Sharp practice over interest rates and no communication

I opened a Double Access Saver (online) account with the Coventry paying 1.2% interest on 22 September 2020. While preparing my tax return for the 20/21 year, I noticed from the end of year statement issued by the Coventry in April that the account... Read more

I opened a Double Access Saver (online) account with the Coventry paying 1.2% interest on 22 September 2020. While preparing my tax return for the 20/21 year, I noticed from the end of year statement issued by the Coventry in April that the account was listed as a Limited Access Saver (online) account paying 0.55% interest.

I queried this by phone & was told that the Society had supposedly sent me an email on 10 February telling me of this change. No such e-mail was received. I complained about this, and was told that as far as the Coventry was concerned, it had met its obligations. And so, on the back of a single email, of which I have seen no evidence whatsoever, the Society believes it can unilaterally close a customer’s account and open another one on considerably reduced terms – in this instance a c. 70% interest rate reduction - without first seeking consent.

Unlike other financial organisations, the CBS feels no need to ensure that a customer has received an email on such matters by inviting a response. It doesn't believe it's necessary to issue a follow-up confirmation either electronically or via the post. I see that it subsequently ‘reissued’ the Double Access several times in Autumn at a continuously lower interest rate. This in itself doesn't inspire confidence.

My extended family & I have been customers of the Coventry for 20 years. It's a shame that, having once traded on its ethical reputation, the Coventry now freely resorts to sharp practices & treats its loyal customers with such contempt. My family will be taking its custom elsewhere. Not that its managers will care, of course.

Reviewed on 6th July 2021

Michael Hrebeniak

Good rate

Easy to open a saving account on line and manage it on line. best rate in town at the time of opening.

Reviewed on 4th April 2021

Peter Costello

Good interest rate in comparison

Opened as best savings interest of the day. Been reduced regularly since but still slightly better than the rest. Only gripe would be to add a SMS authentication option as well as automated call - not.everone can take a call!

Reviewed on 11th March 2021

Italiano

Successful Investment

I invested lump sum in an ISA after seeing the rate at the time- content investor .

Reviewed on 18th January 2021

Glyn

Coventry b soc Online not recommended

A year ago Internet Banking was easy until I was locked out! Trying to access a new Internet Account proved very long winded and in the end I gave up and withdrew funds except for bonds. Not recommended! M King

Reviewed on 11th August 2020

Michael King

Still living in the 20th century

tried to open an account online - the normal way to do it nowadays. All that happens is that they send you an envelope of paper which took so long to arrive I had forgotten that I had made the application. not sure I can be bothered frankly

Reviewed on 29th May 2020

onecounsel

Excellent service

Always kept informed - good rates - no harrassing!!

Reviewed on 24th May 2020

Gigi

Good savings product

Receive a decent interest rate for saving a set amount each month to be held for a fixed period of time. Easy to set up online. Staff available to talk with on the phone for help and guidance if required.

Reviewed on 9th February 2020

Fiona sutherland

Savings Accounts

Friendly & very easy to get through to on phone - good if not great rates but talking to real people who are happy to help makes the difference

Reviewed on 5th February 2020

Helsbells20

Fantastic Service

Always looking after our money and giving the best savings rates on the market.

Reviewed on 19th January 2020

Stephen

The best

I like Coventry Building Society. They are up to date and offer some good rates of interest across their products. I have recently opened an easy access saver which gives one of the best interest rates out there.

Reviewed on 16th January 2020

Chimera

Best Incompetant Building Society 2019 - Coventry

Still waiting for my WEB ID three months after opening an account. Coventry are unable to explain why I havn't received my web id. They can't supply it in branch, on line or by post. In the 21st century this has to be the most incompetant building... Read more

Still waiting for my WEB ID three months after opening an account. Coventry are unable to explain why I havn't received my web id. They can't supply it in branch, on line or by post. In the 21st century this has to be the most incompetant building society ever.

Reviewed on 10th January 2020

Stephen Shepperd

Frustrating to set up and register online

I have just opened a savings account with them and I have never before found setting up and registering for online banking so annoying, long-winded and... Read more

I have just opened a savings account with them and I have never before found setting up and registering for online banking so annoying, long-winded and frustrating!

I almost gave up with the amount of paperwork and failed attempts I made!

However, the 2.5 % interest is the best I could find on the market at the moment with a maximum of £500 a month paid in for a year.

Reviewed on 22nd November 2019

Rachel H

Friendly and helpful staff

Great staff at our local Coventry Building Society - patient and helpful

Reviewed on 13th January 2019

Geoffroy Thomas

No brainer

Opened Junior Isa for both my children, they have the best rates and they are a company I trust. Can't go wrong. Highly recommended.

Reviewed on 19th November 2018

Kirsty Shears

Excellence

Both me & my spouse have used this company for a few years & have been consistently impressed by their professionalism, loyalty & savings rates nearly always above those offered by other more lauded & popular organisations who invariably fall down... Read more

Both me & my spouse have used this company for a few years & have been consistently impressed by their professionalism, loyalty & savings rates nearly always above those offered by other more lauded & popular organisations who invariably fall down badly in the customer care department. Coventry provide a service for all & do not push their clients down the current road of insisting on internet banking, again unlike the more 'usual suspects'. They cater for all in that they deal in branch, by post, by phone & online. I cant recommend them highly enough & its been a pleasure speaking with their customer advisors.

Reviewed on 26th May 2018

Cantley

Genuine customer first approach

The Coventry do exactly as it says on the tin, which is refreshing in this day and age - they put the customer first.

Reviewed on 4th April 2018

Malony

Reliable but difficult

I feel as though my money is very secure with this company, I've had great customer service in every experience but I've had trouble with getting access to my ISA almost every time even though I have the right documentation, it takes a while.

Reviewed on 10th February 2018

LauraEW96

Good overall

Good interest rate and good security

Reviewed on 31st January 2018

Jeff Brown

A trustworthy provider of savings accounts

The Coventry Building Society is the only savings account provider I have found that consistently pays good rates of interest, has never tried to move my money into low interest accounts and has never offered me poorer rates than new investors. If... Read more

The Coventry Building Society is the only savings account provider I have found that consistently pays good rates of interest, has never tried to move my money into low interest accounts and has never offered me poorer rates than new investors. If only all financial institutions showed such loyalty to long term customers.

Reviewed on 23rd November 2017

Mark Banham