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.
Limited Access Saver (2) offers a highly competitive interest rate and allows you to access your savings up to three times a year without charge. It’s designed to allow you to build up your savings and also access your money from time to time. It’s easy to manage using Online or Telephone Services.
|Balance||AER*/Gross p.a.||AER*||Gross p.a.|
The interest rates shown above are the rates applicable for the first year the account is open.
A fixed bonus of 0.25% AER is included for the first year the account is open.
The variable rate from the second year onwards is currently 1.15% AER/Gross p.a. for annual and monthly interest.
We calculate the interest daily and you can choose whether we pay your interest annually, on the anniversary of the date you opened the account, or monthly, at the end of the last day of each month. Interest can be added to the account or paid away.
The interest rate includes a fixed bonus of 0.25% AER for the first 12 months the account is open.
The underlying interest rate (this is the interest rate without the bonus) is variable, meaning we can increase or decrease it at any time.
After the first 12 months, the fixed bonus period will end and your rate will change to the underlying variable interest rate (currently 1.15% AER/Gross p.a.).
For more details about why we may change the underlying rate, and how we’ll let you know about a change, see section 4 in our General Terms and Conditions booklet.
After 12 months (including bonus interest) = £1,014.00
After 24 months = £1,025.66
This would be the balance after 12 and 24 months if £1,000 was paid in, all interest is paid back into the account on an annual basis, 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.
How to open and manage
You must be aged 16 or over to open this account.
How to manage your account
How to pay in
The minimum balance is £1.
The maximum balance is £250,000.
You can take money out of your account up to three times a year without having to pay a charge. From the fourth withdrawal onwards, you’ll receive a charge equal to 50 days’ interest based on the amount you’re withdrawing. The charge will be deducted from the balance of the account, at the time of the withdrawal. Each ‘year’ in this case starts on the anniversary of the day you opened the account.
How to withdraw
We pay your interest gross. The gross rate is the interest payable before the deduction of tax.
This is a statement-based account. We will send you a statement only when a withdrawal has been made from the account (or you can choose to view them online).
You can only manage this account by telephone or online, you can’t manage it in a branch.
* 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 Limited Access Saver (2) and our General Terms and Conditions.
How to keep track of your account
We’ll issue 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.
You can receive your statements by post. Or, if you use Online Services, you can go paperless and we’ll send you reminders to view your statements.
If you change your mind
You have a 14 day cooling-off period after you open a Limited Access Saver (2). If you wish, you may change your mind and close the account within 14 days without notice, charge or loss of interest.
To close the account, simply log into Online Services and select ‘Close my account’, or call us on 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.