Coventry maturing bond - maturity options awful

gele

Well its pretty obvious that Coventry don't want to keep my money.  1, 3 and 5 yr options offered. 4.9%, 4.6% and 4.4%. At least they've made the decision easy for me. 

trickydicky14

gele said:

Well its pretty obvious that Coventry don't want to keep my money.  1, 3 and 5 yr options offered. 4.9%, 4.6% and 4.4%. At least they've made the decision easy for me. 

Yes I have one maturing in two weeks, if that's all they have to offer I'll be off.

boingy

Perhaps Coventry are needing to save a few pennies for this:

https://forums.moneysavingexpert.com/discussion/6491078/coventry-bs-bids-for-the-co-op-bank

Bazzalona13295

gele said:

Well its pretty obvious that Coventry don't want to keep my money.  1, 3 and 5 yr options offered. 4.9%, 4.6% and 4.4%. At least they've made the decision easy for me. 

Same here. I'm putting it into my current account and seeing what is available then. Get a better rate in my Edge saver.

Swipe

Sounds like a sign of things to come

Albermarle

boingy said:

Perhaps Coventry are needing to save a few pennies for this:

https://forums.moneysavingexpert.com/discussion/6491078/coventry-bs-bids-for-the-co-op-bank

Could be, but more likely something more simple, such as demand for mortgages has fallen so they do not need as much savers money.

refluxer

With one or two exceptions (such as Metro who seem determined to hang on to the 12 and 18 month top spots), fixed rates are definitely on their way down at the moment and have been for the last month or so - it just looks like Coventry have just decided to do it in one jump, rather than via the tiny incremental drops that most other banks seem to favour. 

Hodge also dropped their rates massively yesterday - their 1 year fix is down even lower than Coventry, to 4.80%.

Hoenir

Albermarle said:

boingy said:

Perhaps Coventry are needing to save a few pennies for this:

https://forums.moneysavingexpert.com/discussion/6491078/coventry-bs-bids-for-the-co-op-bank

Could be, but more likely something more simple, such as demand for mortgages has fallen so they do not need as much savers money.

Quiet time of the year for people to  refix / remortgage existing products. Still a lot of excess liquidity sloshing about about. With some able to deposit savings at a higher rate than their existing mortgage rate. Over time this will naturally wind down.