Regular Savings Accounts: The Best Currently Available List!

surreysaver

liamcov said:

Does the Coventry 6.75% (and the normal regular saver at 5%) not allow deposits on the 1st? Ie. if opened today you could only deposit again on 15 April?

Do both accounts allow for a 13th payment?

The Coventry go by statement month, not calendar month (except the First Home Saver Issue 1), which will mean no 13th payment assuming the account matures after a year 

soulsaver

Phoned the Cov. The handler was utterly useless.

Was telling me the words say "..you can only have 1 account of this type.." - while I am reading on the screen "You can only have one Loyalty Regular Saver (2)".  

'Tell me where you can see this and I'll feed it back...' FGS!

surreysaver

soulsaver said:

"You can only have one Loyalty Regular Saver (2) at a time."

Should mean you can have Iss1 & Iss2... But it looks like bad proof reading as it won't let you apply for Iss2 if you hold Iss1 - tried it - so the exclusion is built in the functionality.

ETA That's new for the Cov - previously you could break their rules until they eventually caught you... 

Seems to be a common theme amongst financial staff these days, like the Co-Op variable rate. The staff writing the bumph don't know that the T&Cs of the account are. 

Frogletina

soulsaver said:

Phoned the Cov. The handler was utterly useless.

Was telling me the words say "..you can only have 1 account of this type.." - while I am reading on the screen "You can only have one Loyalty Regular Saver (2)".  

'Tell me where you can see this and I'll feed it back...' FGS!

It has been amended since I looked at it this morning

"To be able to open this account, you’ll need to have held or been linked to a savings or mortgage account with Coventry Building Society, ITL or Godiva continuously since 1 January 2023 or earlier. If you already hold the first version of this account, you cannot open this account"

soulsaver

It's not amended on my screen -

Additional information:
We pay your interest gross. The gross rate is the interest payable before the deduction of tax.
This account is a limited issue, so we may stop accepting applications at any time. You can only have one Loyalty Regular Saver (2) at a time.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Bridlington1

JamesRobinson48 said:

Bridlington1 said:

liamcov said:

Does the Coventry 6.75% (and the normal regular saver at 5%) not allow deposits on the 1st? Ie. if opened today you could only deposit again on 15 April?

Do both accounts allow for a 13th payment?

Both accounts go by calendar month so if you opened and fully funded the accounts today, you wouldn't be able to deposit again until 15th April, so in other words you can't get a 13th month in. 

Did you by chance mean account month?

Now corrected, I've typed calendar month so often I must've gone on auto pilot. Thanks for pointing this out.

adw1977

There seems to be a significant catch to this new Coventry Loyalty Regular Saver.
The interest rate is variable but if you want to withdraw your money then you lose 30 days interest.  There's no option to give notice to avoid the penalty and there doesn't seem to be any exemption for Coventry BS reducing the interest rate. 
So it may in fact be impossible to actually earn 6.75% on your money because if the rate goes down you either accept whatever rate they impose for the rest of the account term or lose some of your interest in the 30 day penalty.

Frogletina

soulsaver said:

It's not amended on my screen -

Additional information:
We pay your interest gross. The gross rate is the interest payable before the deduction of tax.
This account is a limited issue, so we may stop accepting applications at any time. You can only have one Loyalty Regular Saver (2) at a time.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

That is very strange - I've now checked the additional information as well, and that have also been changed since this morning

Additional information

We pay your interest gross. The gross rate is the interest payable before the deduction of tax. This is a limited issue account and you can only be named on one version of a Loyalty Regular Saver at a time, this includes previous or subsequent versions.

 

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

SnowMan

adw1977 said:

There seems to be a significant catch to this new Coventry Loyalty Regular Saver.
The interest rate is variable but if you want to withdraw your money then you lose 30 days interest.  There's no option to give notice to avoid the penalty and there doesn't seem to be any exemption for Coventry BS reducing the interest rate. 
So it may in fact be impossible to actually earn 6.75% on your money because if the rate goes down you either accept whatever rate they impose for the rest of the account term or lose some of your interest in the 30 day penalty.

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/saving-accounts-terms-and-conditions.pdf

If you’re not happy about a change

With many of our accounts, you can close or switch your account whenever you like. However, if there are normally restrictions on your account you can close your account without notice, charge or loss of interest in these situations:

It appears this includes changes to interest rates but it's not 100% clear, and others may read that differently

soulsaver

Frogletina said:

soulsaver said:

It's not amended on my screen -

Additional information:
We pay your interest gross. The gross rate is the interest payable before the deduction of tax.
This account is a limited issue, so we may stop accepting applications at any time. You can only have one Loyalty Regular Saver (2) at a time.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

That is very strange - I've now checked the additional information as well, and that have also been changed since this morning

Additional information

We pay your interest gross. The gross rate is the interest payable before the deduction of tax. This is a limited issue account and you can only be named on one version of a Loyalty Regular Saver at a time, this includes previous or subsequent versions.

 

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Yep - If I clear cache it'll probably read as the new version.  CBA - just livid at the incompetence.

Why isn't CS briefed?
Why 10 minutes of unnecessarily taking you through security followed by 'checking with a colleague' ?
Why not 'Yes. Sorry, it was mistake that we've now fixed'
Bye.