Coventry B/s

Vectra

HI does anyone know anything about the Cov B/S I am looking at their 50+ e/saver acct paying 6.4% for 1yr

oldagetraveller

Vectra wrote: »

HI does anyone know anything about the Cov B/S I am looking at their 50+ e/saver acct paying 6.4% for 1yr

I have the previous account and had no trouble opening it. Deposits and withdrawals are easy(online access). I, and you, just have to remember when the first anniversary is up and the rate drops.
I do have over the £35000 limit with the Coventry because I prefer using a "real" building society when i can
The Coventry try to tempt savers in with good rates then rely on inertia, and/or lethargy when those rates drop.
However, I don't know if the ts & cs of the later account are the same, it looks similar though.
All I know is I can't open another!

earlgrey_3

An account that gives a fixed rate of 6.4% for a year but still allows both instant withdrawals and funds to be added has to be a great deal. You can open an account and if rates elsewhere drop put more money or if seriously better rates came along move your money there.

The online facilities are decent with good security systems and although with the 50+ you can only transfer to one designated bank, you can open a Netsave Instant alongside with £1 which then allows transfers across and as many mandates as you want.

They're the 4th largest BS in terms of assets and I found them efficient. My ID was verified without needing documents but my wife needed to supply the usual bits of paper. Applications were dealt with by return of post.

The interesting bit is what they'll offer at the end of the 1 year fixed rate.

Stompa

earlgrey wrote: »

The interesting bit is what they'll offer at the end of the 1 year fixed rate.

"50 Plus eSave (3) interest rates are fixed for the first year from the date your account is opened. Thereafter the interest rates are variable. We guarantee that from the thirteenth month up to and including the eighteenth month after the date of opening your account, the Annual Equivalent Rates (AERs) will at least equal the Bank of England Base Rate (see note 5 below).

.....

5. From the thirteenth month up to and including the eighteenth month after the date of opening your account if the Bank of England changes its Base Rate and at that time the AERs equal the guaranteed minimum rate, then the Society will change the rates of interest paid on the account within one calendar month of that announcement. However any increase in the Base Rate in the eighteenth month after the date of opening your account will not result in any increase in the AERs on the account."

Jeannine

I have just opened one with no problems. Have had a mortgage and different savings acoounts with Coventry and have never had any problems. Would recommend...

silvercar

Coventry has probably the most knowledgable and helpful customer service teams I've ever had to deal with.

derrick

silvercar wrote: »

Coventry has probably the most knowledgable and helpful customer service teams I've ever had to deal with.

They still appear to want original or certified copies! We are in the 21st century, they should be able to do it electronically!

barak

silvercar wrote: »

Coventry has probably the most knowledgeable and helpful customer service teams I've ever had to deal with.

I agree, and the last time I phoned them, I told them so . The contrast with some other financial institutions is remarkable. I wonder how they achieve it; I suppose it's obviously by good training, and then keeping their staff happy by, for instance, not leaving them on the phone for too long at a time.
[No connection except as member - i.e. account holder]

TomsMom

derrick wrote: »

They still appear to want original or certified copies! We are in the 21st century, they should be able to do it electronically!

I've just opened the 50+ esave and from the list they sent me for ID purposes I chose to send an Inland Revenue PAYE statement from the one group and a credit card bill from the other group. I received them back by return of post.

But I can't understand how the Skipton BS can do it electronically but no one else can, Coventry, Sainsbury ......... makes the whole process a lot more long winded.

mark13

I've had an ISA account with the CBS for several years, not had any problems with them.