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

HansOndabush

No change for Coventry Building Society double Access Savers that I can see?

VXman

EthicsGradient said:

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%

Ah yes. The Hargreaves Landsdown one is limited access. The one I have direct with Coventry is Double access.(3) Same rate (1.04) and same terms of access. So not quite as bad as I thought. I shall move the funds from the HL one to the Coventry one. Reduces access from 4 times a year to 2 but hey ho, I can live with that. Wouldn't be surprised if other version get cut soon though.

EthicsGradient

But sadly, they have now reduced the rate on the (direct) Double Access Saver (Online) too - I just got an email: was 1.20%, will be 0.55% from Feb 10th, and they've done the same "now up to 6 withdrawals per year" change too.

wiseonesomeofthetime

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

RG2015

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%

Usa2019

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**.

wiseonesomeofthetime

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%

They could. It contains a 0.50% bonus for a year, so will not fall too much below the "market leading" rates.

I like the Skipton account as you can have TWO nominated/linked accounts and so aids movement of my cash, when required. Others limit you to just one.

Wouldn't be moving savings for 0.06% variant anyway. Not worth my time.

wiseonesomeofthetime

Usa2019 said:

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**.

Bringing all their accounts in to line then.

Changing name from Double Access (Online) to Limited Access (Online) too. Obviously due to the increase in number of permissable, penalty-free, withdrawals.

Usa2019

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

VXman

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?