Coventry BS to increase interest rates

RG2015

I received this email from Coventry BS at 4:15 today.

Today the Bank of England Base Rate went up to 1.75% and we’re pleased to say we’re increasing the rate on most of our savings accounts.

We’ll email you with details of your new rate in the coming weeks - you don’t need to do anything at all.

Thank you for saving with us.

Yours sincerely,

Now Coventry BS are normally quite good, but why do I find the email rather disingenuous, and how many weeks do we need to wait with savings at their lower rates?

Daliah

"in the coming weeks"

RG2015

Daliah said:

"in the coming weeks"

MSE are saying 1st September. See the link below, 2/3 down the page.

https://www.moneysavingexpert.com/news/2022/08/base-rate-bank-of-england-mortgages-savings/

happybagger

Coventry BS send this email out every time there is a BoE rate change.

It's basically a "don't call or message us" holding email.

SJMALBA

FWIW, last time, the initial email was sent on the 16th of June, with the follow-up email, giving the detail relevant to your account(s) was sent on the 22nd of June.

If MSE is correct about the 1st of September, that would be in keeping with the previous rise (1st July), but disappointing, particularly given the problems of this week, where you'd think it would have been an ideal opportunity for them  to do something from a goodwill POV, and implement asap? Apparently not...

RG2015

happybagger said:

Coventry BS send this email out every time there is a BoE rate change.

It's basically a "don't call or message us" holding email.

Agreed, but in the past they have given a date.

At least they have now told MSE that it will be 1st September.

SJMALBA

CBS Twitter confirms 1st September.

4justice2

Just looked back at last four rate rises on my account, have been first of the month, so 1st September seems likely.
Currently on 1.35% wonder how much of the 0.5% they'll pass on.....

CompulsiveSaver

Well, Shawbrook has increased their rate today (non ISA account) to 1.75%, why can't Coventry make their decisions quicker? this interest rate rise was expected, but they are already behind the best at only 1.4% for my Coventry ISA, if they just sit there playing with their thumbs until the end of the month, I may as well move it now to one of the providers offering 1.5%, and move again as rates increase above that, as Coventry might decide in 3 weeks they are happy with their current rates.

talexuser

4justice2 said:

Currently on 1.35% wonder how much of the 0.5% they'll pass on.....

Just moved to Yorkshire at 1.55% at end of July, so that is the benchmark now, but more is to come with Shawbrook etc.

happybagger

CompulsiveSaver said:
why can't Coventry make their decisions quicker?

As a building society, with non executive directors only earning 60k p/a or so, I guess a single board meeting a month is sufficient so they're unable to react faster