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Speculator

Received in the post today. I thought the rate was variable?

francoghezzi

Speculator said:

Received in the post today. I thought the rate was variable?

I thought the rate was variable either. Nonetheless such a good news. I managed to open mine on February 29 just in time to make a second deposit on the 1st of March. If the rate will stay for sure at 7% is such a good news.

Section62

happybagger said:

I never knew they were intending a re-brand (Ipswich consulted on Suffolk etc). Not convinced members would be overly happy - strong tradition of it being the railworkers' society. And all those puns in the Summary Financials of "being on the right track" ad "steaming along) will no longer be apt...

They've hit the buffers then.

simonsmithsays

francoghezzi said:

Speculator said:

Received in the post today. I thought the rate was variable?

I thought the rate was variable either. Nonetheless such a good news. I managed to open mine on February 29 just in time to make a second deposit on the 1st of March. If the rate will stay for sure at 7% is such a good news.

Coop RS

They don't appear to have improved much since I vowed to never use them again

csw5780

francoghezzi said:

Speculator said:

Received in the post today. I thought the rate was variable?

I thought the rate was variable either. Nonetheless such a good news. I managed to open mine on February 29 just in time to make a second deposit on the 1st of March. If the rate will stay for sure at 7% is such a good news.

The T&C say otherwise:

francoghezzi

simonsmithsays said:

francoghezzi said:

Speculator said:

Received in the post today. I thought the rate was variable?

I thought the rate was variable either. Nonetheless such a good news. I managed to open mine on February 29 just in time to make a second deposit on the 1st of March. If the rate will stay for sure at 7% is such a good news.

Coop RS

They don't appear to have improved much since I vowed to never use them again

Interest rate variable or fixed apart, my experience has been amazing. Sent a request to open a new account on the 26th, new account open the day after, sent request for Rs and account open and founded on the 29th. I can say only good things about Co-op, but I reckon we all have different stories. I see a lot of people raving for business like Atom and Smart Save on here that I personally wouldn't touch, again different stories for different people

nightowl888

Regarding SRBS - I take it faster payments need altering when sending a payment now ??

Hattie627

Speculator said:

Received in the post today. I thought the rate was variable?

That letter is referenced TB90. After you make the first payment in, you will receive a second letter referenced RG04. This one states:-

"Thanks for choosing to save with us and for making your initial deposit to your new Co-operative Bank Regular Saver paying a rate of 7.00% gross/AER".

No specification whether the rate is fixed (or not). 

The letter goes on to say that the RS is for a fixed TERM of 12 months and gives your individual maturity date (12 months from first deposit date).

Best to keep all letters as you may have a cause for complaint if the rate is reduced.

Kim_13

nightowl888 said:

Regarding SRBS - I take it faster payments need altering when sending a payment now ??

Nothing on the email to say so. Presumably their bank would change the name on the account upon production of the appropriate documents, so they wouldn't need to change their sort code and account number.

Once they change the account name though, COP checks would return a partial match I guess. 

ForumUser7

Kim_13 said:

nightowl888 said:

Regarding SRBS - I take it faster payments need altering when sending a payment now ??

Nothing on the email to say so. Presumably their bank would change the name on the account upon production of the appropriate documents, so they wouldn't need to change their sort code and account number.

Once they change the account name though, COP checks would return a partial match I guess. 

nightowl888 said:

Regarding SRBS - I take it faster payments need altering when sending a payment now ??

As above, SRBS/SBS/Whatever would need to tell customers if we needed to change payment details. I still haven't received the email (anyone else in the same boat?) but personally will not make any changes to anything unless they write to me and tell me to.