Coventry First current and savings account launched

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Coventry First current and savings account launched

Fri 3rd Mar 2006

The combined Coventry First current and savings account is being made available today, with an annual equivalent rate (AER) of 5.1 per cent on balances up to £250,000.

A bonus of 0.85 per cent AER is included in this rate, which also includes a guarantee of being 0.6 per cent above the Bank of England base rate for the first year.

There is no minimum investment or balance level, but a minimum monthly deposit of £1,000 is required for customers who wish to receive the 5.1 per cent AER.

If this amount is not paid in each month a nominal variable rate of interest - currently 0.95 per cent including the first year 0.85 per cent bonus - will apply for the following month.

David Stewart, operations director at Coventry, described the new account as a "major development" in the market and said that it had no hidden catches and offered customers the opportunity to "effectively manage their finances in one place".

"I would encourage customers not to be complacent with their finances - they can open an account quickly and easily and we have a dedicated team in place to help them switch if they wish," Mr Stewart added.

The Coventry First current and savings account can be operated by phone, post, on the internet or in a branch and will pay interest on the final day of each calendar month.

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