Cov 50+ esave openings must apply by 24 April

edda

50+ esave account is closing on 24th April to new applicants.

Found this on the Coventry Building society website:

http://www.coventrybuildingsociety.co.uk/savings/esave.aspx

The account is fixed for the 1st year at 6.4% for over 50s.
Not the best rate on the market but you can open it with £1 and no notice is needed for withdrawals.

baby_boomer

And you can add to the account if interest rates fall . There's never been an account like it!

chesky369

fixed at 6.4% for a year? Why do banks and building societies think that putting 'for the over 50s' means you're not going to look at the rate? You can get better than that rate all over the place.

baby_boomer

chesky369 wrote: »

You can get better than that rate all over the place.

With a UK institution that doesn't have exposure to the US sub-prime market?

But the key point is its remarkable flexibility. If rates fall and one of your other fixed rate accounts matures in six months time then you can still place the money in the Coventry at 6.4%.

earlgrey_3

chesky369 wrote: »

fixed at 6.4% for a year? Why do banks and building societies think that putting 'for the over 50s' means you're not going to look at the rate? You can get better than that rate all over the place.

But not one offering instant no-penalty access and a fixed rate (not just a so-called guaranteed rate) and the option to add more funds as you want. If rates fall you can transfer funds in, if they rise you can move funds out.

With a normal 1 year fixed rate deal you could find better rates next week but be locked in to the one you took. With a normal instant access account the rate could be halved by next year. With that account you get the best of both. It's the nearest thing you'll get to a one-way bet.

chesky369

You're correct - I never want to be able to get at my savings easily, which is why the A&L e-saver and ICEsaves various 6-monthers are fine for me.