Coventry BS to increase interest rates

RG2015

talexuser said:

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.

Why is Yorkshire at 1.55 the benchmark?

RG2015

happybagger said:

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 

 Guess they’ll have quill pens and scrolls as well.

Daliah

CompulsiveSaver said:

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.

Vote with your feet.

Oasis1

Daliah said:

CompulsiveSaver said:

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.

Vote with your feet.

Seconded. I just opened a Shawbrook account. Good to reward quick-moving banks with my (modest) custom!

CompulsiveSaver

Oasis1 said:

Daliah said:

CompulsiveSaver said:

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.

Vote with your feet.

Seconded. I just opened a Shawbrook account. Good to reward quick-moving banks with my (modest) custom!

Yes, I have to agree after so many years of low rates, I am very eager to jump on any rate increase I can at the moment, so will be moving my hard earned money to better rates almost immediately; rather than letting it languish at low rates on the off-chance that the directors of a building society decide to increase rates a month after a base rate decision... Haven't they heard for planning ahead!

talexuser

RG2015 said:

Why is Yorkshire at 1.55 the benchmark?

It just was at the time I moved, obviously not now. We will have to wait a week or two to see what the next top of table is going to be when stabilised, and then make a judgement as to whether the hassle is worth the extra number of £ a year a move will entail.

Speculator

Hoping they increase their Junior ISA rate this time round.

They didn't increase the rate after the previous BOE meeting in June.

Rudyson

CompulsiveSaver said:

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.

We may not have to wait 3 weeks for Coventry's decision, in the last round of increases.they announced in advance what the new rates would be.

SJMALBA

Rudyson said:

CompulsiveSaver said:

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.

We may not have to wait 3 weeks for Coventry's decision, in the last round of increases.they announced in advance what the new rates would be.

They're due to be announced this week:

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/media-centre/Coventry-Building-Society-increases-variable-savings-rates.pdf

Rudyson

SJMALBA said:

Rudyson said:

CompulsiveSaver said:

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.

We may not have to wait 3 weeks for Coventry's decision, in the last round of increases.they announced in advance what the new rates would be.

They're due to be announced this week:

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/media-centre/Coventry-Building-Society-increases-variable-savings-rates.pdf

Brilliant. Thank you