coventry double access saver

2010

gwapenut said:

2010 said:

Alter_ego said:

2010 said:

1.2% or 1.1% is a difference of £10 over a full year on £10k

Yes but it's £100 on 100k

-----------------------------------      and £200 on £200k but not many are going to put £100k in an account that can be cut any time and probably will in a couple of months time.
Actually it`s already been cut after 4 days for new customers.

The point is, some people may. You were effectively telling people to "it's only £10, don't worry" (in the nicest possible way). But that's not true for all people.

You`re right, but it`s all academic because the rate of 1.2% has gone.
But luckily Alter-ego will get the extra £100 interest on the £100k deposit made.

Alter_ego

2010 said:

You`re right, but it`s all academic because the rate of 1.2% has gone.
But luckily Alter-ego will get the extra £100 interest on the £100k deposit made.

Alter-ego is not going to announce how much saved in this account. But is going to get 1.2% on  much more than £1000.
How long for remains to be seen. 
Please don't advise that this is not the right place for large sums - It is in my position.

2010

Alter_ego said:

2010 said:

You`re right, but it`s all academic because the rate of 1.2% has gone.
But luckily Alter-ego will get the extra £100 interest on the £100k deposit made.

Alter-ego is not going to announce how much saved in this account. But is going to get 1.2% on  much more than £1000.
How long for remains to be seen. 
Please don't advise that this is not the right place for large sums - It is in my position.

i didn`t advise anything about where or where not to put money if you read my posts.
You`re getting the extra point one per cent that you seemed to be panicing about, so all`s well.
(£10 a year on £10k).

jimbow25

Another week on and we are now appear to be on to Issue 3 paying 1.05%.
It's worth noting that Coventry BS's T&Cs allow penalty free closure within 30 days of notification of any future interest rate change if you are unhappy. So you can still make two penalty free withdrawals without feeling held to ransom by the variable rate over the remainder of a year.
https://www.coventrybuildingsociety.co.uk/content/dam/cbs/consumer/pdf/savings/General-Investment-Terms-and-Conditions.pdf , PDF page 18
This was also my understanding of the 1 year variable rate monthly saver which was cut from 2.5% to 1.85% some months ago - it would be harsh to lock your money away and leave them free to adjust the interest rate as much as they like.

badger09

jimbow25 said:

Another week on and we are now appear to be on to Issue 3 paying 1.05%.
It's worth noting that Coventry BS's T&Cs allow penalty free closure within 30 days of notification of any future interest rate change if you are unhappy. So you can still make two penalty free withdrawals without feeling held to ransom by the variable rate over the remainder of a year.
https://www.coventrybuildingsociety.co.uk/content/dam/cbs/consumer/pdf/savings/General-Investment-Terms-and-Conditions.pdf , PDF page 18
This was also my understanding of the 1 year variable rate monthly saver which was cut from 2.5% to 1.85% some months ago - it would be harsh to lock your money away and leave them free to adjust the interest rate as much as they like.

At least Coventry seem to be releasing new issues with reduced rates, rather than reducing the rates on those recently released. So far....  

jimbow25

badger09 said:

jimbow25 said:

Another week on and we are now appear to be on to Issue 3 paying 1.05%.
It's worth noting that Coventry BS's T&Cs allow penalty free closure within 30 days of notification of any future interest rate change if you are unhappy. So you can still make two penalty free withdrawals without feeling held to ransom by the variable rate over the remainder of a year.
https://www.coventrybuildingsociety.co.uk/content/dam/cbs/consumer/pdf/savings/General-Investment-Terms-and-Conditions.pdf , PDF page 18
This was also my understanding of the 1 year variable rate monthly saver which was cut from 2.5% to 1.85% some months ago - it would be harsh to lock your money away and leave them free to adjust the interest rate as much as they like.

At least Coventry seem to be releasing new issues with reduced rates, rather than reducing the rates on those recently released. So far....  

Yes I should have moved a bit quicker after the MSE email on Tuesday as I have ended up with Issue 3. Not that 0.05% is going to be life changing.

d63

. . . and it seems like the rate is scheduled to drop yet again for new applicants on the 6th october with issue 4 at 0.96% 
https://saversfriend.co.uk/charts/instant-access-savings-accounts
curious and curiouser! 1.2, 1.1, 1.05, 0.96, where will it all end? 

(edit: just checked this morning, the coventry have indeed now updated their website with the new 0.96% rate)

2010

People who have NS&I accounts are having to find somewhere to put it and even .96% is better than .1%.
If they wait until the NS&I rate actually drops on 24th Nov, they`ll be lucky to find .50% anywhere.

xylophone

where will it all end? 

When it reaches the rate offered by NS&I?

Speedbird676

Speedbird676 said:

Speedbird676 said:

I have just applied and they are sending me a paper application form 

Presumably they couldn't verify my identity electronically despite previously holding an account with them.

Still waiting for my paper application to arrive 

I still don't have access to my account, after two and half weeks.

Applied on Monday, 21st September and told that they needed to send me a paper application form. That arrived on Saturday, 26th and was returned on Monday, 28th.

Telephone PIN arrived on Monday, 5th October. Telephone password arrived today, Wednesday, 7th October.

I've just called them to get my account number to at least make a test deposit to the account. The agent was very helpful and provided the details. Apparently a welcome pack was sent in the post on 30th September but must have got lost.

Tried to register for online banking and cannot do that as Coventry don't have a phone number on file, despite this being on the application form I returned.

So far, not so good.

I had an ISA with them a couple of years ago and don't recall it being this difficult to open and access my account.