Coventry BS' Member Loyalty Account

cosh25

Launched today. 21 day notice loyalty saver paying 0.65% for people who have had unbroken membership from 1st Jan 20. 

veryintrigued

https://www.coventrybuildingsociety.co.uk/member/product/savings/limited_access/loyalty-21-day-notice-saver.html

where_are_we

veryintrigued said:

https://www.coventrybuildingsociety.co.uk/member/product/savings/limited_access/loyalty-21-day-notice-saver.html

I am disappointed after the big "build up". The 21 day notice penalty is restrictive. You can get .65% elsewhere with easy access. I will open an account with £1 in case the variable rate increases before the end of the 1 year term.

colsten

Goodness me. That's even worse than I half expected it would be.

Tandem Bank offer 0.65% instant access, unlimited withdrawals [which arrive within a few minutes], number of days of unbroken membership required: 0

This longstanding Coventry member can easily resist this 'loyalty' offer.

quirkydeptless

veryintrigued said:

https://www.coventrybuildingsociety.co.uk/member/product/savings/limited_access/loyalty-21-day-notice-saver.html

I'm going to stop talking to them

Billycock

Frogletina said:

I've been a customer for almost 50 years....I'm glad loyalty is being rewarded.

You're happy with that?

janusdesign

cosh25 said:

Launched today. 21 day notice loyalty saver paying 0.65% for people who have had unbroken membership from 1st Jan 20. 

i'm not convinced that they're enforcing the unbroken membership from 1st Jan 2020 condition, because I opened a savings account with them last September 2020 and they seem to have let me open (and fund) a Loyalty account with them yesterday... i'm assuming they probably don't care as long as you're an existing CBS member.

it is worth noting that the account is only for 12-months.

singhini

Billycock said:

Frogletina said:

I've been a customer for almost 50 years....I'm glad loyalty is being rewarded.

You're happy with that?

I think you will find the OP is happy that "loyalty" is being rewarded (not necessarily the rate being offered). 

colsten

singhini said:

Billycock said:

Frogletina said:

I've been a customer for almost 50 years....I'm glad loyalty is being rewarded.

You're happy with that?

I think you will find the OP is happy that "loyalty" is being rewarded (not necessarily the rate being offered). 

Surely there's not much point in a loyalty offer that doesn't deliver a financial advantage, usually achieved through a rate not equalled or bettered elsewhere. There's nothing much desirable about this Coventry account.

Rollinghome

colsten said: Surely there's not much point in a loyalty offer that doesn't deliver a financial advantage, usually achieved through a rate not equalled or bettered elsewhere. There's nothing much desirable about this Coventry account.

Except perhaps to Coventry.  I expect there'll be plenty who, having been told it's a special account for loyal members, will assume it is 'special' and happily sign up for it.

But, after the build up, at least as many will be disappointed.  Which is a pity, because Coventry has had a good reputation among many loyal members.