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.
Regular Saver (3) is designed to let you put aside some money every month for a year to build up a pot of savings. Whether you’re saving for something special or just for the future, the account has a highly competitive rate and lets you put up to £500 aside each month. You can pay in money as often as you like, as long as it doesn’t go over the monthly maximum. To find out more about how to use the account, see below.
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.
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).
This would be the balance after 12 months if £500 was paid in on 1 September 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 to open and manage
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 25 September you’d have from 25 September to 24 October to pay in your first month’s allowance. Your second month would start on 25 October.
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 (3) from another Coventry Building Society account.
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 (3).
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. If you would like to see what rate Easy Access Saver (7) pays now, you can:
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 have one Regular Saver at a time.
* 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 Regular Saver (3) and our Saving Accounts Terms and Conditions.
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.
If you change your mind
You have a 14 day ‘cooling off period’ after you open a Regular Saver (3). 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, call us on 0800 121 8899 or write to us at: Head Office, Economic House, PO Box 9, High Street, Coventry CV1 5QN.
Not sure what to do?
We’re keen to help you make the right choice – have a chat with our specialists by calling 0800 121 8899. You can also find more information on our website: thecoventry.co.uk
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 Financial 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 except for Regular Saver (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.