Coventry Four Access ISA (Online) (2) @ 4.80% AER

RobinhoodSavings

Coventry Building Society launch Four Access ISA (Online) (2) @ 4.80% AER variable. 

- Online only
- 4 withdrawals/transfers a year including internal transfers 
- Accepts current/previous year(s) ISA subscriptions 
- Charge equal to 50 days interest on withdrawal amount from the 5th withdrawal. 

- Limited issue 

Kim_13

The same as my Issue 1 is paying. It’s not often that a withdrawn product is reintroduced at the same rate.

LHW99

But interest is variable. Unless you need the limited access possibility, a short / longer fix may be more useful as it seems rates are starting to drop.

Are they trying to bring in deposits with the higher rate, but plan to drop it in a couple of months? I am getting emails from various easy access ISA's / non-ISA's saying the rate will drop in the next 6-8 weeks.

Kim_13

Issue 1 has recently had a reduction from 5.05% so I would hope that they won’t reduce again without downward movement in the base rate. And with energy increasing, the BoE may hold at the next meeting.

I only have a few pounds in - it was a partial transfer from a prior year S&S ISA to secure the account just in case, as I opened it in 2023/24 having already contributed to a fixed cash ISA and taken a fixed in 2022/2023 also.

Hal17

Thanks RobinhoodSavings, really appreciate the heads up on the Coventry ISA. I just did an internal transfer to the new issue at a higher interest rate, took all of 5 minutes. Happy days. 

cable2

looking at the  current MSE Top ISA recommendations, I see some included that are not as good as this Coventry  4 Access ISA ( which is flexible) , such as Virgin Money online ISA paying 4.51%  and not flexible or the Yorkshire BS  paying 4.3% flexible. Does anyone know why the Coventry ISA was not included in the recommendation in place of the others? Is there a hidden negative that I missed?

savit4l8er

Possibly because it has the limited number of withdrawals but if that suits you, there isn't anything to be concerned about. 

cable2

savit4l8er said:

Possibly because it has the limited number of withdrawals but if that suits you, there isn't anything to be concerned about. 

The favoured  VirginMoney ISA only has 3  penalty free withdrawals

savit4l8er

cable2 said:

savit4l8er said:

Possibly because it has the limited number of withdrawals but if that suits you, there isn't anything to be concerned about. 

The favoured  VirginMoney ISA only has 3  penalty free withdrawals

Maybe they feel Virgin is more well known then, " Top well known name"  or they have missed it timing wise. Or, they may feel the penalty after four withdrawals is not as good as a simple reduction in rate that the Virgin account has. Depends how that works for different savers. There is still nothing to be concerned about, the MSE page is a guide, it won't always list everything as you might like it. 

Malchester

For a better comparison list try Moneyfactscompare.co.uk. I find it far superior to others

cable2

Malchester said:

For a better comparison list try Moneyfactscompare.co.uk. I find it far superior to others

Thank you, In fact that's were I saw the Coventry account in the first place and then looked to see if MSE had picked it as a possible  favoured option but  for whatever reason they seem to have chosen other less attractive ones instead