Coventry BS savings account

34 Posts

I'm currently looking to buy a place of my own (first time buyer) and have been saving for a deposit. Its been in my current account, and I realise it could be working better for me until I need it.
I've been looking at Martins 'best savings accounts' and thinking of applying for the Coventry BS 'Limited access saver' at 2.85% (6 penalty free withdrawls, which would be adequate for what I need it for)
I've just gone on the website to open one, and its flagged up an important notice saying the interest rate is going to rise from 2.85% to 3.25% on 6th January. It does say its a variable rate, so I'm right in thinking if I opened it now, the higher interest rate would be applied from 6th? I can't see anywhere that it says the rate is fixed, it definitely mentions variable, but it's just making me hesitant as its giving a 'warning' almost like it's suggesting not to open the account until 6th!
The second thing I'd like to ask, if anyone has this or similar account, how quickly have you been able to withdraw the money if/when its needed? It's an online account, would transfers be as quick as transfers between current accounts, or is it a bit more complicated as it's a savings account?
Any advice much appreciated, thank you.
I've been looking at Martins 'best savings accounts' and thinking of applying for the Coventry BS 'Limited access saver' at 2.85% (6 penalty free withdrawls, which would be adequate for what I need it for)
I've just gone on the website to open one, and its flagged up an important notice saying the interest rate is going to rise from 2.85% to 3.25% on 6th January. It does say its a variable rate, so I'm right in thinking if I opened it now, the higher interest rate would be applied from 6th? I can't see anywhere that it says the rate is fixed, it definitely mentions variable, but it's just making me hesitant as its giving a 'warning' almost like it's suggesting not to open the account until 6th!
The second thing I'd like to ask, if anyone has this or similar account, how quickly have you been able to withdraw the money if/when its needed? It's an online account, would transfers be as quick as transfers between current accounts, or is it a bit more complicated as it's a savings account?
Any advice much appreciated, thank you.
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It's an EASY access account, not an INSTANT access account. So withdrawals normally arrive in your nominated account the next working day after the withdrawal request. (And as you've already mentioned there's a penalty if you make more than six withdrawals in a year).
This is a limited access account. You can take money out of your account up to six times a year without having to pay a charge. From the seventh withdrawal onwards (which can include closure), you’ll receive a charge equal to 50 days’ interest based on the amount you’re withdrawing. The charge will be deducted from the balance of the account, at the time of the withdrawal. Each ‘year’ in this case starts on the anniversary of the day you opened the account.