Coventry BS 6% for over 60s

ReportInvestor

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.

Ted_Hutchinson

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
[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]

ReportInvestor

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_Hutchinson

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.

ReportInvestor

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_Hutchinson

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 green with envy. Rates do seem to be dropping.