Coventry BS to increase interest rates

kaMelo

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.

I don't think it's as simple as that though, some regular savers allow instant withdrawal, some like Coventry have a penalty and some just don't allow it at all. With that in mind the minimum rates for each need to be adjusted according to the terms of the account.

Coventry basically have two regular savers open to all, the Regular Saver 5 and the First Home Saver which, despite it's name, already owning a home does not prevent  you opening an account.  The Regular Saver has a penalty for early access, the First Home Saver is essentially easy access with no withdrawal penalty. If Coventry had increased rates by the full 0.5% to 2.3%  for the Regular Saver and 2.15% for the First Home Saver it's a toss up whether the Regular Saver is worth it given the withdrawal penalty. The First Home Saver however would be an easy access account at 2.15% and very much worthwhile.

Alas, it didn't happen so nether account is currently relevant.

4justice2

Noticed Coventry have taken all their fixed rate accounts (except for ISAs) off their new accounts page. Presumably they'll be launching new rates soon.......