Has Coventry BS pulled the 4.85% easy access 4?

What_time_is_it

I opened one of these a couple of weeks ago. I’ve not had any notification of a rate change. Will it remain at 4.85% after Coventry make their changes in 3rd March?

soulsaver

soulsaver said:

4 Access Saver went NLA 13/02.

The rate on it as at today is 4.85% with no notification of a reduction as yet.

Can't find your account? Look in the 'Closed Accounts'.

What_time_is_it said:

I opened one of these a couple of weeks ago. I’ve not had any notification of a rate change. Will it remain at 4.85% after Coventry make their changes in 3rd March?

See my bold.

What_time_is_it

Thanks! 🙂 🙂

DRS1

It is very odd that they decrease rates on accounts with lower interest rates but leave the higher paying account untouched.

Bobblehat

DRS1 said:

It is very odd that they decrease rates on accounts with lower interest rates but leave the higher paying account untouched.

This particular version of the 4 Acc is only a fortnight old (thanks Expotter!) so give it some time to run at the introductory rate! 

Alas, plenty of time to come later for any anticipated rate reduction!

DRS1

Bobblehat said:

DRS1 said:

It is very odd that they decrease rates on accounts with lower interest rates but leave the higher paying account untouched.

This particular version of the 4 Acc is only a fortnight old (thanks Expotter!) so give it some time to run at the introductory rate! 

Alas, plenty of time to come later for any anticipated rate reduction!

That is certainly true but it was bookended by the 5 Access Saver (issue2) and the rate on that one is being reduced.

S_uk

DRS1 said:

It is very odd that they decrease rates on accounts with lower interest rates but leave the higher paying account untouched.

If I remember correctly Coventry launched this account just a day before the last Bank of England MPC meeting, and did this knowing a cut of 0.25% was priced in by the markets. It then would've looked bad for them to immediately announce a cut to the interest rate on the account they had just launched (and continued advertising for a week after the base rate cut). The product being on sale for just over a week also meant they have to an extent minimised their exposure to the funds that can attract this higher rate.

Bobblehat

DRS1 said:

Bobblehat said:

DRS1 said:

It is very odd that they decrease rates on accounts with lower interest rates but leave the higher paying account untouched.

This particular version of the 4 Acc is only a fortnight old (thanks Expotter!) so give it some time to run at the introductory rate! 

Alas, plenty of time to come later for any anticipated rate reduction!

That is certainly true but it was bookended by the 5 Access Saver (issue2) and the rate on that one is being reduced.

As is the original version of the 5 Access (was 3 Access) ... so, a valid point to boost the expectation of a 4 Access drop!

[Deleted User]

DRS1 said:

It is very odd that they decrease rates on accounts with lower interest rates but leave the higher paying account untouched.

I've got 2 x Cov BS 5 access savers and now the 1 x 4 access saver, not huge figures though or I might use up a free access transfer.

sherbie28

Letter has been received today stating the account is now open but no mention of the rates. If it states interest will be paid on the anniversary of the account opening (so it will be paid end of Feb 2026), does that mean any interest accrued between Feb 2025 to 5 April 2025 will count towards 24/25 tax year or 25/26 tax year? Parents new to all this tax on savings interest.