Coventry 50 plus esavings.

Froglet

Just thought anyone who is contemplating opening this account should know that it ends at midnight tonight,but as long as you apply by then it will be honoured.It stands at 6.40% ,fixed for a year but it is instant access.I have just opened mine and the process was smooth and fairly quick.

bestcheck

On a point of interest. The Coventry 50-Plus eSave has a different AER for annual and monthly interest.

From the application booklet in front of me:

This account offers a great rate of 6.40% AER/gross p.a. [6.20% gross, 6.38% AER monthly] fixed for the first year from the date your account is opened.

Isn't it unusual for AER to differ for monthly and annual interest? Not much in it - 0.02% - but I wonder why this is the case.

Bogof_Babe

I opened accounts for myself and my husband, and have had all the paperwork back now, but I am struggling to find out how to make payments into the account after the initial cheque one that they used to set the account up.

I'm trying to set up a transfer from a Lloyds TSB current account but it will only allow me to transfer a maximum of £10K at a time, which is unsuitable as I have a large balance in transit. Also I am not sure whether these BACS transfers incur a fee, as it doesn't say anywhere in the t&c's.

Froglet - have you managed to make a deposit yet, following original opening balance? If so would you mind telling me how you did it?

I have sent them a secure message but I'm worried I won't understand the reply!

LittleVoice

There'll be no charge for BACS payments into your Coventry account from LTSB.

Can you make a BACS transfer from Lloyds for more than £10,000 if you go into a branch or by phone banking.

You can send Coventry BS a cheque - they should have provided you with a freepost address.

Bogof_Babe

Thanks for that LV, I am a bit confused at making a BACS deposit in a branch as I thought by its nature BACS was an electronic system, but maybe you mean someone in the branch would sort it out for me.

Hopefully I will get the hang of it soon. ING Direct seemed so much simpler!

LittleVoice

Bogof_Babe wrote: »

Thanks for that LV, I am a bit confused at making a BACS deposit in a branch as I thought by its nature BACS was an electronic system, but maybe you mean someone in the branch would sort it out for me.

Hopefully I will get the hang of it soon. ING Direct seemed so much simpler!

Yes I did mean that it would be a member of LTSB staff who I think could arrange the payment for you - the same as if you spoke with one of the staff dealing with telephone banking.

Froglet

Bogof_Babe wrote: »

I opened accounts for myself and my husband, and have had all the paperwork back now, but I am struggling to find out how to make payments into the account after the initial cheque one that they used to set the account up.

I'm trying to set up a transfer from a Lloyds TSB current account but it will only allow me to transfer a maximum of £10K at a time, which is unsuitable as I have a large balance in transit. Also I am not sure whether these BACS transfers incur a fee, as it doesn't say anywhere in the t&c's.

Froglet - have you managed to make a deposit yet, following original opening balance? If so would you mind telling me how you did it?

I have sent them a secure message but I'm worried I won't understand the reply!

Sorry,have been without my computer since your reply,felt like my right arm was missing!! Anyway,no i have not made any further deposits yet but was surprised to realise that unlike a lot of other financial accounts,you cannot draw in the money from Coventry's webste,but send from your own bank only.

Hope you have it sorted by now anyway.

Bogof_Babe

We have now had to send a cheque for my husband's deposit, thus losing a few days's interest , and in my case as the amount is not so big I am transferring online the £10K a day max allowed until it is all done.

I've known easier systems, but perhaps that's the downside of such an ultimately rewarding account.

We will need some of it out in due course - I just hope that is more straightforward :rolleyes: . I think this account is geared towards people who also have a Coventry current account of some sort.

Old_Slaphead

My way of operating has been to open a Coventry First account (current account without chequebook) - keep just £1 in - and it's then dead easy to move money online into/out of 50+ account via the Cov First.

Valley_Bluenose

Not sure I understand the problem fully here.

I opened Coventry 50plus accounts for both my wife and I about two weeks ago. We have since transferred funding online from our Royal Bank of Scotland account to the 50plus accounts without problem (other than the few days it takes in transit).

Am I right in surmising that the difficulty was that Lloyds TSB would only let you transfer £10k at a time rather than any difficulty with the Coventry?

If the problem is at the Coventry end I can't say we've encountered it.

Bogof_Babe

Yes VB that was the main problem, and as you rightly say it was caused by the restrictions imposed by the originating banks (I found the same with NatWest) not by Coventry, so I am not blaming them as such.

When we do similar transactions with our ING Direct accounts, the direct debit system accepts unlimited amounts as transfers to or from our nominated bank account, as it is driven at their end by having a direct debit instruction in place. I just wished Coventry worked the same way, instead of by BACS.