Privilege Saver
A savings account exclusively for our longer-term members that you can manage at your local branch.
Effective from 1st April 2009
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Account name | Privilege Saver |
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 branch based. You may also choose to operate it in person by telephone or online.
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Interest
- Interest is paid on 31st March each year.
How to apply
- Apply in person in any of our branches, by telephone, or online.
- The minimum balance is £1. The maximum balance per tax year is £5,100.
- To have a Privilege Saver account you must have been a member of the Coventry continuously for five years as at the end of the current tax year. You must not have a Privilege ISA, and you can only open the account in your sole name. You can only have one Privilege Saver account.
Using your account
- Making a deposit or withdrawal is just a matter of calling into any of our branches.
- And we'll provide you with a passbook to make sure you keep up to date with your money.
Paying money in
- You can pay in a maximum of £5,100 in each tax year.
- Cash or cheque at a branch.
- Post - just post us a cheque made payable to the account holder(s).
- Standing order - arrange a standing order to pay a regular amount each month.
- Transfer - transfer money to this account from another Coventry account you hold.
Withdrawals
- Cash or cheque over the counter at a branch.
- One-off standing order to a third party.
- 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 Privilege Saver 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.
