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

VXman

OK - I've had enough. Coventry was the last bastion of vaguely reasonable rates on a reasonably immediate access account.
Just had an email from HL active savings to say it's being reduced. Oddly no communication direct from Coventry about my other account that is direct with them. It would't just be the HL one changing surely?  Oh where to put £60K now??!!!

Product Current rate New rate Coventry Building Society Limited Access Saver 1.04% 0.55%
The interest rates on all Coventry Building Society products are variable and can increase or decrease at any time. We’ll let you know if your rate changes in the future. You can find out more about which rates can change in our FAQs.
2. Increased withdrawals without charge
Currently you can only withdraw money twice a year without incurring a charge. From 9 February you’ll be able to make six withdrawals a year without charge. After the sixth withdrawal, Coventry Building Society reserves the right to charge. If you are charged, you’ll be provided with clear information on screen when you make your withdrawal online. More information can be found in the summary box which you can find by logging into your account.

2010

Variable rate means variable rate.
You can`t get better for easy access than .55% anyway.
Stick £50k in PB.

VXman

2010 said:

Variable rate means variable rate.
Stick £50k in PB.

Already got 50K there - but to be honest I have found the 1% from Coventry has given me better returns than PB up til now. Really don't like the idea of lucky draws!

colsten

Why do you have £60k in instant access cash? If you need to spend it soon, the rate drop doesn‘t matter much. If you don‘t need to spend it all soon, there are altenatives for better rates.

RG2015

Coventry need to give 14 days notice of a rate reduction. I still have 1.20 % on my double take saver and haven't had any communication from them recently.

VXman

colsten said:

Why do you have £60k in instant access cash? If you need to spend it soon, the rate drop doesn‘t matter much. If you don‘t need to spend it all soon, there are altenatives for better rates.

Waiting for my son to buy a house. That's was a double access saver worked well. Certainly can't lock it up for a year. Could be several months though. Bit of an unknown.

VXman

RG2015 said:

Coventry need to give 14 days notice of a rate reduction. I still have 1.20 % on my double take saver and haven't had any communication from them recently.

The communication from HL says 9 Feb, so yes 14 days. But like you I have had no communication from Coventry direct where I have the exact same account. - odd.

ChilliBob

tbh .55% for easy access (sort of) is very good   - sad times eh!

ChilliBob

Perhaps try Rasin if you can fix for a year?

EthicsGradient

A subtle difference between the "Limited Access Saver" and the "Double Access Saver" (and which issue?)? Their list of rates for these closed accounts: https://www.coventrybuildingsociety.co.uk/consumer/savings-accounts/closed-accounts/limited-access.html

Double Access Saver (Online) 1.20% Double Access Saver (Online) (2) 1.10% Double Access Saver (Online) (3) up to 1.05% ... Limited Access Saver 0.40%

2010

VXman said:

RG2015 said:

Coventry need to give 14 days notice of a rate reduction. I still have 1.20 % on my double take saver and haven't had any communication from them recently.

The communication from HL says 9 Feb, so yes 14 days. But like you I have had no communication from Coventry direct where I have the exact same account. - odd.

They`ll need to give notice TODAY for everyone to be within the 9th Feb.
Savers have been screwed for the last 12 years, what else is new.