Regular Savings Accounts: The Best Currently Available List!

typistretired

I actually relented and have opened Virgin E17 and E18 and fully funded to-date

Speculator

pafpcg said:

schiff said:

I would be interested to know when the folk who got around £68 opened their accounts. My first deposit was 1/10/19 and subsequent deposits were made on the FWDOTM as usual. I got £66.56, 3p more than expected. It takes a lot of days at 2.5% on £500 to make up that difference! 

Like Colsten, my partner & I made our first CoventryBS Regular Saver investment on 27-Sep-2019 and the accounts matured on 26-Sep-2020 with interest of £68.39.  Monthly contributions were made on the 27th or the first working day thereafter - weekends caused an aggregate delay of three days during the year.  Perhaps there were more delays if contributions were made on the 1st?
Edit: By my calculation, paying monthly calculations on the 1st would have been delayed by an aggregate of six days from 1-Oct-2019 to 1-Sep-2020.

Unlike Colsten, we had to wait until midday for the matured funds to be credited to our bank accounts!

same, opened 27/9/2019, matured 26/9/2019 £68.39

typistretired

rachlikeswinter said:

I might have to withdraw my Coventry BS Reg Saver funds before maturity (to use as part of my flat deposit, which has happened quicker than expected!) I know that I will have the 30 day interest penalty by withdrawing before maturity, but does anyone know if that will mean I'll lose ALL interest due to me, plus the 30 day penalty amount? Or will I get whatever interest is due up to that point, minus the 30 day penalty?
For ref it would mature in Feb normally. Either way not a lot I can do, just curious as every penny counts!

Coventry RS terms state
This account is designed for saving your money. After the 14 day ‘cooling-off period’, you can take out money or close your account if you need to, but there will be a charge equal to 30 calendar days’ interest on the amount withdrawn. Notice for withdrawal/closure cannot be given. The charge will be deducted from the balance of the account at the time of the withdrawal.

where_are_we

grumiofoundation said:

where_are_we said:

£67.25 interest - account opened 28/9/19. Used the account closure option instead of withdrawal of funds - no need to keep an account paying .3% open. Whilst logged in opened new RS3 @ 1.55% variable - quick and easy - deposited £500 by FP and set up 11 monthly SO`s £500 from hub account - don`t forget it`s not calendar months but anniversary months and use last 8 digits of your new 9 digit account number. I presume if they drop the interest rate you will be able to withdraw balance with no loss of interest?

30 day interest penalty to withdraw for Coventry reg. saver.

 Taken from their T&C`s:

"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: ............ We’re making a change to the interest rate which is a disadvantage to you. When you can close - Anytime within the 30 days after we notify you about the change

My presumption is correct - if they drop their variable interest rate from 1.55%  to a rate which you can better somewhere else then you can close your RS3 without penalty and withdraw the balance plus accrued interest.

quirkydeptless

schiff said:

Coventry
I would be interested to know when the folk who got around £68 opened their accounts.

My Coventry RS matured on the 26th September with £68.39 interest

I added £500 per month from day one and monthly.

grumiofoundation

where_are_we said:

grumiofoundation said:

where_are_we said:

£67.25 interest - account opened 28/9/19. Used the account closure option instead of withdrawal of funds - no need to keep an account paying .3% open. Whilst logged in opened new RS3 @ 1.55% variable - quick and easy - deposited £500 by FP and set up 11 monthly SO`s £500 from hub account - don`t forget it`s not calendar months but anniversary months and use last 8 digits of your new 9 digit account number. I presume if they drop the interest rate you will be able to withdraw balance with no loss of interest?

30 day interest penalty to withdraw for Coventry reg. saver.

 Taken from their T&C`s:

"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: ............ We’re making a change to the interest rate which is a disadvantage to you. When you can close - Anytime within the 30 days after we notify you about the change

My presumption is correct - if they drop their variable interest rate from 1.55%  to a rate which you can better somewhere else then you can close your RS3 without penalty and withdraw the balance plus accrued interest.

I stand happily corrected.

Speculator

where_are_we said:

grumiofoundation said:

where_are_we said:

£67.25 interest - account opened 28/9/19. Used the account closure option instead of withdrawal of funds - no need to keep an account paying .3% open. Whilst logged in opened new RS3 @ 1.55% variable - quick and easy - deposited £500 by FP and set up 11 monthly SO`s £500 from hub account - don`t forget it`s not calendar months but anniversary months and use last 8 digits of your new 9 digit account number. I presume if they drop the interest rate you will be able to withdraw balance with no loss of interest?

30 day interest penalty to withdraw for Coventry reg. saver.

 Taken from their T&C`s:

"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: ............ We’re making a change to the interest rate which is a disadvantage to you. When you can close - Anytime within the 30 days after we notify you about the change

My presumption is correct - if they drop their variable interest rate from 1.55%  to a rate which you can better somewhere else then you can close your RS3 without penalty and withdraw the balance plus accrued interest.

You don't need to get a better rate elsewhere to close the account.

General_Grant

I agree with the clarification but think the "which you can better" comment was that one wouldn't be closing unless you could get a better rate elsewhere.

rachlikeswinter

typistretired said:

rachlikeswinter said:

I might have to withdraw my Coventry BS Reg Saver funds before maturity (to use as part of my flat deposit, which has happened quicker than expected!) I know that I will have the 30 day interest penalty by withdrawing before maturity, but does anyone know if that will mean I'll lose ALL interest due to me, plus the 30 day penalty amount? Or will I get whatever interest is due up to that point, minus the 30 day penalty?
For ref it would mature in Feb normally. Either way not a lot I can do, just curious as every penny counts!

Coventry RS terms state
This account is designed for saving your money. After the 14 day ‘cooling-off period’, you can take out money or close your account if you need to, but there will be a charge equal to 30 calendar days’ interest on the amount withdrawn. Notice for withdrawal/closure cannot be given. The charge will be deducted from the balance of the account at the time of the withdrawal.

Thanks - that's what I've read too, but I wasn't clear on if they'll still pay interest that I've earned thus far, minus the penalty (which is less than a fiver so not earth-shattering.) Guess I'll have to wait and see!

typistretired

They will pay interest up to closure minus 30 days calendar days' interest.  Could always contact them they may waive as a gesture of goodwill.