We calculate the interest daily and pay it 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).

Important note – From 1 July 2022, the variable interest rate on this account will increase to 1.35% AER, 1.34% gross p.a.

£1,013.49

This would be the balance after 12 months if £1,000 was paid in on the 1st of a month, all interest was paid back into the account, there was no change to the interest rate 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.

This illustration is calculated based on a variable interest rate of 1.35% AER, 1.34% gross p.a., which is the interest rate effective from 1 July 2022.

How to open and manage

• Order a pack online
• Call 0800 121 8899
  
• Pop into any branch (please check opening hours)
• You must be aged 11-17

How to put money into your account

• Pay in cash or cheques at a branch
• Post us a cheque
• Set up transfers from an account with another bank or building society or another account with us

How to manage your account
 

• Telephone services 
• By post 
• Online Services (if you're aged 16 and over and you've applied to register online) **
• The minimum balance is £1
• The maximum balance is £5,000

How to keep track of your account

You’ll get a statement within a month of any money leaving your account (but we won’t send more than one a month).
 

You can get statements by post, or go paperless if you use Online Services.

This is an easy access account so you can take money out whenever you like.

Taking money out

• Ask for cash (up to £100 per day) or cheques at any branch
• Ask for a cheque by post
• Ask for a transfer to another Coventry Building Society account or to your named bank account at any branch or by phone
• Take money out any time using your cash card at any cash machine displaying the VISA, LINK or PLUS symbols (up to £100 a day in up to five transactions)

When you reach 18

We’ll transfer the money to a Coventry Building Society instant access account for adults unless you tell us otherwise. We’ll send you a reminder nearer the time.

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

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

** View transactions and statements only.