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Five stars for Coventry postal account

Five stars for Coventry postal account

Category: Savings

Updated: 13/01/2010
First Published: 08/01/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
A new account from Coventry BS has been awarded the first five out of five Moneyfacts star rating ever for a savings product.

The 1st Class Postal is a no notice postal operated account with a minimum investment of £1K paying 3.30% yearly (3.25% monthly).

The rate includes a 1.30% AER bonus for the first year , but the underlying rate of 2.00% remains competitive. Four penalty free withdrawals are permitted per annum, with further withdrawals subject to 50 days' loss of interest. The minimum transaction is £1K.

The relaunch of this account is welcome news for investors and pays 0.30% more than its predecessor. The rate is the leader in the no notice market and should prove hugely popular to those happy to bank by post.

Investors must budget carefully to escape being penalised for withdrawals.

The full complement of five out of five Moneyfacts stars have been awarded.

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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 Any products featured may be withdrawn by their provider or changed at any time.