Coventry First Home Saver 2

Middle_of_the_Road

As the 5.05% interest is now below the best easy access rates available, I would like to ask if anyone with the Coventry First Home Saver 2 has stopped funding the account, or given notice to withdraw the balance.

What are peoples thoughts on the usefulness of this account, being that it's a 3 year term, with a high monthly deposit allowance.

Could it become useful when EA rates start falling?, the thinking being this rate might hold longer, if or when this starts to occur.

PloughmansLunch

I've stopped funding but am keeping it open for now for the reason you mention - in case it comes in useful if/when rates start dropping, although with a 60 day notice I might knock it on the head anyway

Middle_of_the_Road

PloughmansLunch said:

I've stopped funding but am keeping it open for now for the reason you mention - in case it comes in useful if/when rates start dropping, although with a 60 day notice I might knock it on the head anyway

Thanks, I've stopped funding it also, and considering giving notice. Not sure if It would be a mistake though, as it would take a while to build up again if they increase the rate.

soulsaver

I've given notice and stopped contributing.  You get a 14 working day ( mine 13th to 30th) window in which to w/d, but you can let it lapse & you're back to needing to issue notice again or just recommence adding to the account - so you can get some flexibility.

Middle_of_the_Road

soulsaver said:

I've given notice and stopped contributing.  You get a 14 working day ( mine 13th to 30th) window in which to w/d, but you can let it lapse & you're back to needing to issue notice again or just recommence adding to the account - so you can get some flexibility.

Thanks for the info on the window to withdraw. Didn't spot that when I checked the required notice rules.

soulsaver

I should have said 'What appears to be...' as I was given the dates rather than that 14 day statement.
The salient bits are that there is a window in which you make the w/d - not 'it just happens'.. and you're not obliged to follow through with the withdrawal. 

Middle_of_the_Road

Just given notice on this account, and been given a withdrawal window, as shown below.

We have received your instruction to give notice on your First Home Saver (2) - Annual notice account.

To make a penalty-free withdrawal you must make the withdrawal between 11 Dec 2023 and 02 Jan 2024.