Coventry ISA maturity options - disappointing - move to virgin ?

gele
gele Posts: 265
First Anniversary First Post Combo Breaker
Forumite
edited 4 November 2023 at 10:28AM in ISAs & tax-free savings
 I received my email today stating my ISA maturity options this month. Pretty disappointed really.
 1yr fix 5.3%   2yr fix 5.35%    3yr fix 5.0%.  The only one I might consider is the 2yr as its not too far off the best rate but I think Coventry are going to lose a fair amount of money in the coming weeks.
Its a shame as I do like the Coventry and wanted to stay with them if competitive enough.  :/
«1

Comments

  • Janie2008
    Janie2008 Posts: 256
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    edited 4 November 2023 at 9:28AM
    The 2 year rate is available to everyone on their website so definitely disappointing. It's only just been decreased from 5.4 as well so thought they would offer that at least.
  • gele
    gele Posts: 265
    First Anniversary First Post Combo Breaker
    Forumite
    Yes I noticed that this morning when contemplating where to move my money to  :(
  • gele
    gele Posts: 265
    First Anniversary First Post Combo Breaker
    Forumite
    edited 4 November 2023 at 10:40AM
    I'm now thinking Ill move to Virgin 1 yr at 5.85% as I have a current account with them. Was hoping for longer than 1 yr but the extra interest gained in first year should at least cover any lower interest I receive if, or rather when, on renewal in Nov 24 rates have dropped a little more. 
  • A._Badger
    A._Badger Posts: 5,846
    Name Dropper First Anniversary First Post
    Forumite
    I'd already decided to move to Kent Reliance by the time Coventry came up with a renewal bid. I must say I was impressed with the slickness of KR's application/acceptance process, too. 
  • gele
    gele Posts: 265
    First Anniversary First Post Combo Breaker
    Forumite
    Thanks, I'll look into that one too
  • tiger70
    tiger70 Posts: 35
    First Anniversary First Post Combo Breaker
    Forumite
    A._Badger said:
    I'd already decided to move to Kent Reliance by the time Coventry came up with a renewal bid. I must say I was impressed with the slickness of KR's application/acceptance process, too. 
    I'm in the same boat as you, my Coventry ISA matures at the end of November,  I'm too looking at Ken Reliance Isa's .
  • A._Badger
    A._Badger Posts: 5,846
    Name Dropper First Anniversary First Post
    Forumite
    tiger70 said:
    A._Badger said:
    I'd already decided to move to Kent Reliance by the time Coventry came up with a renewal bid. I must say I was impressed with the slickness of KR's application/acceptance process, too. 
    I'm in the same boat as you, my Coventry ISA matures at the end of November,  I'm too looking at Ken Reliance Isa's .
    Well, as I said earlier, so far so good. One of the more polished outfits, I must say.
  • tiger70
    tiger70 Posts: 35
    First Anniversary First Post Combo Breaker
    Forumite
    Am I right in thinking any money I transfer from my Coventry to Kent is classed as 'old money' and does not count towards this tax years allowance , I've already used this years allowance in another ISA with a different bank .
  • gele
    gele Posts: 265
    First Anniversary First Post Combo Breaker
    Forumite
    I see that Kent Reliance just has a 1 yr fix at 5.66% and an easy access.
     I'm looking at fixing but have paid into an ISA already this year [Shawbrook at 5.78% at the time] so cant take advantage of Kents pay in any time feature.
     I did consider transferring Coventry to this years Shawbrook one but recently have been reading on here about lots of problems arising transferring both in and out of Shawbrook which makes me nervous.
    So if transferring to a 1 yr I'm back where I started thinking Virgin 5.85% but have looked at Tipton and Coseley too [2yr 5.55%], Close brothers 3 and 5 year [5.35% and 5.05%] and Melton 5 yr at 5%.
    If anyone has any experience of the last 3 mentioned, good or bad, I'd love to hear.
    Thanks
  • gele
    gele Posts: 265
    First Anniversary First Post Combo Breaker
    Forumite
    tiger70 said:
    Am I right in thinking any money I transfer from my Coventry to Kent is classed as 'old money' and does not count towards this tax years allowance , I've already used this years allowance in another ISA with a different bank .
    Yes that's right. That's the situation I'm in. Does the 'different bank' allow transfers in as you could still pay Coventry into that if the rate is better? Like I was considering with Shawbrook.
Meet your Ambassadors

Categories

  • All Categories
  • 341.7K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 233.9K Work, Benefits & Business
  • 606K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards