Coventry bond ending

codetown

Last year I put some savings into this fixed rate bond from Coventry:
Callsave Fixed Bond (88) 31.05.2008

As the bond itself says I assume it ends on the 31 May 2008 and I am thinking to new options where to save my money.

Has anyone experience with Coventry and bonds?
I would like to know if they give back the money the exact end day (which is saturday), the following monday or what. And where will the money go? Will they transfer it into my Conventry First a/c?

Given the current poor Coventry rates I will probably need to transfer the lot out quickly and save somewherelse!

Hungerdunger

I'm in the same position as you. According to the leaflet they sent us when we opened the bond:

"Shortly before your bond reaches its maturity date, we'll write to you with details of your options, including re-investing with the Coventry.

If we receive no instructions from you, your savings will be automatically invested in another bond. However, if you decide to withdraw your money or transfer it to another Coventry account, you'll be able to do so penalty-free within one calendar month."

I suppose there's still two and a half weeks left, but it might be worth a call to them on 0845 7665522, especially with regard to the date you can withdraw the money. (I suspect it will be the following Monday)

Hungerdunger

Just phoned them. They are still waiting for details of the re-investment product and will be in touch about one week before the bond matures.