The New Top Easy Access Savings Discussion Area

dgpur

Thanks Bobblehat and janusdesign.

tg99

Hi can someone remind me: when withdrawing from Coventry you get funds following business day but do those funds earn interest in Coventry on the day you submit the withdrawal or do you effectively lose a day’s interest when withdrawing? Thks 

SnowMan

tg99 said:

Hi can someone remind me: when withdrawing from Coventry you get funds following business day but do those funds earn interest in Coventry on the day you submit the withdrawal or do you effectively lose a day’s interest when withdrawing? Thks 

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/saving-accounts-terms-and-conditions.pdf

In the section 'Taking money out, One-off payment (to an account with another UK bank/building society)' on page 18 it says in relation to when the money leaves your account 

At the latest, on the next Business Banking Day following your request. The amount will be taken off your account balance and reach the receiving bank on that day

Because it leaves the account on the same day as it's received at the other provider (the next business day) you don't lose a days interest by my understanding.

1spiral

SnowMan said:

Because it leaves the account on the same day as it's received at the other provider (the next business day) you don't lose a days interest by my understanding.

That is correct. Coventry are the only institution I have encountered that do this. All others take the funds from your account the day you submit the withdrawal despite you not receiving them until the next working day.

where_are_we

Coventry withdrawal (days earning interest). I hope that applies on non working days ie. over the weekend. I intend to move a large 5 figure amount on Monday March 3 (setting if up on the Friday to take place on the Monday) from the new Coventry 4 access savings account @4.85% to pay for the numerous SO`s going out on that day to fund Regular savers. Am I correct in thinking that this money will arrive in time to avoid overdraft charges with the receiving bank. The banks cut off time is 2pm for money to cover the SO`s.

changearound1

where_are_we said:

Coventry withdrawal (days earning interest). I hope that applies on non working days ie. over the weekend. I intend to move a large 5 figure amount on Monday March 3 (setting if up on the Friday to take place on the Monday) from the new Coventry 4 access savings account @4.85% to pay for the numerous SO`s going out on that day to fund Regular savers. Am I correct in thinking that this money will arrive in time to avoid overdraft charges with the receiving bank. The banks cut off time is 2pm for money to cover the SO`s.

It will arrive on Monday but in my experience there's a good chance it will be later than 2pm.

ab56

where_are_we said:

Coventry withdrawal (days earning interest). I hope that applies on non working days ie. over the weekend. I intend to move a large 5 figure amount on Monday March 3 (setting if up on the Friday to take place on the Monday) from the new Coventry 4 access savings account @4.85% to pay for the numerous SO`s going out on that day to fund Regular savers. Am I correct in thinking that this money will arrive in time to avoid overdraft charges with the receiving bank. The banks cut off time is 2pm for money to cover the SO`s.

It will arrive on Monday but in my experience there's a good chance it will be later than 2pm.

FYI requested withdrawal yesterday at 2pm from 5 access account; as of 11.30am today funds not received into my Barclays current account

Cold_comfort

Coventry withdrawals

My last two withdrawals from Coventry (one in 2023, the other in 2024), both below £5,000, arrived at 12.17pm and 12.18pm respectively.

where_are_we

Thanks to everyone for your input on a Coventry withdrawal over the weekend. I will have to check on the Monday at 1pm whether the money has gone in.

I have a back up plan if it hasn`t gone in. I can withdraw the required amount from 4 Edge Savers and replace that later in the day once the Coventry money goes in.

KevinG

Chetwood easy access rate went down from 4.71% to 4.52% today. I got an email about it a couple of weeks ago but had forgotten.