Regular Saver (5)
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Regular Saver (5)
What is the interest rate?
This account lasts for 12 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 12 months based on a £500 per month deposit?
This would be the balance after 12 months if £500 was paid in on 1 October and the first of each month from then on; all interest is paid back into the account at the end of 12 months, there was no change to the interest rate and no money was taken out during the year.
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?
How to open and manage
- 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 month you can pay in as many times as you like, up to a maximum of £500. Your month starts on the day you opened the account. For example, if you opened the account on 15 February you’d have from 15 February to 14 March to pay in your first month’s allowance. Your second month would start on 15 March
- You can pay in more than once, as long as the total each month isn’t more than £500. If a payment takes you over the £500 monthly limit, the whole payment will be returned to you
- You can pay in at any time but for it to count towards that month’s allowance it has to arrive before the day of the month you opened your account. We recommend that you make sure all money for the month is paid in a few days before the monthly anniversary date of opening your account at the latest
Any money that arrives after this date will be counted towards your next month’s allowance
You can’t put money into your Regular Saver (5) from another Coventry Building Society account
- Set up regular transfers or standing orders from an account with another bank or building society
- Pay in cash or cheques in a branch
- Post us a cheque
- The minimum balance is £1
How to keep track of your account
We’ll send you a statement within a month of any money leaving your account (but we won’t send you more than one a month).
You can get statements by post, or go paperless if you use Online Services.
Can I withdraw money?
This account is designed for saving your money. After the 14 day ‘cooling-off period’, you can take out money or close your account if you need to, but there will be a charge equal to 30 calendar days’ interest on the amount withdrawn. Notice for withdrawal/closure cannot be given. The charge will be deducted from the balance of the account at the time of the withdrawal.
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 £500 per month. For example, if you take out £100, you can only pay in your £500 monthly allowance. You can’t replace the £100 as well
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 (7) – an account which allows unlimited withdrawals without charge. Easy Access Saver (7) will pay a lower rate than Regular Saver (5). The interest rate on our Easy Access Saver (7) 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. See what rate Easy Access Saver (7) pays now, you can;
- Call us on 0800 121 8899
- Ask us or look at the display 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 (7)
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 version of a Regular Saver at a time - we will close any subsequent account(s) that you open and return the money to you.
* 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