Regular Savings Accounts: The Best Currently Available List!

ForumUser7

Kazza242 said:

Coventry Building Society are launching Loyalty Regular Saver (2), paying 6.75%

Open the account via the Internet, branch, telephone or by post.

Pay in up to £250 per month.  The maximum account balance is £3,000.

The account is available to existing members (must have held at least one savings or mortgage account with Coventry BS, ITL or Godiva since 1 January 2023 or earlier.)

There is a 14 day 'cooling off' period.  After this period, you can close the account or make a withdrawal, but this will be subject to a charge equal to 30 calendar days' interest on the amount withdrawn.

Reverts into an Easy Access Saver (7) after 12 months.

If you login to Coventry BS online banking, the account is available.

The account should be appearing on this list of accounts later today, here.    

The Account Summary states:

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

It seems that current holders of the Loyalty Regular Saver (issue 1) cannot have issue 2.  

Thanks @kazza242 - anyone know when issue 1 was released please? Seems I completely missed it. Thanks

Bridlington1

ForumUser7 said:

Kazza242 said:

Coventry Building Society are launching Loyalty Regular Saver (2), paying 6.75%

Open the account via the Internet, branch, telephone or by post.

Pay in up to £250 per month.  The maximum account balance is £3,000.

The account is available to existing members (must have held at least one savings or mortgage account with Coventry BS, ITL or Godiva since 1 January 2023 or earlier.)

There is a 14 day 'cooling off' period.  After this period, you can close the account or make a withdrawal, but this will be subject to a charge equal to 30 calendar days' interest on the amount withdrawn.

Reverts into an Easy Access Saver (7) after 12 months.

If you login to Coventry BS online banking, the account is available.

The account should be appearing on this list of accounts later today, here.    

The Account Summary states:

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

It seems that current holders of the Loyalty Regular Saver (issue 1) cannot have issue 2.  

Thanks @kazza242 - anyone know when issue 1 was released please? Seems I completely missed it. Thanks

28th November 2023

liamcov

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?

Bridlington1

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 account 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. 

pecunianonolet

I hope it will still be around on the 6th of April. How long was issue 1 around?

jameseonline

What did/does the previous issue pay?

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"