The New Top Easy Access Savings Discussion Area

smiley2085

I've had £5 in my AR bank. Not had any letters 😁

Bobblehat

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching a new Triple Access Saver Online (issue 5) account, paying 4.83%.

I logged onto Coventry online banking and the account already appears as available to open.  

The account permits up to 3 penalty-free withdrawals per account year.  The minimum opening amount is £1.

There are some other limited withdrawal accounts currently paying higher rates (Chip etc).  

I wonder if this will lead to another interest rate drop on earlier issues ... last drop 2nd Sept?

cricidmuslibale

Bobblehat said:

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching a new Triple Access Saver Online (issue 5) account, paying 4.83%.

I logged onto Coventry online banking and the account already appears as available to open.  

The account permits up to 3 penalty-free withdrawals per account year.  The minimum opening amount is £1.

There are some other limited withdrawal accounts currently paying higher rates (Chip etc).  

I wonder if this will lead to another interest rate drop on earlier issues ... last drop 2nd Sept?

In my experience, and I've saved with Coventry Building Society for more than a decade now, Coventry are very likely to drop the interest rate on earlier issues but usually they only do this c. 2 to 5 weeks after the Bank of England have cut the Base Rate, and they also usually cut the annual interest rate for each issue by the same percentage as the most recent B of E Base Rate reduction.

Bridlington1

Bobblehat said:

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching a new Triple Access Saver Online (issue 5) account, paying 4.83%.

I logged onto Coventry online banking and the account already appears as available to open.  

The account permits up to 3 penalty-free withdrawals per account year.  The minimum opening amount is £1.

There are some other limited withdrawal accounts currently paying higher rates (Chip etc).  

I wonder if this will lead to another interest rate drop on earlier issues ... last drop 2nd Sept?

They're already offering 4.83% on the NLA issues 3 and 4 so I doubt it'll make much difference to be honest.

Bobblehat

Bridlington1 said:

Bobblehat said:

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching a new Triple Access Saver Online (issue 5) account, paying 4.83%.

I logged onto Coventry online banking and the account already appears as available to open.  

The account permits up to 3 penalty-free withdrawals per account year.  The minimum opening amount is £1.

There are some other limited withdrawal accounts currently paying higher rates (Chip etc).  

I wonder if this will lead to another interest rate drop on earlier issues ... last drop 2nd Sept?

They're already offering 4.83% on the NLA issues 3 and 4 so I doubt it'll make much difference to be honest.

It was that Issue 1 at the top of your list that I was wondering about, it's become more useful lately!

schiff

Opening a West Brom Four Access Saver (Issue 1), recently high lighted on here, as a new customer to West Brom, makes you an existing customer for their 6.00% fixed regular saver. No qualifying period of 'belonging'. 

Snapdragon

schiff said:

Opening a West Brom Four Access Saver (Issue 1), recently high lighted on here, as a new customer to West Brom, makes you an existing customer for their 6.00% fixed regular saver. No qualifying period of 'belonging'. 

Yes, I'm glad I decided 4.9% might be useful since rates are dropping on so many Easy & Limited access accounts and more importantly it was a very easy stepping stone to the RS (preferable to having to visit a branch). Opened the 4 access, got immediate online access and the following day opened the RS which I decided to go for as with rates dropping I've added a few fixed rate regular savers to my now 20+ RS list. Unfortunately West Brom Four Access Saver (Issue 1) went NLA very quickly, but can definitely confirm should they launch another issue, its a decent route to become an existing customer to access the RS.

BACKTOBACK

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching a new Triple Access Saver Online (issue 5) account, paying 4.83%.

I logged onto Coventry online banking and the account already appears as available to open.  

The account permits up to 3 penalty-free withdrawals per account year.  The minimum opening amount is £1.

There are some other limited withdrawal accounts currently paying higher rates (Chip etc).  

Sorry if this sounds like a silly question but. I am currently stoozing around £60k from various zero percent credit cards with the money in a boosted Chase savings account at 4.85%  which gives me around £250 a month income.

I know the boosted account will end soon with Chase and the rate will drop to at best 3.85% or most likely lower.

I would still like to keep the Chase account as the current account is useful when travelling abroad.

My question is i have various credit cards that will need to be fully repaid at different times and will most likely after a period of time exceed the maximum 3 withdrawals allowed with Coventry.

Would it be okay at the stage of the third withdrawal to just close the Coventry account all together and move the money back to Chase? Or is there some sort of tie in period with Coventry to prevent this? 

masonic

BACKTOBACK said:

Would it be okay at the stage of the third withdrawal to just close the Coventry account all together and move the money back to Chase? Or is there some sort of tie in period with Coventry to prevent this? 

These accounts are only useful as easy access accounts because you can use your last penalty free withdrawal to empty the account.

Kazza242

BACKTOBACK said:

Kazza242 said:

According to Moneyfacts, Coventry Building Society are launching a new Triple Access Saver Online (issue 5) account, paying 4.83%.

I logged onto Coventry online banking and the account already appears as available to open.  

The account permits up to 3 penalty-free withdrawals per account year.  The minimum opening amount is £1.

There are some other limited withdrawal accounts currently paying higher rates (Chip etc).  

Sorry if this sounds like a silly question but. I am currently stoozing around £60k from various zero percent credit cards with the money in a boosted Chase savings account at 4.85%  which gives me around £250 a month income.

I know the boosted account will end soon with Chase and the rate will drop to at best 3.85% or most likely lower.

I would still like to keep the Chase account as the current account is useful when travelling abroad.

My question is i have various credit cards that will need to be fully repaid at different times and will most likely after a period of time exceed the maximum 3 withdrawals allowed with Coventry.

Would it be okay at the stage of the third withdrawal to just close the Coventry account all together and move the money back to Chase? Or is there some sort of tie in period with Coventry to prevent this? 

Is your Chase boosted account rate expiring in November 2024?  This was the earlier end date on offer, soon afterwards, Chase did offer a boosted rate until mid-January 2025. 

As easy access savings rates have been falling recently.  I would recommend opening some other easy access accounts while they are still available.  This will give you some options and more penalty-free withdrawals.  

Check out the Moneyfacts Compare easy access savings accounts, here.

Regarding the Coventry BS Triple Access Saver Online (5) account.  You would need to use the third withdrawal to empty all of the funds from the account.  A fourth withdrawal (which can include closure) would incur a charge equal to 50 days’ interest based on the amount you’re withdrawing. 

Each anniversary of the day that you opened the account, the number of withdrawals used resets back to zero (you get another three penalty-free withdrawals per account year).