Coventry BS' Member Loyalty Account

Archie_Duke

I’ve had a Coventry mortgage and savings account for ~ 5 years. Generally I like their accounts, lack of instant transfer out of funds is sometimes a pain, but on balance I prefer them to some other savings providers I’ve used.

This loyalty ‘bonus’ account is completely underwhelming and it’s difficult to understand what they think it will achieve with their customers.
off to have a look at Tandem Bank savings accounts now, thanks @colsten !

Billycock

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). 

Do ya reckon?

wiseonesomeofthetime

Emptied mine, bar £1, into my Tandem savings account as it pays the same rate and no delay in access, if needed.

kaMelo

I do think with the recent offerings of loyalty savers by YBS and Skipton BS, Coventry BS loyalty offer is something of a damp squib. 

janusdesign

janusdesign said:

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.

so contrary to the above, I think they are enforcing it - account seems to have been closed and can no longer access it (was logging in to close it anyway).

that must have happened in the last 24 hours, but still waiting for the initial £1 deposit to be returned to the nominated account.

typistretired

Nationwide are excited to be rewarding me for already saving and having a current out with them by offering me the chance to open a Flex Instant Saver at 0.35%. But I do like the free entry to the £1 million monthly Member Prize Draw.

colsten

janusdesign said:

janusdesign said:

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.

so contrary to the above, I think they are enforcing it - account seems to have been closed and can no longer access it (was logging in to close it anyway).

that must have happened in the last 24 hours, but still waiting for the initial £1 deposit to be returned to the nominated account.

Coventry's systems don't appear to enforce all their T&Cs. So they have people working their way through accounts to verify them, and close them if non-compliant.

singhini

Billycock said:

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). 

Do ya reckon?

Yes i do (but that's my opinion). If your desperate to know for sure, perhaps you should ask him directly 

Rich2808

Agree - not a bad rate but not that exciting.

I thought the Coventry were also looking at launching some sort of (regular) savings account for first time buyers - although presumably with some bonus or incentive etc linked to taking out your first mortgage with them like other smaller local societies like Bath BS have with their homestart regular saver.