Coventry INTRO savings account unveiled

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Coventry INTRO savings account unveiled

Tue 9th May 2006

The Coventry INTRO savings account has been made available to customers aged 11 to 17 today, with a gross annual interest rate of 4.25 per cent.

According to the building society, the account is intended to give teenagers the opportunity to manage and understand their own money, an issue which Coventry states is particularly important today, as many young people have very low levels of financial understanding.

The new product requires a minimum balance of £20 and allows a maximum savings level of £5,000, offering access to up to £100 of these funds a day with a CashLink card or over the counter and unlimited access via cheque or transfer.

No low balance charges will be incorporated into the Coventry INTRO savings account and statements will be available for viewing over the internet.

"Although there is a large range of instant access children's accounts, relatively few offer the flexibility of a cash card that will enable teenagers to control their money in the way that they want to," said Colin Franklin, head of sales at Coventry.

"In addition, we've made it easy to get information about the account, by offering a text facility to request an application pack."

Mr Franklin adds that among the most attractive features of the Coventry INTRO savings account for teenagers is the £15 worth of Virgin vouchers as well as the ability to top up mobile phone credit via the package's cash card.