Regular Savings Accounts: The Best Currently Available List!

Section62

Band7 said:

surreysaver said:

crumpet_man said:

Coventry First Home Saver now withdrawn for new applications.

Could be because it attracted some attention on Reddit.

Wonder if they'll demand proof people are saving for a first home for existing account holders?

It's first home for yourself or a relative, But there is nothing in the T&Cs about providing proof, and what form such proof would have to take

That previously didn't stop them having a reinterpretation of the RS account T&Cs which led to a rash of letters to people saying that multiple (and for some people, single) regular saver accounts would be closed down.

Hopefully if someone from Coventry BS is reading this thread (or Reddit) they will appreciate the potential reputational harm that would be done if Coventry retrospectively reinterpret the FHS T&Cs and require proof of intent to buy a first home.... not least because people's personal circumstances change so much that an intent to save for a first home today could be replaced by a personal crisis and abandonment of those plans tomorrow.

happybagger

Interesting that they should announce such a large rise, then so soon turn it into a closed issue. There can't be many closed issues paying such a rate, and they must have known it would have created a stir.

Still, thanks to kazza, although it's variable rate it'll work out an average of over £18k at 5% instant access over the next three years

Band7

Section62 said:

Band7 said:

surreysaver said:

crumpet_man said:

Coventry First Home Saver now withdrawn for new applications.

Could be because it attracted some attention on Reddit.

Wonder if they'll demand proof people are saving for a first home for existing account holders?

It's first home for yourself or a relative, But there is nothing in the T&Cs about providing proof, and what form such proof would have to take

That previously didn't stop them having a reinterpretation of the RS account T&Cs which led to a rash of letters to people saying that multiple (and for some people, single) regular saver accounts would be closed down.

IIRC, the blurb pertaining to their Regular Savers always said you could only have one at a time. They just took nearly a year before they eventually enforced this term.

Money_Grabber13579

Band7 said:

Has anyone saved the Coventry FHS terms ? They appear to have vanished completely from their website

https://web.archive.org/web/20221218155916/https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/at-a-glance/first-home-saver.pdf
https://web.archive.org/web/20221218155835/https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=FH1

Band7

I found the Coventry First Home Saver T&Cs on https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=FH1

Just in case, I have also taken screenshots









 

Tom_Hendo

crumpet_man said:

Coventry First Home Saver now withdrawn for new applications.

Could be because it attracted some attention on Reddit.

Woah this was quick! I got in just in time it seems. 

Any indication as to why it was removed? Enough applications already, or too many people exploiting it as a large balance regular saver rather than its intended purpose? 

What reddit attention do you refer to? 

crumpet_man

surreysaver said:

crumpet_man said:

Coventry First Home Saver now withdrawn for new applications.

Could be because it attracted some attention on Reddit.

Wonder if they'll demand proof people are saving for a first home for existing account holders?

How can anyone prove they are saving to buy a property?  

alibean121

crumpet_man said:

surreysaver said:

crumpet_man said:

Coventry First Home Saver now withdrawn for new applications.

Could be because it attracted some attention on Reddit.

Wonder if they'll demand proof people are saving for a first home for existing account holders?

How can anyone prove they are saving to buy a property?  

No but they’d have had a lot more luck restricting the account if they at least added something to their terms and conditions about the account actually being for first time buyers. 

You obviously can’t prove what someone is saving for but if they’d asked if you’re a homeowner on the application form, I personally wouldn’t have lied. 

Band7

alibean121 said:

crumpet_man said:

surreysaver said:

crumpet_man said:

Coventry First Home Saver now withdrawn for new applications.

Could be because it attracted some attention on Reddit.

Wonder if they'll demand proof people are saving for a first home for existing account holders?

How can anyone prove they are saving to buy a property?  

No but they’d have had a lot more luck restricting the account if they at least added something to their terms and conditions about the account actually being for first time buyers. 

You obviously can’t prove what someone is saving for but if they’d asked if you’re a homeowner on the application form, I personally wouldn’t have lied. 

Are you suggesting that anyone lied on the application form? If so, what makes you think so?

Money_Grabber13579

Band7 said:

alibean121 said:

crumpet_man said:

surreysaver said:

crumpet_man said:

Coventry First Home Saver now withdrawn for new applications.

Could be because it attracted some attention on Reddit.

Wonder if they'll demand proof people are saving for a first home for existing account holders?

How can anyone prove they are saving to buy a property?  

No but they’d have had a lot more luck restricting the account if they at least added something to their terms and conditions about the account actually being for first time buyers. 

You obviously can’t prove what someone is saving for but if they’d asked if you’re a homeowner on the application form, I personally wouldn’t have lied. 

Are you suggesting that anyone lied on the application form? If so, what makes you think so?

Are you suggesting that alibean121 suggested that anyone lied on the application form? If so, what makes you think so?

The key parts of the post you quoted are “if they’d asked” and “I personally wouldn’t have lied.” In essence, they didn’t ask so no one can have lied.