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Interest Zone


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AER*/Gross p.a.
Variable
Important note - From 1 December 2017, the variable interest rate on this account will increase to 0.75% AER/gross p.a.

Help your child develop a healthy savings habit with our account for young people up to 18 years old.
FSCS logo
Your savings are protected

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.

Please click here  FSCS protect  (PDF 3.7MB) for further information or visit www.fscs.org.uk

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.

Summary box


Account name
Interest Zone
What is the interest rate?
  Annual interest
(Variable)
Balance AER*/Gross p.a.
£0.01 plus 0.50%

We calculate the interest daily and pay it annually at the end of 31 May. Interest is added to the account.

Important note
From 1 December 2017, the variable interest rate on this account will increase to 0.75% AER/gross p.a.

Can Coventry Building Society change the interest rate?
The interest rate is variable so we can increase or decrease the rate at any time.

For more details about why we may change the rate, and how we’ll let you know about a change, see section 4 in our General Investment Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
£1,007.50

This would be the balance after 12 months if £1,000 was paid in on 1 June, all interest is paid back into the account, there was no change to the interest rate and no money was taken out or paid in during the year.

This illustration is just an example to help you compare accounts. It does not take into account any individual circumstances.

This illustration is calculated based on a variable interest rate of 0.75% AER/gross p.a., which is the interest rate effective from 1 December 2017.
How do I open and manage my account?

How to open and manage

  • At a branch
  • Order a pack by telephone
  • Order a pack online
  • You must be aged under 18 to open this account.

How to pay in

  • Cash or cheques in a branch
  • Post us a cheque
  • Set up transfers from an account with another bank or building society or another account with us 
  • The minimum balance is £1
  • The maximum balance is £25,000.
Can I withdraw money?
Age 0-7
Withdrawals aren’t permitted if the account holder is under 7 years old.

Age 7+
After age 7, and when your child is able to sign their name, they can take control of the account themselves and make withdrawals by cash or cheque at a branch.

How to withdraw
Request cash or cheques at a branch.
Additional information
We pay the interest gross. The gross rate is the interest payable before the deduction of tax.

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

For full details, please see the Specific Terms for Interest Zone and our General Investment 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.

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

Ways to apply


Order a pack & apply by post

Order a pack

Pop into your local branch

Find a branch

Call us on
0800 121 8899

Compare our accounts

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.

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Coventry Building Society

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