Sixty-Plus Saver (2)
An instant access savings account paying a superb interest rate exclusively for anyone aged 60 or over.
Effective from 1st April 2009
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Account name | Sixty-Plus Saver (2) |
Interest rates (AERs) | The interest rate is variable. For details see the table above.
The rates quoted include a 0.75% AER bonus paid for the first year the account is open. The current year one and 'go to' rates can be seen in 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 | The first year interest rate bonus will be calculated daily, and will be earned on your investment up to and including the day before the first anniversary of the account opening, or the day before account closure, whichever is earlier. The bonus will be paid at the same time as the variable interest.
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Withdrawal arrangements | This is an instant access account.
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Access | This account is operated by telephone. You may also choose to operate it online or in a branch.
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Interest
- Interest is paid either annually on the anniversary of account opening or monthly on the last day of the month.
How to apply
- You can apply by telephone, online or in person in any of our branches.
- The minimum balance is £500. You can pay in maximum of £2,000 a month (maximum initial investment is also £2,000). The total maximum balance is £250,000.
- We'll provide a statement each quarter to make sure you keep up to date with your money.
- A CashLink card is available.
Paying money in
- At a branch counter you can pay in cash, cheques or request an internal transfer from a Coventry account. You can also use a Coventry ATM to pay in cash or cheques.
- You can request an internal transfer by phone or online.
- You can send a cheque by post to our head office.
- Or you can arrange a standing order from your bank or building society to make a regular or one off payment.
Withdrawals
- In a branch you can withdraw cash or cheques - note that only one branch withdrawal per month is permitted.
- You can withdraw by transferring to your nominated account or transferring to another Coventry account, either online or by phone.
- 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).
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 Sixty-Plus Saver leaflet 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.
