What is the interest rate?
When you save your money with us we’ll add extra money to your account. This is called ‘interest’. Your interest is calculated on the balance in your account each day and paid into your account at the end of the last day of every month.
Saving your money at home, means you only have as much as you put into your money box. Saving with us means you have savings as well as interest each month. You save your money and get paid money on top. So, your pocket money is earning money for you, just by being in your account.
How much depends on how much you save.
Can Coventry Building Society change the interest rate?
The interest rate on your account is variable. This means it can go up or down at any time.
For more details about why we may change the rate, as well as how and when we’ll let you know, see our Saving Accounts Terms and Conditions booklet (section 4).
What would the estimated balance be after 12 months based on a £100 monthly deposit?
This would be the balance in your Young Saver account after 12 months if you pay in £100 on 1 September and the same amount on the first day each month from then on. This amount includes the interest we pay you and add to your account each month. We have assumed the interest rate we pay you stays the same and that you don’t take any money out of the account during the year.
This is just an example to help you compare accounts. It does not take into account any individual situations.
How do I open and manage my account?
How to open
- Pop into a branch to open a Young Saver
- If you have an application form you can fill it in before you visit the branch
- Don’t forget to take ID with you
- If you’re under 16 you’ll need an adult with you and they'll also need some ID
How to manage
- Pop into a branch with your passbook
- Telephone Services (if you're aged 11 or over, you can use our Telephone Services to use your account)
- Online Services (if you’re aged 16 or over, you can apply for access to Online Services to use your account)
How to put money into your account
- Just like your money box at home, you use your account to save your pocket-money, birthday money, money you receive on special occasions or any other money you wish to save. This could be cash (notes and coins) or cheques that friends and family have given you
- When you start saving with us, we’ll give you a passbook for your account. This is a little blue book that has your name and account number in it and shows you how much money you have saved. You’ll need to keep this safe as you’ll need to bring it into branch with you when you want to pay money in or take money out of your account
- Each month you can pay in as many times as you like, up to a total of £200
- You can pay in more than once, as long as the total of each month isn’t more than £200. If you try to save more than this in one month, we’ll ask you to come back the next month instead
- The minimum balance is £1
- The most you can save in your Young Saver account is £5,000.
- Pay in cash or cheques in a branch
- Post us a cheque
- You, your parent(s), guardian(s) and family can pay into your account by transferring money from an account with us or another bank or building society. Or by setting up a standing order (this is a regular amount of money paid into your savings account).
How to keep track of your account
Your passbook will show how much you have in your account. When you reach 16, you can set up Online Services so you can look at your account online
Can I withdraw money?
You can take money out whenever you wish.
How to take money out of your account
- Ask for cash (up to £100 per day) at any branch
- Ask for cheques at any branch or by post
- Transfer money to another Coventry account in your name
- Transfer money to another bank or building society account in your name
When you reach 18
We’ll transfer the money in your Young Saver account to a Coventry Building Society Easy Access Saver account for adults, unless you tell us you want to transfer the money somewhere else. We’ll send you a reminder and full details nearer the time.
We pay your interest gross. This means we don't take any tax off the interest we pay you.
* AER stands for Annual Equivalent Rate and highlights what the interest rate would be if interest was paid and added to the account each year.
Call us on 0800 121 8899
- Mon-Fri 8am-7pm
- Saturday 9am-2pm
- Sunday & Bank holidays Closed
Yesterday, people waited on average
17 seconds for savings enquiries
17 seconds for mortgage enquiries