The Top Regular Savers Discussion Thread

jameseonline

Got a letter from Coventry Building Society about my Sunny Day Saver at 5.75% coming to an end on 4th September & it getting converted to an Easy Access 7 at 2.40%.

Did I see earlier they are reducing the Sunny Day soon?, seems a bit pointless them doing that for a few days.

Also am I right in thinking this started at 6.25% then went down to 6% & is currently 5.75%?

Kim_13

jameseonline said:

Got a letter from Coventry Building Society about my Sunny Day Saver at 5.75% coming to an end on 4th September & it getting converted to an Easy Access 7 at 2.40%.

Did I see earlier they are reducing the Sunny Day soon?, seems a bit pointless them doing that for a few days.

Also am I right in thinking this started at 6.25% then went down to 6% & is currently 5.75%?

I got the same letter, mine matures on the day the rate reduction takes effect (a 0.1% rate reduction which makes it seem particularly pointless.) The account lasted less than a month on sale in any case.

clairec666

jameseonline said:

Also am I right in thinking this started at 6.25% then went down to 6% & is currently 5.75%?

I've got it at 6.25% on my spreadsheet for last year. Can't remember when it dropped to 6%.

Bridlington1

clairec666 said:

jameseonline said:

Also am I right in thinking this started at 6.25% then went down to 6% & is currently 5.75%?

I've got it at 6.25% on my spreadsheet for last year. Can't remember when it dropped to 6%.

3rd March for 6.25% to 6% and 2nd June for 6% to 5.75%.

Links to lists of previous interest rate reductions appear on the first page of the Archived thread:
https://forums.moneysavingexpert.com/discussion/comment/80268179/#Comment_80268179

easysaver

Aidanmc said:

Can the Coventry BS Loyalty RS be closed now without penalty or do i have to wait until interest rate reduction takes effect?

If you try and close the account (online, I don't think you can close an account on the app) it'll give you the closing amount including accrued interest. e.g. for my Loyalty Seasonal Saver I get just over £41 in interest which roughly agrees with having paid in £250 a month for 8 months. This would imply there is no 30 day interest penalty applied. I think the Loyalty RS and Loyalty Seasonal Saver have this same 30 day interest penalty.

clairec666

Bridlington1 said:

clairec666 said:

jameseonline said:

Also am I right in thinking this started at 6.25% then went down to 6% & is currently 5.75%?

I've got it at 6.25% on my spreadsheet for last year. Can't remember when it dropped to 6%.

3rd March for 6.25% to 6% and 2nd June for 6% to 5.75%.

Links to lists of previous interest rate reductions appear on the first page of the Archived thread:
https://forums.moneysavingexpert.com/discussion/comment/80268179/#Comment_80268179

Ah, you are more thorough with your record-keeping than me. I must have taken my eye off the ball in March... too busy playing around with my ISAs before the tax year end

CricketLady

Aidanmc said:

Can the Coventry BS Loyalty RS be closed now without penalty or do i have to wait until interest rate reduction takes effect?

Hi, I asked via secure messaging about the Coventry BS Loyalty Regular Saver and got this message today:

"I have checked the details on the accounts which are being affected by the rate change and can confirm that all information will also be sent to you by 20 August.

The Loyalty Regular Saver (3) new rate will be 4.9%, you will be able to complete a full closure of the account without any penalties from 2 September until 2 October, partial withdrawals however will still have same terms and conditions (a penalty of equal to 30 calendar days interest on the amount withdrawn).

If you need anything else, just reply to this message - we'll try and get back to you within two days.

You can call us on 0800 121 8899. Our advisors are here Monday to Friday 8am-7pm, Saturday 9am-2pm and closed Sunday. We may monitor and record telephone calls for training purposes and to maintain a quality service."

Hope this helps xx

ForumUser7

CricketLady said:

Aidanmc said:

Can the Coventry BS Loyalty RS be closed now without penalty or do i have to wait until interest rate reduction takes effect?

Hi, I asked via secure messaging about the Coventry BS Loyalty Regular Saver and got this message today:

"I have checked the details on the accounts which are being affected by the rate change and can confirm that all information will also be sent to you by 20 August.

The Loyalty Regular Saver (3) new rate will be 4.9%, you will be able to complete a full closure of the account without any penalties from 2 September until 2 October, partial withdrawals however will still have same terms and conditions (a penalty of equal to 30 calendar days interest on the amount withdrawn).

If you need anything else, just reply to this message - we'll try and get back to you within two days.

You can call us on 0800 121 8899. Our advisors are here Monday to Friday 8am-7pm, Saturday 9am-2pm and closed Sunday. We may monitor and record telephone calls for training purposes and to maintain a quality service."

Hope this helps xx

lol I didn’t see the end quote marks and thought Coventry sent you kisses 😂