coventry double access saver

Saltrams

Hello; complete newbie posting. I've noticed some who think that's a bad thing but hey, we have to start somewhere right? I really need to start taking notice of where I keep my savings; like most folks I'm going to be hit by the NS&I debacle soon.

I'm completely confused by the Coventry BS situation though. I applied Online when Martin had it as the top rate 1.2% account and I was successful, given an a/c number etc &  I deposited £5 to make sure all was working OK. I can log-in now and I see the account is:

Double Access Saver (Online) - Monthly Current interest rate 1.19% Gross*
*The interest rate shown is the gross rate, which is the interest rate before the deduction of any tax.  The interest rate shown may not take into account your most recent transactions or any pending transactions you have arranged.

Is the 1.19% because the 1.2% has dropped but not as much as some other accounts? I don't understand whether I will get the 1.2% as part of being in at the "first issue" (I didn't know that was a thing) at least until they reduce it generally? I've no idea whether to fund the account or not as it's such a drag withdrawing from NS&I (even when they aren't in meltdown, like recently) and then when the funds get to my bank they only allow 20K transfers per day so it seems to me in the current climate I could spend a week getting the money to this account and then there will be the dreaded "We are changing our interest rates" email and I'll be back to square 0.

Oh and since opening the a/c I haven't had ANYTHING at all from them. No docs in the post, no emails, zilch.

dosh37

My acccount shows 1.2%

1.19% is probably the monthly rate rather than the annual rate. After all it does say...

"Double Access Saver (Online) - Monthly Current interest rate 1.19%"

Archie_Duke

For new savers Double Access Saver (Online) (4) is now on the CBS homepage(09/10/20) - a tempting 😉 0.96% AER/Gross. 

I elected to take interest monthly when I opened my Double Access Saver (Online) and my interest rate is 1.19% rather than 1.2.

soulsaver

You've opened the Cov ac and funded it. Leave the c.£100k in the NS&I until the Nov drop and see what happens in the mean time. Simples.
We haven't got crystal balls either.  

greatcrested

Saltrams said:

...

Double Access Saver (Online) - Monthly Current interest rate 1.19% Gross*
*The interest rate shown is the gross rate,

You have opted to receive interest monthly. At the end of month 1 you will receive interest (at 1.19%) which will be added to your account. Thus in month 2 you will receive more interest (still at 1.19%) as a result of your higher balance. This will continue month by month, such that by the end of the year, although each month interest will be calculated at 1.19%, the cumulative effect will be an APR (annual interest) of 1.2%

wiseonesomeofthetime

Speedbird676 said:

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.

I take it you no longer have the login details from when you held the ISA with them. If you have though, give them a try.

You would expect them to match your current account details and past account details and merge. 

Good luck.

dosh37

For those old enough to remember, opening and managing an account with The Coventry is a bit like playing the 'Colossal Cave' adventure game.

First you go through the usual account creation process online.

Then you wait a few days for a welcome pack which gives you the account no & sort code.

A few days later you get a second letter with a Telephone PIN.

A few days after that you get a third letter with an initial Telephone Password.

You then have to go online and change the initial Telephone Password to something else.

A few days after that and you get a fourth letter containing a grid card. I think you now only use the grid card for telephone access: It used to be that the grid card was used for online transactions as well.

They have now introduced the 'Out Of Band Authentication' security system which means waiting for a phone call and a one-time security code every time you login.

wiseonesomeofthetime

It is easier, once a customer, but yes, initial registration was a looooooonnnnngggg process 🤦‍♂️

dosh37

wiseonesomeofthetime said:

It is easier, once a customer, but yes, initial registration was a looooooonnnnngggg process 🤦‍♂️

Over the years, I've been a Coventry BS customer six times with different accounts. When you close an account they discard all your details so you have to go through the entire process again.

It's a bit like when the Pirate appears in Colossal Cave and steals all the items you have collected. You have to start from scratch.

EthicsGradient

I love this Colossal Cave metaphor. I'm just dreading when we find ourselves in a maze of tunnels, all the same. And when is a voice going to intone "DON'T SAVE"???