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).

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

£1,013.50

This would be the balance after 12 months if £1,000 was paid in, all interest was paid back into the account annually, 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/gross p.a., which is the interest rate effective from 1 July 2022.

How to open and manage

• Online
• When you apply for the account, you must provide us with a valid email address for each account holder

How to put money into your account

• Pay in cash or cheques in a branch (please check branch opening hours first)
• Post us a cheque
• Set up transfers from an account with another bank or building society or another account with us. To do this you will need the last 8 digits of your account number and sortcode 40-63-01
• You must be aged 16 or over
• The minimum balance is £1
  
• The maximum balance is £250,000

How to keep track of your account

We’ll email you within a month of any money leaving your account, to let you know that your statement is ready to download. You can still ask for a statement at any time. Just pop into a branch or call us and we’ll send you one by post.

This is an easy access account. You can take out money whenever you wish by logging into Online Services.

How to take money out of your account

Ask for a transfer to another Coventry Building Society account or to your Named Bank Account online

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