Loyalty Bond (4) 31.08.2024

Rate
3.00%
AER/Gross p.a.
(Fixed until 31.08.2024)

Access

No

No access

Interest paid

AnnuallyorMonthly

Deposits

£1 - £20,000 

Loyalty Bond (4) 31.08.2024

3.00%
AER/Gross p.a. (Fixed until 31.08.2024)
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Account overview

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Account name

Loyalty Bond (4) 31.08.2024

What is the interest rate?

  Annual interest
(Fixed until 31.08.2024)
Monthly interest
(Fixed until 31.08.2024)
Balance AER*/Gross p.a. AER* Gross p.a.
£0.01 plus 3.00% 3.00% 2.96%

The interest rate is fixed until 31 August 2024.

 

We calculate the interest daily and pay it annually (either into this account or to another suitable account) at the end of 31 August or monthly (to another suitable account only), at the end of the last day of each month.

Can Coventry Building Society change the interest rate?

The interest rate is fixed. No matter what happens to interest rates generally, we won’t change the rate until the account matures at the end of 31 August 2024.

What would the estimated balance be after 26 months based on a £1,000 deposit?

£1,066.31

 

This would be the balance after 26 months if £1,000 was paid in on 1 July 2022, all interest was paid back into the account, 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.

How do I open and manage my account?

How to open and manage

 

  • Online
  • Call 0800 121 8899
  • At a branch (Please check opening hours first)
  • You'll need to visit a branch if you want to open a passbook version of this account
  • You must be aged 16 or over to have a statement-based version of this account

 

How to put money into your account

 

You have a limited time to pay in. You need to make sure we’ve received the money you’re using to open the account, and any other money you want to put in the account, either within 14 calendar days of your account being opened or while the account is open to new investors, whichever period is longer.

 

  • Pay in cash or cheques in a branch
  • 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 sort code 40-63-01
  • The minimum balance is £1
  • The maximum balance is £20,000

 

After you’ve opened the account, we won’t contact you to let you know when it closes to new investors. To find out if it’s still available, please contact us.

 

How to keep track of your account

 

If you choose not to have a passbook, we’ll issue you with 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.

 

If you choose to have a passbook and keep it updated, this will be your record of all transactions instead of a statement. If your passbook isn’t updated, we’ll issue you with a statement within a month of any money leaving your account.

 

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?

This is a no access account. After the 14 day ‘cooling off period’, you can’t take out any money (including any interest paid into the account) or close the account before 31 August 2024.

 

What happens when the bond’s fixed period ends (matures)

 

This Loyalty Bond (4) will mature at the end of 31 August 2024.

 

We’ll write to you at least 14 days before the account matures with details of how you can reinvest your savings with us, or take out some or all of your money. There’ll be a default option - another bond with us. The length of the fixed bond will either be shorter, the same or no more than six months longer than the duration of your current bond, and options to take money out will be no more restrictive than the options offered by your original account.

 

At maturity, the money in this account will be automatically re-invested into the default option unless you have asked us to do something else with it. However, you’ll have the option to close your new bond, without being charged, within 21 days after the end of your fixed period.

Additional information

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 Loyalty Bond (4) 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.

Application checklist

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Must be a UK resident
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Be at least 16 years old
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Your Coventry account number 
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Your bank or building society account
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A Tax identification Number (TIN)
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Have read the following documents
Ready to open an account?

Loyalty Bond (4)

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Our help section is bursting with useful information. If you'd rather chat, just give us a call.

 

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