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Coventry BS launches Poppy Save account

Coventry BS launches Poppy Save account

Category: Savings

Updated: 05/06/2009
First Published: 04/06/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Coventry Building Society is paying homage to The British Legion with its new Poppy Save account.

The product is a no notice postal operated account that pays a yearly rate of 2.50% (2.47% monthly) on a minimum investment of £1K. This includes a 1.00% bonus for the first year.

The Poppy Save guarantees that AER will be at least 0.50% above the base rate of interest up until 31.12.10.

0.25% of the average balance held in the account will be donated to The British Legion's 2009 Poppy Appeal for each 12 month period.

This product enters the top ten in the no notice account field and pays only 0.26% less than the market leader. Four penalty free withdrawals are allowed each year but further withdrawals are subject to 50 days' loss of interest so investors need to budget carefully to benefit from the top rate.

A review of the account should be conducted after 12 months as the 1.00% bonus will expire. However, the Poppy Save account has been awarded four out of five Moneyfacts stars.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.