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You can find the current article at its original source at http://www.guardian.co.uk/money/2013/mar/27/coventry-pulls-best-buy-isa-deadline-approaches
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| Coventry pulls best-buy Isa as deadline approaches | Coventry pulls best-buy Isa as deadline approaches |
| (9 months later) | |
| Coventry building society has announced it will pull its market leading cash Isa at the end of today, 27 March. | Coventry building society has announced it will pull its market leading cash Isa at the end of today, 27 March. |
| Savers have until midnight to request an application pack for the building society's table-topping Isa, which pays 2.8% interest with a 60-day notice period required to withdraw funds. Those who receive a pack have until Friday 5 April to submit their application along with their opening deposit. | Savers have until midnight to request an application pack for the building society's table-topping Isa, which pays 2.8% interest with a 60-day notice period required to withdraw funds. Those who receive a pack have until Friday 5 April to submit their application along with their opening deposit. |
| The withdrawal of the account is a blow to savers who already face record low cash Isa interest rates. The next best deal, which does not requite savers to lock in their money for a fixed-period, is with Santander, which is paying 2.5% interest on its easy access Isa. | The withdrawal of the account is a blow to savers who already face record low cash Isa interest rates. The next best deal, which does not requite savers to lock in their money for a fixed-period, is with Santander, which is paying 2.5% interest on its easy access Isa. |
| "The withdrawal of the Coventry deal is a great shame for anyone who has left opening an Isa in this tax year until the last minute," said Anna Bowes, director of Savings Champion. "The key thing to remember in the next tax year is to get in there early and invest as much of your Isa allowance as possible as early as possible." | "The withdrawal of the Coventry deal is a great shame for anyone who has left opening an Isa in this tax year until the last minute," said Anna Bowes, director of Savings Champion. "The key thing to remember in the next tax year is to get in there early and invest as much of your Isa allowance as possible as early as possible." |
| The move is not the first cut from a market leading Isa provider. On 22 March the Cheshire building society, part of the Nationwide group, reduced the rate on its popular cash Isa by 0.2 percentage points to 2.3%. The account includes a bonus rate of 1.8%, which is guaranteed until 31 October 2018. | The move is not the first cut from a market leading Isa provider. On 22 March the Cheshire building society, part of the Nationwide group, reduced the rate on its popular cash Isa by 0.2 percentage points to 2.3%. The account includes a bonus rate of 1.8%, which is guaranteed until 31 October 2018. |
| "We usually recommend savers steer clear from accounts boosted by short-term bonuses, but in this case the bonus may actually be a benefit as it guarantees a rate of 1.8% for the next 19 months," Bowes said. | "We usually recommend savers steer clear from accounts boosted by short-term bonuses, but in this case the bonus may actually be a benefit as it guarantees a rate of 1.8% for the next 19 months," Bowes said. |
| The Santander Isa requires a minimum deposit of £2,500. The next best instant access deals are the Cheshire one, despite the cut, and one from Tesco paying 2.3%. The Tesco account requires the smallest minimum deposit of £1. | The Santander Isa requires a minimum deposit of £2,500. The next best instant access deals are the Cheshire one, despite the cut, and one from Tesco paying 2.3%. The Tesco account requires the smallest minimum deposit of £1. |
| Savers willing to lock away their cash can get up to 3.1% on a range of fixed-rate fixed-term deals from Halifax, and 2.8% on Santander's two-year fixed-rate Isa. | Savers willing to lock away their cash can get up to 3.1% on a range of fixed-rate fixed-term deals from Halifax, and 2.8% on Santander's two-year fixed-rate Isa. |
| Although the Coventry move is bad news for potential new customers, the building society is improving things for its existing Isa savers, some of who are languishing on poor rates. | Although the Coventry move is bad news for potential new customers, the building society is improving things for its existing Isa savers, some of who are languishing on poor rates. |
| From 6 April 2013 it will raise rates on its variable easy access cash Isa to 2.5%, benefiting a quarter of a million customers and meaning no Coventry saver will earn less than 2.5% on any cash Isa. | From 6 April 2013 it will raise rates on its variable easy access cash Isa to 2.5%, benefiting a quarter of a million customers and meaning no Coventry saver will earn less than 2.5% on any cash Isa. |