Yes, that’s right TLC not PLC is Coventry Building society’s motto, and they’re right! Even though I’ve only had the pleasure of being with Coventry BS for a year now I am happy to admit they really are one of the more friendlier building societies left! Throughout this opinion I will refer to Coventry TLC as they do treat their customers with the up most respect and tender loving care (TLC!)
This is an opinion submitted under "customer/general service-Building societies" based on my experience as a member there for 1 year. I will not discuss the range of financial products in great detail here as these would be best found under "accounts" sub-category)
With the financial year coming to a close (well, it’s hard not to miss all reminders from banks/building societies) I decided it was time to reflect back on the service and account I held at Coventry Building society. About a year ago I was looking
for a suitable tax-free savings account to open (e.g. ISA). I did a bit of research using the financial bulletins and saw Coventry sitting pretty high on all the “best buy” tables, without further ado I decided to give them a try.
Contacting Coventry TLC wasn’t too difficult they have both a national helpline number (0845 local call rate) and the telephone number of your local branch, as well as a website. There are approx. 50 Coventry BS (TLC) branches around the Midlands area including the city of Birmingham. You do NOT have to live in the Midlands area to open an account, applications can be sent by post, via the website or telephone(*)
Being a Saturday I opted to call my local branch and expressed my interest in opening an account , I was given an appointment on the same morning. There is absolutely no need to book an appointment to open an account, though I was advised that this would be better as Saturdays tend to busy and this may would avoid queuing. I was greeted by a friendly and knowledgeable member of staff that provided me enough basic information about Coventry Building society, the types of accounts and more specifically about their ISA product.
As a customer my needs were to find out as much information about Coventry Building society, the type of account I was opening and try to get a feel about the level of service that I may expect in return for depositing my money with them.
I could see straight away Coventry’s approach was simple and straightforward ensuring customer satisfaction and service as a priority. I opened a “Mini” Cash ISA account called a “Square Deal ISA” with them after reconfirming my feelings that this was the right product for me at the time. The “Square Deal ISA” is instant access account, with no penalties for withdrawals. Interest rate at time of opening was 6.80%. They also have a Privilege ISA rewarding loyal Coventry Society members with approx. 1% higher interest rate than the normal ISA.
My account was opened immediately, all that was required were 2 forms of identification and because I was opening a tax –free savings account, make sure you remember your National Insurance number (I forgot mine! But somehow managed to re-collect it from memory..don’t know how as I hardly ever see it!) My ISA was opened and I was issued a passbook.
Please note-If you are unsure or have second thoughts after opening an ISA You DO have 14 Days cooling off period- in which time you can cancel.
I had actually cancelled an ISA I opened 3 days earlier with Alliance & Leicester (A&L) why?
a) the service was poor, I had an appointment booked and staff kept me waiting 15 mins, without an apology –as they were late back from their lunch! (that is not putting the customer first!) b) the interest rates on their ISA were poor
Needless to say I cancelled my ISA at A&L as service is important to me.
Another point to remember is once you open a Mini Cash ISA you cannot open another Mini or a Maxi Cash ISA elsewhere in the same financial tax year.
I was also made a member of the Coventry's Building Society which basically allows you to vote at AGM’s etc. To become a member you need to invest £100 as a Saver, however due to the increase in mergers and hopeful windfall hunters I had to sign away any windfalls to Charity.
I have found Coventry TLC to be efficient, friendly and co-operative. Throughout the year, I have only received relevant information about my account or important annual events for members allowing you to vote or have a say. All correspondence included a covering letter addressed to me with the local telephone/fax number of "my" branch, not the national 0845 number.
This is unlike some banks and building societies (e.g. Nationwide, who send you loads of mail e.g., is your Motor, House, Travel Insurance up for renewal,..”) Whenever I want information I go and get it myself by either visiting or phoning the branch, or from its website*.
* Recently Coventry have relauched their website offering even more competitive mortgages and simple FAQ’ s on mortgages. I will definitely be looking into their mortgages as soon as my current fixed rate ends!!(or maybe Coventry TLC will pay my redemption/cancellations charges too?? they are so co-operative that IT really wouldn’t surprise me!)
I'm still with them as they still care.....
*Further details about opening an account at Coventry BS can be obtained from the National customer services phone number: Tel. 0845 7665522
How helpful would this review be to a person making a buying decision? Rating guidelines
Great op, we had our last mortgage with the Coventry and found them to be really friendly, but when we came to remortgage, they weren't very flexible and we ended up moving our business elsewhere which we didn't particularly want to do but the Coventry just wouldn't lend us as much as their rivals!
Advantages: Local, convenient, some accounts pay really good rates of interest Disadvantages: Direct debits can bounce even when the money is in the account, low funds charges
Advantages: Competitive savings rates (guarantee to follow the base rate), easy to use internet site, future potential for de-mutualising Disadvantages: not easy to find the branches - but that's ok if you're happy surfing!
Feb 28th, 2001
(Jul 3rd, 2001)
very helpful by (98%):
helpful by (2%):
