First Home Saver (2)
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First Home Saver (2)
What is the interest rate?
This account lasts for 36 months. We calculate the interest daily and pay it annually, on the anniversary of the date you opened the account.
Interest can be added to the account or paid away to another suitable account.
Can Coventry Building Society change the interest rate?
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).
What would the estimated balance be after 36 months based on a £1,000 deposit?
This would be the balance after 36 months if £1,000 was paid in on 1 September and the first of each month from then on; all interest is paid back into the account, there was no change to the interest rate and no money was taken out during the term.
This illustration is just an example to help you compare accounts. It does not take into account any individual circumstances.
How do I open and manage my account?
This regular savings account has been designed specifically for members or their families looking to support them, to save for their first home.
How to open
- Call 0800 121 8899
- By post
- Pop into a branch
- You must be aged 16 or over to open this account
How to put money into your account
- Each calendar month you can pay in as many times as you like, up to a maximum of £1,000
- If a payment takes you over the £1,000 monthly limit, the whole payment will be returned to you
- You can pay in at any time, but for it to count towards that calendar month’s allowance it has to arrive before the last day of the month, so we recommend you send any money to use at least a few days before the end of the month. Any money that arrives after the end of the month will be counted towards your next calendar month’s allowance.
- Set up regular transfers or standing orders from an account with us or another bank/building society
- Pay in cash or cheques in a branch
- Post us a cheque
- The minimum balance is £1
- If you open your account part-way through a month, you may still deposit up to £1,000 until the end of that calendar month. Likewise, if your account ends part-way through a month, you may still deposit up to £1,000 in the final calendar month up until the date your account term ends. This means that if you open your account on the 1st of a month, your maximum balance is £36,000. If you open your account on any other day of the month, your maximum balance is £37,000.
How to keep track of your account
We’ll send you 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.
Can I withdraw money?
You can withdraw your money charge free, by applying 60 days' notice to the account, this can be done in branch, by post, by telephone or by logging into Online Services.
Continuous notice is not permitted. Following the completion of the notice period you will have 14 days to complete your transaction charge free.
Or, if you need your funds right away, this can be done subject to a charge equal to 60 days' interest on the withdrawal/closure amount. In some circumstances we may be able to waive the charge, please contact us for details on this.
How to withdraw
- Ask for a transfer to another Coventry Building Society account or to your Named Bank Account, online or by phone
- If you take money out, you can still only pay in up to £1,000 per calendar month. For example, if you take out £100, you can only pay in your £1,000 monthly allowance. You can’t replace the £100 as well.
What happens at the end of 36 months?
At the end of 36 months, on the anniversary of account opening, your account will transfer to an easy access account – which will allow unlimited withdrawals without charge. It will pay a lower rate than First Home Saver (2).
The interest rate on the easy access account will be 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.
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 First Home Saver (2) will become an easy access account.
You will also be eligible for a Celebratory Bonus of £500 if your account has been continuously open for at least 6 calendar months, it has been 5 years or less since the account was opened and you, or a member of your family, are a first time buyer who has completed on a mortgage with us in respect to a first residential home. For more information on this, please refer to the Specific Terms of this account.
We pay your interest gross. The gross rate is the interest payable before the deduction of tax.
This is a limited issue account and you can only be named on one First Home Saver account at a time, including any other versions - we will close any extra account(s) that you open.
* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added 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