NetSave Instant III
An online instant access savings account that gives you the freedom to move your money around whenever you want.
Effective from 1st April 2009
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Account name | NetSave Instant III |
Interest rates (AERs) | The interest rate is variable. For details see the table above.
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Tax status | Interest is paid net of tax unless a form R85 is completed.
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Conditions for bonus payment | Not applicable.
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Withdrawal arrangements | This is an instant access account.
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Access | This account is operated online.
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Interest
- Interest is paid either annually on 31st July or monthly on the last day of the month.
How to apply
- Apply online and then arrange a transfer from your bank account, another Coventry account, or if you prefer post us a cheque made payable to the account holder(s).
- The minimum balance is £1 and the maximum balance is £250,000.
Using your account
- As you'd expect, you manage your NetSave Instant account completely online. Checking your balance and statement, moving money around - it's all part of our Online Services.
- You can also order a CashLink card to use with your account.
Paying money in
- Electronic Transfer - once your account is open just ask your bank or building society to transfer money to it as and when you want. Or use our Online Services to transfer money from another account you hold with us.
- Standing Order - arrange a standing order with your bank or building society to pay a regular amount of money into your account.
- Post - just post us a cheque made payable to the account holder(s).
- CashLink card - you can use your CashLink card to pay in cheques or notes at any ATM (Automated Teller Machine) based at any of our branches.
Withdrawals
- Just use our Online Services to send money wherever you want, to your nominated bank account, to pay one-off bills or to transfer it to someone else's personal account.
- Use your CashLink card in the UK to withdraw cash from any ATM displaying the LINK, VISA or PLUS symbol, or abroad at any ATM displaying VISA or PLUS (you will need to contact us to use your card abroad).
- Set up a standing order or one-off standing order.
- And of course you can transfer money to another Coventry account.
Notes
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. 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.
4. Please refer to the account terms and conditions and the Instant Access Account leaflet for full details of this 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.
