Coventry BS JISA issue 1 withdrawn

ratechaser

Apologies if I've missed a thread on this but it looks like the 2.95% issue 1 JISA has been pulled and replaced by issue 2 at 2.25%.

I've not had any notice from them that the issue 1 rate is dropping so fingers crossed for now...

Coventry BS have been the market leader for cash JISAs for quite some time so interesting to see that they have dropped the new issue by a full 0.7%. Clearly costing them quite a bit to maintain, no doubt made worse by all the inflow they must have had from NS&I.

flipper_72

I sent off for the application pack the day before they withdrew it, I have subsequently had a letter giving me until 19th April  to open version 1 with them. No mention that the rate would be changing.

reg091

Seems a bit odd that they would start a new JISA with a lower rate when the old one is variable anyway.

Are we to suppose that when interest rates increase (!) they will introduce a new higher rate JISA, leaving those of us on the 2.95 variable product and those on the 2.25 variable product unchanged, and none the wiser that they have a new, better product? What is the point in having a variable rate product if they don't vary the rate?!

I just saw the "headline" that Coventry is no longer the best paying JISA and hit the roof as I have had no notification from them that they have lowered my rate from 2.95%. This thread may explain why but I would rather have had some word from Coventry! If this hearsay is true then obviously I am happy that they are keeping us on 2.95% but it all seems very odd.