Coventry Building Society - Penalties For Transferring Cash ISAs Before Maturity Date

HUMBUG

I can make a few hundred pounds more transferring my cash existing ISA from Coventry (1% fixed) to Virgin (2.06% fixed) even after including the penalty for doing this before maturity date (ie. June 2023).  Seems that Coventry BS charge 120 days loss of interest compared to 90 days for many other establishments

I have saved with Coventry BS for many years but the way they manipulate their saving interest rates geared towards borrowers rather than savers, plus no loyalty rates (unlike some other smaller banks) has made me think twice about saving with them.

Plus, for some reason, one cannot login online via Windows Edge browser anymore which is a bit annoying. I informed them that the automated phone validation code system check doesn't work when I request a phone call to my home address  or mobile number using 'Edge' but it does work when I use Google Chrome.  That was many months ago and the problem still hasn't been fixed.

CompulsiveSaver

HUMBUG said:

Plus, for some reason, one cannot login online via Windows Edge browser anymore which is a bit annoying. I informed them that the automated phone validation code system check doesn't work when I request a phone call to my home address  or mobile number using 'Edge' but it does work when I use Google Chrome.  That was many months ago and the problem still hasn't been fixed.

I have been a member of Coventry for many years and I am similarly unimpressed by their current offerings, (although they recently did improve the rate on some older limited access accounts for existing customers to 1.39%, OK not market leading, better than Marcus!

In regard of MS edge, I checked and have no issues logging into Coventry with MS Edge or Chrome (the automated phone call works well in both), so it might be a setting on your PC? maybe something blocking/restricting cookies?

HUMBUG

CompulsiveSaver said:

HUMBUG said:

Plus, for some reason, one cannot login online via Windows Edge browser anymore which is a bit annoying. I informed them that the automated phone validation code system check doesn't work when I request a phone call to my home address  or mobile number using 'Edge' but it does work when I use Google Chrome.  That was many months ago and the problem still hasn't been fixed.

I have been a member of Coventry for many years and I am similarly unimpressed by their current offerings, (although they recently did improve the rate on some older limited access accounts for existing customers to 1.39%, OK not market leading, better than Marcus!

In regard of MS edge, I checked and have no issues logging into Coventry with MS Edge or Chrome (the automated phone call works well in both), so it might be a setting on your PC? maybe something blocking/restricting cookies?

Many thanks about the browser issue. Yes maybe its something  to do with how I've set up the management of cookies on my Edge browser (wonder if it could it be the adblocker extension doing this?).

With regards Coventry BS , I actually tried to transfer my fixed cash ISA (I think it was something awful at 0.5%) to their 1% fixed product and was willing take the penalty hit but their customer services people kept giving me all the wrong instructions. I was going back and forth several times until I made a formal complaint.  Then they apologised because their people were obviously not trained for these types of requests or how to process them. Their exec complaint team changed my ISA to the 1% and were actually very generous by cancelling the penalty charges (ie. transfer before maturity date) and gave me £50 compensation for the time I wasted on emails/phone calls/complaints  etc.

I've just opened the Virgin 1 year fixed ISA at 2.06% online, downloaded and completed the transfer ISA form and posted it. Will be intrigued to see how quickly the transfer will take place. I advised Coventry by online secure message of my intention to transfer hoping they would offer me a one-off bonus payment to stay with them, but they weren't bothered and just confirmed what the penalty charge amount would be.

Maybe the big building societies should take a leaf out of the smaller banks like Paragon and OakNorth who offer loyalty rates to their customers.

HUMBUG

Just out of curiosity, I asked Coventry BS  if they would offer the option of me moving to their other fixed rate ISA at 1.5% without a penalty but they said no.  They said that loyalty rates are sometimes offered for Bonds but not ISAs.

2010

Current Loyalty Bonds

https://www.coventrybuildingsociety.co.uk/member/savings/loyalty.html?utm_source=EMS384&utm_medium=Email&utm_campaign=hyperlink

dunstonh

Plus, for some reason, one cannot login online via Windows Edge browser anymore which is a bit annoying.

Edge has a few issues on their recent versions.  Not just with financial institutions.  Quite a few sites have warnings up saying not to use edge at the moment.      I have two sites that I use that have issues with edge but not with chrome/firefox and both have warnings not to use edge for the time being.

 That was many months ago and the problem still hasn't been fixed.

The building society is not responsible for this though.