A question about : Coventry – AER equal for monthly/annual interest
Effective September 1st, Coventry Building Society's online account NetSave Instant offers the same AER, no matter whether interest is paid annually or monthly. (I know some folk here prefer to see their savings grow, month-by-month – eg via trend-setters ING Direct.)
The only snag is Coventry's new rate is just 4.85% AER/gross. Greater AER interest from comparable online accounts is offered elsewhere :
5.65 AER Cahoot (wef Sept 2)
5.50 AER Alliance & Leicester current a/c (for up to Ј2,500)
5.40 AER Birmingham Midshires
5.20 AER Yorkshire BS (wef Aug 29)
5.10 AER Norwich & Peterborough BS
5.10 AER Alliance & Leicester online a/c
5.05 AER Northern Rock (wef Sept 1) Anyone here got this?
5.03 AER Leeds & Holbeck BS
5.00 AER ING Direct (wef Sept 1)
5.00 AER Nationwide BS (wef Sept 1)
Currently, no news from Halifax plc whether their Web Saver is going to rise much above it's current 4.70%. They're leaving it late, with competitors rises already in place, or effective September 1st. Perhaps Halifax aim to become closer rivals…?! Go on, Halifax, offer 5.70% thereby beating all competition! (Second thoughts, don't, or mortgage borrowers will suffer in the balance.)
Abbey are left out because their AER merely matches Coventry (or 4.60% for those of us no-longer entitled to the 1st–6–months bonus).
Did I exclude anyone offering higher than Coventry's 4.85% AER for instant access, online saving? I intend to write to Coventry Bdg Soc (also Halifax plc and Abbey) with my above list, proposing a boost in rates – effective after the next Base Rate rise, if not imminently. (I'll also be praising Coventry for offering customers the same AER for monthly or annual interest payment.)
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