We calculate the interest daily and pay it 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 into another suitable account.

The interest rate is variable, so 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).

£1,041.50

This would be the balance after 12 months if £1,000 was paid in,  all interest was paid back into the account, and no money was taken out or paid in. 

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

Eligibility 

• You must be aged 16 or over to open a statement-based version of this account. 

How to apply for this account 

• Online 
• Call us on 0800 121 8899 
• By post 
• Pop into a branch (a passbook based version of this account can be opened by popping into a branch or giving us a call).

Joint accounts applied for online or by phone will need an application form sending via post for you to complete.

How to manage and keep track of your account

• Register and use Online Services 
• Register and use our app 
• Call us on 0800 121 8899 
• If you have a passbook, pop into a branch

How to put money into your account

• 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 £1,000,000

This is a limited access account. You can take money out of your account up to five times without having to pay a charge. From the sixth withdrawal onwards (which can include closure), 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. If you haven't earned enough interest to cover this charge, some of it will come out of your original deposit(s).

How to take money out of your account

• Pay money to another Coventry Building Society account online, call us or pop into a branch.
• Pay money to another Coventry Building Society account in your name via our app.
• Pay money into your Named Bank Account online or via our app, call us or pop into a branch.
• Request cheques by post.
• If you have a passbook, you can request a transfer to another account with us, or any UK-based account in branch, online, by phone or by post. You can also ask for cash or cheques at any branch.

What happens at the end of 12 months?

At the end of 12 months, on the anniversary of account opening, your account will transfer to an Easy Access Saver (Maturity) – an account which allows unlimited withdrawals without charge. Easy Access Saver (Maturity) will pay a lower rate than 5 Access Saver - 1 Year.

The interest rate on our Easy Access Saver (Maturity) is variable – this means we can change it and it can go up or down. We’ll write to you closer to the time to confirm your new rate. If you would like to see what rate Easy Access Saver (Maturity) pays now, you can:

• Call us on 0800 121 8899
• Ask us in any branch.

You’ll be able to keep saving and your account number won’t change. You’ll also have the option to take some or all of your money out or close your new account. We’ll send you a reminder and full details of the options available to you at least 14 days before the account transfers. If you take no action your account will become an Easy Access Saver (Maturity).

This is a limited issue account, so we may stop accepting applications at any time. 

You have a 14-day 'cooling-off' period after you open a 5 Access Saver - 1 Year, where you can close your account and you won't be charged. Day 1 starts from the day you open your account, so if you opened your account on the first day of the month, your 'cooling-off' period would finish on the 15th day of the month.

After this, you can still close your account at any time. Remember though, if you've taken money out at least five times during the year, you'll be charged interest on the balance you're withdrawing on future withdrawals, including closures.

We pay your interest gross. The gross rate is the interest payable before the deduction of tax.

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