Coventry BS to increase interest rates

Frogletina

RG2015 said:

phillw said:

Contador38 said:

I am happy with getting 1.85% for my 4 Access account.
And I have found them pretty reliable and friendly.

I culled that in a clear up a while back, who would have thought they might become relevant again..
But I suspect it will be short lived.

You're not alone. It fell so far against non restricted easy access accounts, I saw no point in keeping it.

It's even more annoying as I generally don't close old accounts, and I just did it because Coventry make it so easy to close accounts.

But you are correct that it will be short lived and not really a significant loss.

I closed it as well as at one point my easy access online paid exactly the same rate. As that was not available anymore, I thought the interest rates would remain the same on both of them. I was only keeping £1 in each at the time.

Daliah

Contador38 said:

I am happy with getting 1.85% for my 4 Access account.
And I have found them pretty reliable and friendly.

You'll have quite a bit of catching up to do with the likes of myself who have been getting at least 1.7% for over 2 months now. I have a feeling that 1.85% won't be anything special within days - and you could argue that the ZOPA Boost 7 is already better than the Coventry 4 access one, as you can access it as many times as you like. Reliability and friendliness is a personal opinion - IMO Coventry doesn't have an edge on other providers in this regard, and I simply choose them by their rate, and their FSCS cover. The great news is, everyone can choose what's right for them.

talexuser

Coventry have sent me a mail for 1.55% matching the current Yorkshire.I wonder if Marcus will move soon? When will it settle down to a stable top of the table to start moving?

CooperSF

talexuser said:

Coventry have sent me a mail for 1.55% matching the current Yorkshire.I wonder if Marcus will move soon? When will it settle down to a stable top of the table to start moving?

Which account is this for?

talexuser

Coventry Easy Access (Online) 4. I looked for it on the website and not there anymore, must have been withdrawn. It beat Marcus at the time for instant access, but clipped by Yorkshire a few weeks later.

Daliah

None of their new rates would keep me in Coventry.

kaMelo

Nor me, I was wondering what they would do with the regular saver and first home saver accounts as a 0.5% increase would have made them relevant again, sadly only 0.2% and both are well beaten elswhere.

It seems mad that a 2% regular saver is no longer worth it, how times change.

soulsaver

kaMelo said:

Nor me, I was wondering what they would do with the regular saver and first home saver accounts as a 0.5% increase would have made them relevant again, sadly only 0.2% and both are well beaten elswhere.

It seems mad that a 2% regular saver is no longer worth it, how times change.

Worse: The 2% is for the RegSvr5, there is a 30 day loss of interest for early w/d (bar 14 day cooling off). 
Regular Saver (5) (coventrybuildingsociety.co.uk)

Can I withdraw money?

This account is designed for saving your money. After the 14 day ‘cooling-off period’, you can take out money or close your account if you need to, but there will be a charge equal to 30 calendar days’ interest on the amount withdrawn. Notice for withdrawal/closure cannot be given. The charge will be deducted from the balance of the account at the time of the withdrawal.

RG2015

Until recently I was using regular savers for the high rates and seeing out the full 12 months. Now 12 month fixed accounts are very close to 3% pa.

Therefore 3% is the minimum requirement to make it worthwhile, and that is likely to be surpassed in a few days.

[Deleted User]

RG2015 said:

Until recently I was using regular savers for the high rates and seeing out the full 12 months. Now 12 month fixed accounts are very close to 3% pa.

Therefore 3% is the minimum requirement to make it worthwhile, and that is likely to be surpassed in a few days.

Agree. But the near-3% fixed rate accounts tie your money up for a year, while many (not all) Regular Savers allow withdrawals without penalty if you need cash out, or at least closure without penalty before maturity. 

I find that rates are going up so quickly that it's difficult re-setting my thinking as to what is a good or acceptable rate of interest. I'm still thinking that 1.75% is "good" when it no longer is. Must be a sign of old age that I can't re-orientate my thinking quickly enough.