Coventry First account available to customers

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Coventry First account available to customers

Thu 30th Mar 2006

The Coventry First account, with its annual equivalent rate (AER) of 5.1 per cent, pays over 50 times more interest than some standard current accounts, the building society has claimed today.

Customers can invest both current account and savings balances in the Coventry First account, which will pay the variable rate of 5.1 per cent on balances of up to £250,000.

This rate includes a bonus of 0.85 per cent AER and is guaranteed to be 0.6 per cent above the Bank of England base rate for the first year of the account's opening.

The account does not require a minimum investment but a minimum monthly deposit of £1,000 must be made in order to receive the 5.1 per cent interest rate.

If this amount is not deposited each month a nominal variable rate – currently 0.95 per cent AER, including the 0.85 per cent bonus – will be paid for the following month.

Owners of the Coventry First account will have instant access to their balances as well as the facility to make purchases and cash withdrawals worldwide with a Visa debit card.

The product also has a £250 interest free overdraft and can be operated by telephone, online, by post or in a branch.

Coventry is the fifth largest building society in the UK with assets of over £11 billion.

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