Coventry BS 1.20% "Easy Access" Edit: Reducing

Financial Chat
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. . . though there are severe restrictions on this one.

Looks like the media has released details of a 1.20% variable Easy Access account which is to be launched by Coventry BS tomorrow, Monday 21 Sep 2020.

Catch is it is a Double Access issue, meaning that you can only make two penalty-free withdrawals in 12 months, any additional will incur a penalty equal to 50 days interest on the amount withdrawn.

**Update: **Now available, 21.09.2020

Sources:

https://rightsandwrongs.co.uk/quick-links/141-money/36460-good-news-for-savers-as-inflation-falls-to-0-2

As I was successful with Skipton BS, I shall be giving this one a miss.

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They’ve frequently been competitive in this arena - sometimes market leaders. That’s a good offering. Well played Coventry BS :+1:

(I recently took up the NS&I bond, otherwise I’d be all over it…:neutral_face:).

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Was successful with Skipton, but am already set up with Cov Bs. I could use this for when my regular saver matures, and the Skipton account for other purposes. Cheers, I’ll keep an eye out tomorrow

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If people are looking to lock away for longer (1 year), Paragon have a 1.4% account available. Just as a potential alternative.

This is a good offer though, for sure!

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I’ll stick with my penalty free NS&I Income bonds at 1.16%, sure not as good as 1.2%, but very close

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Yeah, not sure easy access is only 2 withdrawals a year (without penalty)

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Agreed, hence the quote marks in the title.

Technically, yes, it is easy access as it is not difficult to access your money.

It’ll just cost you if you access it more than twice in 12 months :man_shrugging:

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Unless you have found a different product, the Paragon Bank 1 Year Fixed Term Saver is currently 1.30%, not 1.40%

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Product now live

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Tempted to go to it from marcus, interest is only paid yearly just so people know.
Ok found out about the penalty for more than 2 withdrawals per year.
I’ll stick with marcus and NS&I

I had a Coventry BS account but it was no longer a good rate so I moved it to marcus and NS&i

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Always best to ditch and switch if no longer viable for you. I do the same.

I won’t be opening this one. Happy with my current portfolio of saving accounts.

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0.01% from 24 Nov.

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Just saw this … it’s a huge blow… Summarised nicely in this tweet (and the article posted above)…

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Clearing mine out then. Useless rates nearing in mind the minimum £500 per transaction too.

How long before banks and building societies follow that lead?

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Wow, not too many places left above 1%

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Only had £500 in, shall be withdrawing it today and using it to pay into my Cov Bs drip fed regular saver.

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So just Marcus soon?

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RBS is doing 3% up to £1000 but only allowing you to save up to £50pm :confused:

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What’s the point?!!! :thinking::man_shrugging:

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That’s a shocker. Thought there’d be some longevity in this one…:smirk:

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