Account Summary -
Poppy Online SaverThis account is no longer available to new investors.
Poppy Online Saver is operated exclusively online. It offers an outstanding rate of interest with 4 no-notice, penalty-free withdrawals each year and you also help us to support the Poppy Appeal.
What is the interest rate?
Effective from 1st September 2013
Interest rates are variable. For details see the table above.
Can Coventry Building Society change the interest rate?
What would the estimated balance be after months based on a deposit?
How do I open and manage my account?
You can make 4 no-notice, penalty-free withdrawals each year. Additional withdrawals can be made but will be subject to a charge equal to 50 days' interest on the amount withdrawn. This will automatically reduce your capital investment. Withdrawals of interest credited to the account, and account closure will count as a withdrawal. The minimum withdrawal is £1.
Interest & Charity donation
- Interest is paid either annually on the anniversary of account opening or monthly on the last day of the month.
- Annually we will donate a sum equal to 0.05% of the average balances held in Poppy Online Saver for each 12 month period, commencing 1 June to The Royal British Legion. The Coventry has donated £5m since 2008.
How to apply
- Apply online and arrange a transfer from your bank account, another Coventry account or alternatively post us a cheque.
- The minimum balance is £1. You can make additional deposits at any time up to a maximum balance of £250,000 (see note 3 below).
- You may only ever open one Poppy Online Saver, either solely or jointly. However many issues of the Poppy Online Saver account there may be, you cannot open more than one.
Using your account
- You manage your Poppy Online Saver account completely online at www.thecoventry.co.uk.
- Using our Online Services you can check your balance, review your statement and move money around, 24/7.
Paying money in
- Electronic transfer - when your account is open you can ask your bank or building society to transfer money directly into your account as and when you want. Alternatively, you can transfer from another account you hold with us.
- You can send a cheque by post to our central processing centre.
- You can also arrange a standing order from your bank or building society to make a regular or one-off payment.
1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
2. The minimum opening balance is also the minimum level at which the account should be operated. If the balance of an account falls below the minimum stated, and the Society has not exercised its right to close the account, the interest rate paid will be nominal. This nominal rate is our basic variable investment rate currently 0.10% AER/gross p.a., 0.08% net.
3. If the Society accepts investments in Poppy Online Saver which are above the £250,000 account maximum, the balance above £250,000 will earn a different variable interest rate. This is currently 0.50% AER/gross p.a., 0.40% net for annual interest, and 0.50% gross p.a., 0.50% AER, 0.40% net for monthly interest.
4. Interest is calculated gross, which means before tax has been deducted. Interest is usually paid net of tax (after tax has been deducted at the current rate of 20%). If you are taxed at the basic rate you should have nothing more to pay. If you are a higher rate tax payer you are likely to have to pay more tax.
Non-taxpayers can register to have their interest paid gross by completing a form R85 for each account and each account holder, (if both are entitled to have interest paid gross). Tax may be reclaimed from HM Revenue & Customs where the amount deducted exceeds an investor's liability to tax. If you are in any doubt about your tax position please contact your local tax office.
5. Please refer to the account terms and conditions for full details of the account. Details of any charges applicable to accounts are available on request from any branch, by telephone or on our website.
Coventry Building Society, Economic House, PO Box 9, High Street, Coventry CV1 5QN.