Coventy BS 50 plus e Saver 4

katies_mum wrote: »

Hi, does anyone know about this account (I`m still looking for somewhere for my £25,000) I`m a bit nervous with whats going on at the moment and think I`d like access to my money. Its fixed for the first year, then AER is guaranteed to be base reate for 6m - I can withdraw when wanted and add to it as well. In 12 months I`ll look round and see what else there is. Do you think it seems reasonable paying 6.25%gr. I don`t kmow much about the Coventry BS (I`m assuming money ok upto first £35,000)

I did come across the Capital 1 bonus saver issue 3 -6.5% as well but don`t know much about them either.

Thanks as always to anyone who can advise... money is sittling in my A & L linked account at the moment.

Coventry BS 50 plus seems OK, and you can add to it during the time it is opened which is a bit unusual for accounts that have fixed rates, your £25000 should be OK as it is well below the £35000 threshold, but don't open it with that amount,just a nominal sum to open because of this from here ; -

2. The minimum opening balance is also the minimum level at which the account should be operated. If the balance of an account falls below the minimum stated, and the Society has not exercised its right to close the account, the interest rate paid will be nominal. This nominal rate is our basic variable investment rate currently 0.10% AER/gross p.a., 0.08% net."

So if you open it with £25000 you will not be able to get the 6.25% AER if you drop below that amount, you would only receive "0.10% AER/gross p.a., 0.08% net." on the whole of the account, open it with a tenner then transfer the rest.

I think you've misread the terms and conditions - the min opening balance is £1 so you are only subject to a 'nominal' interest rate if the balance falls below £1!


It says "The minimum opening balance is also the minimum level at which the account should be operated"

not "The opening balance is also the minimum level at which the account should be operated."

This Is Money commented on the Coventry just today, stating:

"Coventry is in rude good financial health. Recent half year results showed that profits in the first half of 2008 were £35.5m, nearly 8% up on the equivalent figures for 2007. As a result, the society is under no pressure to remain anything but an independent building society."

I'm not sure that derrick has it right, by the way, with his comments above. The minimum opening balance for this type of account is £1. If your initial opening deposit is £25,000, that doesn't change the account's minimum opening balance requirements... you're just paying in £24,999 more than the minimum!

I've saved with them, online and off, for many years and have found them to be fine.

Hope this helps!