Coventry increasing rates from 1st June

Growingold

Thumbs_Up said:

Coventry BS haven’t released the new savings rates yet (This an old thread)

Who has the regular Home saver account currently 5.10%. Are you loosing interest (for this account) ? 

Bonuses though are you can deposit up to £1,000 a month, it's a 3yr + a few mths account and you can get instant access if you need some money.  

Thumbs_Up

Growingold said:

Thumbs_Up said:

Coventry BS haven’t released the new savings rates yet (This an old thread)

Who has the regular Home saver account currently 5.10%. Are you loosing interest (for this account) ? 

Bonuses though are you can deposit up to £1,000 a month, it's a 3yr + a few mths account and you can get instant access if you need some money.  

I understand and your correct. I'm playing around with large sums of money, fix rates etc. 5.10% doesn't do it for me now. My savings targets are now pushing close to 6%. Coventry aren't going to match that.

ForumUser7

Growingold said:

Thumbs_Up said:

Coventry BS haven’t released the new savings rates yet (This an old thread)

Who has the regular Home saver account currently 5.10%. Are you loosing interest (for this account) ? 

Bonuses though are you can deposit up to £1,000 a month, it's a 3yr + a few mths account and you can get instant access if you need some money.  

Just 3 years (36 months), not 3 years + a few months unfortunately. Really hoping they offer a competitive product specifically for customers with these accounts that are maturing, that customers can opt to transfer funds into towards the very end of the term.

Thumbs_Up said:

Growingold said:

Thumbs_Up said:

Coventry BS haven’t released the new savings rates yet (This an old thread)

Who has the regular Home saver account currently 5.10%. Are you loosing interest (for this account) ? 

Bonuses though are you can deposit up to £1,000 a month, it's a 3yr + a few mths account and you can get instant access if you need some money.  

I understand and your correct. I'm playing around with large sums of money, fix rates etc. 5.10% doesn't do it for me now. My savings targets are now pushing close to 6%. Coventry aren't going to match that.

Would be very pleased if Coventry leapt to 6%, but I agree it's probably not going to happen. You never know though, I personally wouldn't take any action if I was you until they've announced the new rates.

Thumbs_Up

ForumUser7 said:

Would be very pleased if Coventry leapt to 6%, but I agree it's probably not going to happen. You never know though, I personally wouldn't take any action if I was you until they've announced the new rates.

Next week their be £8000 in the account (time fly's by) I will wait and see what their next move is.

Zaul22

Limited access should be better than easy access but I doubt they will beat the new Newcastle account. When the rates go up is whatever, I just want them to announce what they will be ASAP. 

SJMALBA

CBS frustratingly slow in giving specifics of what they are going to do, particularly as there is usually a delay between announcement and implementation!

Four Access really needs to increase by the full 0.5% to remain competitive, IMO; FHS also needs a decent boost...

Growingold

ForumUser7 said:

Growingold said:

Thumbs_Up said:

Coventry BS haven’t released the new savings rates yet (This an old thread)

Who has the regular Home saver account currently 5.10%. Are you loosing interest (for this account) ? 

Bonuses though are you can deposit up to £1,000 a month, it's a 3yr + a few mths account and you can get instant access if you need some money.  

Just 3 years (36 months), not 3 years + a few months unfortunately. Really hoping they offer a competitive product specifically for customers with these accounts that are maturing, that customers can opt to transfer funds into towards the very end of the term.

Sorry yes you're right 36 months.  For some reason I thought it was just over.  

dlevene

You can get an additional month out of it for a total of 37 months if you don't pay in on the first of the month, by double dipping the final month - see para 4.3.

I agree that they need to get a move on with the rate increase, and am very keen to see what they do for the FHS. Also have everything crossed they give their easy access ISA a decent bump - they'd only need a 0.35% increase to match the current leader, though not optimistic...  

ForumUser7

dlevene said:

You can get an additional month out of it for a total of 37 months if you don't pay in on the first of the month, by double dipping the final month - see para 4.3.

I agree that they need to get a move on with the rate increase, and am very keen to see what they do for the FHS. Also have everything crossed they give their easy access ISA a decent bump - they'd only need a 0.35% increase to match the current leader, though not optimistic...  

Depends what you mean by this.

Coventry FHS 1 operates by calendar month. If you open mid month, you can indeed end up making 37 deposits, but it is still over a 36 month term. So yes, you effectively get an additional months deposit, but the term still remains 36 months.

I.e. say you opened on 23rd September 2022, you could make deposits of £1,000 on each of these dates:

Account Opened 23/09/2022

1. 23/09/2022
2. 01/10/2022
3. 01/11/2022
4. 01/12/2022
5. 01/01/2023
6. 01/02/2023
7. 01/03/2023
8. 01/04/2023
9. 01/05/2023
10. 01/06/2023
11. 01/07/2023
12. 01/08/2023
13. 01/09/2023
14. 01/10/2023
15. 01/11/2023
16. 01/12/2023
17. 01/01/2024
18. 01/02/2024
19. 01/03/2024
20. 01/04/2024
21. 01/05/2024
22. 01/06/2024
23. 01/07/2024
24. 01/08/2024
25. 01/09/2024
26. 01/10/2024
27. 01/11/2024
28. 01/12/2024
29. 01/01/2025
30. 01/02/2025
31. 01/03/2025
32. 01/04/2025
33. 01/05/2025
34. 01/06/2025
35. 01/07/2025
36. 01/08/2025
37. 01/09/2025

Account maturity 23/09/2025

So 37 deposits maximum, totalling £37,000 maximum - but still a 36 month term.

TiVo_Lad

TiVo_Lad said:

Coventry had better get a wiggle on. The four access saver at 4% is now bottom of the list of accounts I hold.

Thank you Coventry for listening!