Coventry BS 6% for over 60s

ReportInvestorReportInvestor Forumite
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I'm new to this forum so I hope savings accounts qualify for discussion - I looked for an appropriate thread but couldn't find one.

I'm going to set one of these up for my parents.

Coventry BS Sixty Plus Saver
4.75% variable rate + 1.25% one year bonus = 6%.
Tel 0845 766 5522

I was attracted by the length of the initial bonus as much as by the headline rate, and Coventry BS don't have a reputation for drastic or sneaky rate reductions.

Replies

  • Ted_HutchinsonTed_Hutchinson
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    Too late. The 6% Rate ended last night and they will only send out application forms for the new rates which are as follows.

    Sixty-Plus Saver is an instant access savings account paying a superb interest rate. In the first year we'll add a 0.75% AER bonus to the Bank of England Base Rate, making a total of 5.50% AER/gross p.a. variable. What's more we guarantee the rate will be at least equal to the Bank of England Base Rate until 30.06.2010. All we need is a minimum opening deposit of between £500 and £2000 and you can pay in up to £2000 per calendar month from then on. With no obligation to make a monthly payment, funds can come from any source, including your state, occupational or personal pension.

    Unlike some other high interest accounts, there is no lock-in. Your money is yours, whenever you want it. We will automatically send you a CashLink card once your account is open.

    They also do a 60+bond but that says
    60plusb_prodtr_C.gif [size=-1]The Sixty-Plus Bond offers a fantastic return on your longer-term savings with an interest rate of 5% AER/gross p.a. fixed until 31.07.2006.[/size] [size=-1]You can invest any amount between £1,000 and £250,000 in this high interest bond and then choose to forget about your money until it matures or have the interest paid to you monthly to top-up your income.[/size]

    [size=-1]We also promise a great re-investment rate once the first year is up, and for the first four times your bond matures we guarantee to offer you a new rate which at least matches the Bank of England Base Rate +0.25%.*[/size]

    [size=-1]We know life can sometimes be unpredictable so in an emergency you can withdraw your investment from this bond, subject to a 90 day interest penalty[/size]
    My weight loss following Doktor Dahlqvist' Dietary Program
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  • ReportInvestorReportInvestor Forumite
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    Thanks, Ted.

    My forms were ordered by phone on Wedesday when the rate was still 6%, I wonder if they will give my parents any leeway? Don't hold out much hope, though :(.

    Is 5.5% still the best variable rate I can get for them?
  • Ted_HutchinsonTed_Hutchinson
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    Reporter wrote:
    Thanks, Ted.

    My forms were ordered by phone on Wedesday when the rate was still 6%, I wonder if they will give my parents any leeway? Don't hold out much hope, though :(.

    Is 5.5% still the best variable rate I can get for them?
    I think if you have got the application forms for the 6% offer I'd have a go at sending them in. The person I spoke to said that she couldn't issue and new forms for the 6% offer, not that those 6% offer application forms issued previously wouldn't be honoured.
    Perhaps you could give them a ring to find out if they will honour previously issued application forms.
    My weight loss following Doktor Dahlqvist' Dietary Program
    Start 23rd Jan 2008 14st 9lbs Current 10st 12lbs
  • ReportInvestorReportInvestor Forumite
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    Last orders please!

    Anyone who applied when the Coventry's rate was 6% can still get 6% if they post their form today and it arrives tomorrow, 30 June.

    They are very nice people at the Coventry :).
  • Ted_HutchinsonTed_Hutchinson
    7.1K Posts
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    Reporter wrote:
    Last orders please!

    Anyone who applied when the Coventry's rate was 6% can still get 6% if they post their form today and it arrives tomorrow, 30 June.

    They are very nice people at the Coventry :).
    Well you may think, so those who didn't get the form in time are just icon10.gif green with envy. Rates do seem to be dropping.
    My weight loss following Doktor Dahlqvist' Dietary Program
    Start 23rd Jan 2008 14st 9lbs Current 10st 12lbs
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