One Year Variable Bond
Earn a great rate of interest for a whole year with the added bonus of managing your account in your local branch.
Effective from 1st March 2010
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Account name | One Year Variable Bond |
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 | Withdrawals are not permitted during the term of the account. Closure is subject to a charge equal to 90 days' interest on the account balance at the prevailing rate. Notice for closure cannot be given.
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Access | This account is branch based. You may also choose to operate it by telephone or online.
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Interest
- Interest will be paid either at maturity or monthly on the last day of the month.
How to apply
- Apply in person in any of our branches, telephone us, or apply online at www.thecoventry.co.uk.
- The minimum balance is £1,000 and the maximum balance is £250,000.
Using your account
- Making a withdrawal, checking your balance - it's all just a matter of calling into your Coventry branch.
- And we'll provide you with a passbook to make sure you keep up to date with your money.
Paying money in
- Once your account is open you can add to your investment at any time by cash, cheque or internal transfer.
Maturity
- After one year, we will automatically arrange for your money to be re-invested, unless you ask us otherwise.
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 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 terms and conditions and product 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.
