27th or 28th? I have done 28th, in order not to get my next SO returned

pecunianonolet

Am I right in my thinking that if I have to withdraw money/close the account, I will not be at loss if I withdraw/close on the 32nd day after my last pay in?

Day 1 pay in and end of day balance used for interest calculation

Day 2 : 31 interest calculated

Day 32 withdrawal

= 31 days interest accrual

Assuming I withdraw the total amount and always pay in the full £250 exactly on the first day of the account month and Cov BS crediting regardless of the weekday. A pay in date falling on a bank holiday might change the picture so take below with a pinch of salt. Interest is variable so a change during the term will change the picture again. Should rates be lowered during the term the profit rate should be higher.


*Numbers rounded by Excel


If you pay in on the day of account opening £250 and leave it without any further addition and take out the full £250 on day 61 the profit would be ~ £1.44


 
Anyone able to confirm if my thinking is right or if it can be disregarded as bs?