Coventry limited access/double access reducing rate to a 'market leading' 0.55%

VXman

Usa2019 said:

https://www.coventrybuildingsociety.co.uk/consumer/savings-accounts/closed-accounts/easy-access.html

Double Access Saver (Online) (2,3,4 too)

Important Note - from 10 February 2021, the interest rate will change to 0.55%

https://www.coventrybuildingsociety.co.uk/content/cbs/consumer/en/help/savings/changes-to-interest-rates.html


From 10 February 2021, the interest rate on Double Access Saver (Online) and Double Access Saver (Online) (2) will change to 0.55% AER*/gross p.a.

From 11 February 2021, the interest rate on Double Access Saver (Online) (3) and Double Access Saver (Online) (4) will change to 0.55% AER/gross p.a. The interest rate on the Triple Access ISA (Online) will change to 0.55% tax-free p.a./AER**.

Not heard anything about my 1.04 double access yet....

soulsaver

VXman said:

Usa2019 said:

RG2015 said:

wiseonesomeofthetime said:

How long before Skipton drop their 1.20% now? (closed to new business)

Wonder if they will they reduce it to a market leading rate of 0.56%

Below 1% I'm off to PB and RS

Not convinced by premium bonds as better than 0.55 (yes I know in theory but...)
Whats RS?

Regular Savers.

where_are_we

RS = Regular Savers. Some forumites were negative on 1% RS. I am glad of my strategy of continually opening 1% and above RS. I know it takes a bit of work to set each one up, but then for almost 12 months they run themselves. You can manage to have very large total amounts in RS. I just hope the RS interest rate differential (about .5% or more) over easy access continues. Skipton issue 7 at 1.2% looks vulnerable.

where_are_we

VXman - you will surely get an email soon about your 1.04% DA saver . I have had the 1.2% DA saver downgrade to .55% email this morning.

Usa2019

where_are_we said:

RS = Regular Savers. Some forumites were negative on 1% RS. I am glad of my strategy of continually opening 1% and above RS. I know it takes a bit of work to set each one up, but then for almost 12 months they run themselves. You can manage to have very large total amounts in RS. I just hope the RS interest rate differential (about .5% or more) over easy access continues. Skipton issue 7 at 1.2% looks vulnerable.

Simple maths, there is no point opening 1% RS when 1.2% easy access available, when it drops, we have to look at plan B. The only one I missed out is VM (I thought it would still be available as it only get pulled every 2 month)
A more in-depth question, am I going to start opening 1% postal RS, is it worth the time and effort (printer ink, postage,signing cheque etc etc)
Let's hope Skipton hang in there at least until April (unlikely) 

Boa21

Annoying, I had the 1.2% also
I've got Halifax Regular Saver 2% until March
Kent Reliance 1.5%, which is a good one as you can stash £500 per month. Have to open in a branch, but I've had one for a few years so was allowed to open by post due to Covid
Last years Kent Reliance RS went into an easy access which is still 0.7%, so might use that some more

StephenM_2

I've got the 1.1%. I've also got 1.05% at Principality, so I'm expecting a reduction from them imminently

HansOndabush

Its the 'great reset'. Next they steal your money with inflation so in the end you have nothing and are dependent on central government. According to the World Economic Forum, by 2030 we won't own anything.

milton1970

Soon be time to go back to the £5K in Lloyds, BoS, etc again ... average 0.78% I think 

Regular savers at 1 % just isn’t worth the effort

TheAble

None of it is worth the effort. Having all these cash savings earning peanuts is a huge waste of money.
0.55%, 1.2%, 0.78%, who cares? None of these rates is beating inflation.