Coventry BS 5/6/8 Access Saver

Hinchandrossi

Its better this way though, imagine if they'd changed them to a double access!

flaneurs_lobster

CovBS have sent an email explaining the changes.

Won't bother quoting or copying since people will receive their own copies.

Probably the bit that might be of interest is that the count of number of withdrawals made to date has been reset to zero a/a 07/01, at least that's what I think it means.

SnowMan

flaneurs_lobster said:

CovBS have sent an email explaining the changes.

Won't bother quoting or copying since people will receive their own copies.

Probably the bit that might be of interest is that the count of number of withdrawals made to date has been reset to zero a/a 07/01, at least that's what I think it means.

Just received mine.

The account year (which determines the period of the year over which the 5 penalty free withdrawals can be made) has now been changed to start from 7th January rather than the anniversary of the original account opening date. So that does reset the withdrawals to zero and we can make a further 5 penalty free withdrawals before 7th January 2026.

Not sure when interest will be paid as that was the anniversary of the original account opening date, but is presumably at a guess now 7th January 2026 (?). The terms just say

If paid annually, interest will be paid on the anniversary of the date that you open the account.

flaneurs_lobster

SnowMan said:

Not sure when interest will be paid as that was the anniversary of the original account opening date, but is presumably at a guess now 7th January 2026 (?). The terms just say

If paid annually, interest will be paid on the anniversary of the date that you open the account.

Wouldn't infer that personally, sounds to me like the payment date is unchanged.

n3ophyte

I think it’s worth posting the official notification from Coventry BS …

allegro120

I have two of them, but never had chance to use them, both have £1 balance since opening.  Might become useful at some point soon if they don't reduce the rate.

mebu60

allegro120 said:

I have two of them, but never had chance to use them, both have £1 balance since opening.  Might become useful at some point soon if they don't reduce the rate.

Was reduced to 4.75% from 4.95% on 03:12:24 so hopefully it'll stay at that level for a while longer. At least until 06:02:25! 

cricidmuslibale

mebu60 said:

allegro120 said:

I have two of them, but never had chance to use them, both have £1 balance since opening.  Might become useful at some point soon if they don't reduce the rate.

Was reduced to 4.75% from 4.95% on 03:12:24 so hopefully it'll stay at that level for a while longer. At least until 06:02:25! 

Having saved with Coventry BS for several years now, I'm somewhat familiar with how they tend to respond to Bank of England Base Rate changes. If the B of E does reduce the Base Rate from 4.75% to 4.50% on 6th February then it is highly likely that Coventry will reduce this particular interest rate, probably down to 4.50%. However the date of the reduction is usually around 3 to 4 weeks after the B of E makes its move so it will probably happen between c. 27th February and 6th March. When interest rates are rising, Coventry usually also reacts to any B of E Base Rate increase similarly, thus increasing the interest rates on its variable rate savings accounts c. 3 to 4 weeks afterwards.

Unlike some other banks / building societies, Coventry BS very rarely, in my experience, changes the interest rates on its variable rate accounts for any other reason than in response to a recent Bank of England Base Rate change! 

janusdesign

I have three of the Triple Access accounts now converted to the 5 Access Saver (though only received 2 emails from CBS).
out of curiosity, were "Four Access (Online)" accounts, that were paying 4.50%, also converted to 5 Access now paying 4.75% ? I previously had two of them, but closed them last year.

SaveTheEuro

cricidmuslibale said:

mebu60 said:

allegro120 said:

I have two of them, but never had chance to use them, both have £1 balance since opening.  Might become useful at some point soon if they don't reduce the rate.

Was reduced to 4.75% from 4.95% on 03:12:24 so hopefully it'll stay at that level for a while longer. At least until 06:02:25! 

Having saved with Coventry BS for several years now, I'm somewhat familiar with how they tend to respond to Bank of England Base Rate changes. If the B of E does reduce the Base Rate from 4.75% to 4.50% on 6th February then it is highly likely that Coventry will reduce this particular interest rate, probably down to 4.50%. However the date of the reduction is usually around 3 to 4 weeks after the B of E makes its move so it will probably happen between c. 27th February and 6th March. When interest rates are rising, Coventry usually also reacts to any B of E Base Rate increase similarly, thus increasing the interest rates on its variable rate savings accounts c. 3 to 4 weeks afterwards.

Coventry BS very rarely, in my experience, changes the interest rates on its variable rate accounts for any other reason than in response to a recent Bank of England Base Rate change!

Does anyone know of a building society bettering this (apart from on small balances) now that Furness are reducing the rate on their Double Access Saver to 4.65% (and allowing only two, not five withdrawals)?