The Top Regular Savers Discussion Thread

wmb194

Hattie627 said:

Bridlington1 said:

Coventry BS are launching a Sunny Day Saver (2) at 4.3% (var), £150/mth, unlimited withdrawals.

In addition it comes with prize draws, See below for details:
https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=SDS2

Note the account is ineligible for inclusion on the first page of this thread owing to the thresholds.

I've opened this, very quick process as an existing member and CoP works immediately. Have deposited £20 and set up SO for monthly deposits of £20 from 1 October. For the few pennies loss on a low deposit due to the poor interest rate, it's worth a punt on the monthly prize draws plus the big draw on 14th Aug 2026.

 Interestingly, Northern Ireland residents don't seem to be excluded from the prize draws as they usually are (something to do with lottery laws there). Perhaps an error by Coventry?

IIRC the law around prize draws and the like in NI recently changed and now permits them.

Kim_13

Hattie627 said:

Bridlington1 said:

Coventry BS are launching a Sunny Day Saver (2) at 4.3% (var), £150/mth, unlimited withdrawals.

In addition it comes with prize draws, See below for details:
https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=SDS2

Note the account is ineligible for inclusion on the first page of this thread owing to the thresholds.

I've opened this, very quick process as an existing member and CoP works immediately. Have deposited £20 and set up SO for monthly deposits of £20 from 1 October. For the few pennies loss on a low deposit due to the poor interest rate, it's worth a punt on the monthly prize draws plus the big draw on 14th Aug 2026. Interestingly, Northern Ireland residents don't seem to be excluded from the prize draws as they usually are (something to do with lottery laws there). Perhaps an error by Coventry?

I may be wrong but I thought those laws had changed in the last few years. 

Either way, good on them for making the account available there, even if they can't receive the prizes. Monmouthshire's blanket exclusion of NI residents feels wrong.

Opened and funded with £10.  

J63320

SH88SH88 said:

From section 9.3 (e) of the Coventry Sunny Saver ....
"(e) The purpose of each prize draw is to encourage a small amount of saving each month. If we believe you've not saved in this spirit, we may disqualify you from winning the Additional Prize Draw and/or any of the Monthly Prize Draws."

Seems somewhat bizarre,  and, almost unenforceable.  Without mind reading abilities,  how do they know the 'spirit' that somebody saved in ?

They don’t need to know, they only need to ”believe”. People believe all sorts of things for which there is no evidence. So it could entitle them to disqualify anyone.

jim1999

SH88SH88 said:

From section 9.3 (e) of the Coventry Sunny Saver ....
"(e) The purpose of each prize draw is to encourage a small amount of saving each month. If we believe you've not saved in this spirit, we may disqualify you from winning the Additional Prize Draw and/or any of the Monthly Prize Draws."

Seems somewhat bizarre,  and, almost unenforceable.  Without mind reading abilities,  how do they know the 'spirit' that somebody saved in ?

It is probably just a bit of a catch-all term that helps if some abusive practice pops up, rather than them having considered what those abusive practices might actually be in advance.

You see very similar in the terms of gambling promotions where they more or less reserve the right to prevent you participating.

I agree though, it's hard to imagine what would come under this.  Perhaps if 50 people all supposedly living at the same address started putting £10 per month in it would seem suspicious.  Who knows.

Kim_13

jim1999 said:

SH88SH88 said:

From section 9.3 (e) of the Coventry Sunny Saver ....
"(e) The purpose of each prize draw is to encourage a small amount of saving each month. If we believe you've not saved in this spirit, we may disqualify you from winning the Additional Prize Draw and/or any of the Monthly Prize Draws."

Seems somewhat bizarre,  and, almost unenforceable.  Without mind reading abilities,  how do they know the 'spirit' that somebody saved in ?

It is probably just a bit of a catch-all term that helps if some abusive practice pops up, rather than them having considered what those abusive practices might actually be in advance.

You see very similar in the terms of gambling promotions where they more or less reserve the right to prevent you participating.

I agree though, it's hard to imagine what would come under this.  Perhaps if 50 people all supposedly living at the same address started putting £10 per month in it would seem suspicious.  Who knows.

Withdrawing £10 after each draw and then adding the same £10 back in order to qualify for the next one is the scenario that comes to mind.

Hattie627

Kim_13 said:

jim1999 said:

SH88SH88 said:

From section 9.3 (e) of the Coventry Sunny Saver ....
"(e) The purpose of each prize draw is to encourage a small amount of saving each month. If we believe you've not saved in this spirit, we may disqualify you from winning the Additional Prize Draw and/or any of the Monthly Prize Draws."

Seems somewhat bizarre,  and, almost unenforceable.  Without mind reading abilities,  how do they know the 'spirit' that somebody saved in ?

It is probably just a bit of a catch-all term that helps if some abusive practice pops up, rather than them having considered what those abusive practices might actually be in advance.

You see very similar in the terms of gambling promotions where they more or less reserve the right to prevent you participating.

I agree though, it's hard to imagine what would come under this.  Perhaps if 50 people all supposedly living at the same address started putting £10 per month in it would seem suspicious.  Who knows.

Withdrawing £10 after each draw and then adding the same £10 back in order to qualify for the next one is the scenario that comes to mind.

The account seems designed for small savers and/or those new to using a savings account. Who's to say that the person withdrawing £10 which they previously lodged was withdrawing it to buy food for their children rather than trying to manipulate the prize draw terms. The account specifically allows unlimited withdrawals without notice or penalty. 

topyam

Kim_13 said:

Hattie627 said:

Bridlington1 said:

Coventry BS are launching a Sunny Day Saver (2) at 4.3% (var), £150/mth, unlimited withdrawals.

In addition it comes with prize draws, See below for details:
https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=SDS2

Note the account is ineligible for inclusion on the first page of this thread owing to the thresholds.

I've opened this, very quick process as an existing member and CoP works immediately. Have deposited £20 and set up SO for monthly deposits of £20 from 1 October. For the few pennies loss on a low deposit due to the poor interest rate, it's worth a punt on the monthly prize draws plus the big draw on 14th Aug 2026. Interestingly, Northern Ireland residents don't seem to be excluded from the prize draws as they usually are (something to do with lottery laws there). Perhaps an error by Coventry?

I may be wrong but I thought those laws had changed in the last few years. 

Either way, good on them for making the account available there, even if they can't receive the prizes. Monmouthshire's blanket exclusion of NI residents feels wrong.

Opened and funded with £10.  

I have just contacted them to ask why NI residents have been excluded. We shall see what they say.

Bobblehat

jim1999 said:

SH88SH88 said:

From section 9.3 (e) of the Coventry Sunny Saver ....
"(e) The purpose of each prize draw is to encourage a small amount of saving each month. If we believe you've not saved in this spirit, we may disqualify you from winning the Additional Prize Draw and/or any of the Monthly Prize Draws."

Seems somewhat bizarre,  and, almost unenforceable.  Without mind reading abilities,  how do they know the 'spirit' that somebody saved in ?

It is probably just a bit of a catch-all term that helps if some abusive practice pops up, rather than them having considered what those abusive practices might actually be in advance.

You see very similar in the terms of gambling promotions where they more or less reserve the right to prevent you participating.

I agree though, it's hard to imagine what would come under this.  Perhaps if 50 people all supposedly living at the same address started putting £10 per month in it would seem suspicious.  Who knows.

Kim_13 said:

jim1999 said:

SH88SH88 said:

From section 9.3 (e) of the Coventry Sunny Saver ....
"(e) The purpose of each prize draw is to encourage a small amount of saving each month. If we believe you've not saved in this spirit, we may disqualify you from winning the Additional Prize Draw and/or any of the Monthly Prize Draws."

Seems somewhat bizarre,  and, almost unenforceable.  Without mind reading abilities,  how do they know the 'spirit' that somebody saved in ?

It is probably just a bit of a catch-all term that helps if some abusive practice pops up, rather than them having considered what those abusive practices might actually be in advance.

You see very similar in the terms of gambling promotions where they more or less reserve the right to prevent you participating.

I agree though, it's hard to imagine what would come under this.  Perhaps if 50 people all supposedly living at the same address started putting £10 per month in it would seem suspicious.  Who knows.

Withdrawing £10 after each draw and then adding the same £10 back in order to qualify for the next one is the scenario that comes to mind.

Now I wonder where people might get those hypothetical "abusive practice" ideas from? 

jim1999

Bobblehat said:

Now I wonder where people might get those hypothetical "abusive practice" ideas from? 

I don't disagree.  In the main I'd rather people followed the spirit of these things, especially where the effective "cost" of doing so is literally pence, and reduce the risk of providers just not offering interesting accounts in the future, but I've been shouted down for expressing that view before so I don't bother now!

clairec666

Kim_13 said:

jim1999 said:

SH88SH88 said:

From section 9.3 (e) of the Coventry Sunny Saver ....
"(e) The purpose of each prize draw is to encourage a small amount of saving each month. If we believe you've not saved in this spirit, we may disqualify you from winning the Additional Prize Draw and/or any of the Monthly Prize Draws."

Seems somewhat bizarre,  and, almost unenforceable.  Without mind reading abilities,  how do they know the 'spirit' that somebody saved in ?

It is probably just a bit of a catch-all term that helps if some abusive practice pops up, rather than them having considered what those abusive practices might actually be in advance.

You see very similar in the terms of gambling promotions where they more or less reserve the right to prevent you participating.

I agree though, it's hard to imagine what would come under this.  Perhaps if 50 people all supposedly living at the same address started putting £10 per month in it would seem suspicious.  Who knows.

Withdrawing £10 after each draw and then adding the same £10 back in order to qualify for the next one is the scenario that comes to mind.

You beat me to it. I reckon if someone's doing that then it's not in keeping with the "spirit" of the account. Maybe they should have limited the number of withdrawals, to stop people gaming the system.

I'm not enticed by the interest rate for this account, but if it's not a very popular account then there are better odds on the prize draw.