Regular Savings Accounts: The Best Currently Available List!

crumpet_man

Coventry First Home Saver now withdrawn for new applications.

Could be because it attracted some attention on Reddit.

liamcov

I thought Coventry worked on the date the account is opened ie. you won't be able to make a deposit on 31 Dec and again on 6 Jan?

kaMelo

liamcov said:

I thought Coventry worked on the date the account is opened ie. you won't be able to make a deposit on 31 Dec and again on 6 Jan?

For the regular saver that is correct but the FHS is per calendar month.

liamcov

kaMelo said:

liamcov said:

I thought Coventry worked on the date the account is opened ie. you won't be able to make a deposit on 31 Dec and again on 6 Jan?

For the regular saver that is correct but the FHS is per calendar month.

Oh good that's exactly what I'll be doing then, thanks!

kaMelo

@Kazza242 flagged the increase, as usual they're on the ball with new upcoming accounts/rates.

surreysaver

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Coventry First Home Saver now withdrawn for new applications.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?

Band7

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Coventry First Home Saver now withdrawn for new applications.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

flaneurs_lobster

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Coventry First Home Saver now withdrawn for new applications.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?

"I do solemnly swear and attest that I am not already a homeowner and I won't be spending the savings accrued in this account on a Lamborghini"

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Coventry First Home Saver now withdrawn for new applications.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