Your eligible deposits with Coventry Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
For joint accounts eligible deposits are protected up to £170,000.
Are you looking for an account to help your child develop a healthy savings habit? With our Interest Zone account for under 18s, your child will get a passbook and, if they’re aged 7 or older and are able to sign their name and manage the account, they can look after the account themselves.
This page contains information about Interest Zone to help you compare it with other accounts and decide whether it’s right for you. Please read this carefully.
We calculate the interest daily
and pay it annually
at the end of 31 May. Interest is added to the account.
How to open and manage
How to pay in
For full details, please see the Specific Terms for Interest Zone and our General Terms and Conditions.
If your child is under 7, we need you or another adult with parental responsibility for the child to sign the application form. We need to see ID for both you and the child. Find out more about identification.
After age 7, your child will manage this account at any branch. The account then becomes an easy access account. Only the child can make withdrawals and all withdrawals must be for their benefit.
How to keep track of your account
If you choose to keep your passbook updated, this will be your record of all transactions instead of a statement. If your passbook isn’t updated, we’ll post you with a statement within a month of any money leaving your account. But don’t worry, we’ll never send you more than one statement a month.
What happens when the account holder reaches 18?
We recommend that the account holder contacts us to convert the Interest Zone account into a Coventry Building Society savings account for adults. Contact us and we’ll talk you through your options.
You can find out more about our children’s accounts in the Children’s Account Opening Guide. For a copy, ask at any branch, call us on 0800 121 8899.
If you change your mind
If you open an Interest Zone account for a child under the age of seven, and then change your mind, you can close it any time within 14 days from the date the account was opened. After 14 days, if the child is under seven, you will need to contact us. If the child is aged seven or over, they can close the account at anytime. To close the account, ask us at any branch, call us on 0800 121 8899 or write to us at: Head Office, Economic House, PO Box 9, High Street, Coventry, CV1 5QN
Not sure what to do?
We’re keen to help you make the right choice – have a chat with our specialists at any branch or by calling 0800 121 8899.
If you’re not happy with our service
Please let us know. We take care to deal with problems quickly, thoroughly and fairly. If you’re still not satisfied when we’ve finished our complaints procedure, you can take your complaint to the Financial Ombudsman Service. For more information about the Ombudsman Service, visit their website: financial-ombudsman.org.uk
We believe in being open and honest. We want you to make an informed choice. That’s why we've built this tool to help you compare our accounts with other providers.
This tool uses the latest data from moneyfacts.co.uk, an independent comparison service. Moneyfacts aim to include at least 95% of providers of UK-based personal savings accounts.
What’s missing? Our tool omits any accounts with special conditions for opening (for example, you have to already hold an account with the provider).
Remember: there’s more to a savings account than just the interest rate. You can compare access terms, how to pay in and other criteria – then make your own mind up.
Coventry Building Society is not responsible for the accuracy of the data. This tool doesn't provide any recommendation or advice. Full terms and conditions relating to each product listed are available from the relevant provider. We don't receive a commission, incentive or other form of remuneration from Moneyfacts or any other provider.