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Intro


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AER*
Variable
Important note - From 1 December 2017, the variable interest rate on this account will increase to 1.09% gross p.a (1.10% AER).

Our account for 11 to 17 year-olds who have their own money to save – and to spend. You can check your account online and get cash 24/7 with your own cash card.
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

Do you want to be in control of your own money? Would you like a cash card so you can take money out whenever you like? Would you like to be able to check your account online? Intro is our account for 11 to 17 year-olds who have their own money to save – and to spend.

 

This page contains information about Intro to help you compare it with other accounts and decide whether it’s right for you. Please read this carefully.

Summary box


Account name
Intro
What is the interest rate?
  Monthly interest
(Variable)
Balance AER* Gross p.a.
£0.01 plus 0.85% 0.85%

We calculate the interest daily and pay it monthly , at the end of the last day of each month. Interest can be added to your account or paid away.

Important note
From 1 December 2017, the variable interest rate on this account will increase to 1.09% gross p.a (1.10% AER).

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

For more details about why we may change the rate, and how and when 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?
£1,010.96

This would be the balance after 12 months if £1,000 was paid in on the 1st of a month and 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 1.09% gross p.a. (1.10% AER), which is the interest rate effective from 1 December 2017.
How do I open and manage my account?

How to open

  • Order a pack online
  • Order a pack by telephone
  • Open at a branch
  • You must be aged 11 to 17.

How to pay in

  • Pay in cash or cheques at a branch
  • Post us a cheque
  • Set up transfers from an account with another bank or building society or another account with us.

How to manage your account

  • Online Services (view transactions and statements only)
  • Telephone Services
  • By post
  • At a branch (you’ll need to bring your cash card) 

The minimum balance is £1
The maximum balance is £5,000 

Can I withdraw money?

This is an instant access account so you can take money out at any time.

How to withdraw

  • Request cash (up to £100 per day) or cheques at any branch
  • Request a cheque by post
  • Request a transfer to another Coventry Building Society account or your nominated account at a branch or by phone
  • Take money out anytime with your cash card at any cash machine displaying the LINK or Visa symbols (up to £100 per day in up to five transactions).

When you reach 18
We’ll automatically transfer the balance to a Coventry Building Society instant access account for adults unless you tell us otherwise. We’ll send you a reminder nearer the time. 

Additional information
We pay your 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 Intro and our General Investment Terms and Conditions
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 Intro account and then change your mind, you can close it 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.

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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