Coventry Building Society

Coventry Building Society

April 05, 2012 02:30 ET

Coventry Launches a Market Leading 60 Day Notice ISA and Best Buy Junior Cash ISA

LONDON, UNITED KINGDOM--(Marketwire - April 5, 2012) - Coventry Building Society has launched the following best buy variable rate Cash ISAs available from Thursday 5th April for the new tax year;

60 Day Notice ISA paying 3.25% AER/tax free p.a.:

  • Introductory bonus of 0.50% for the first 12 months leaving a great underlying rate of 2.75%.
  • A guarantee that the AER will be at least equal to 3.25% until 5th April 2013.
  • Penalty free access on 60 days notice.
  • Savers can either deposit a single lump sum, or make regular payments through the 2012/13 tax year up to the maximum of £5,640.
  • Savers can invest from as little as £1.

Junior ISA paying 3.25% AER/tax free p.a.:

  • Savers can invest between £1 - £3,600 in 2012/13 tax year.
  • No bonus - but an ongoing rate of 3.25%.

Colin Franklin, Sales and Marketing Director at Coventry Building Society, said: "Savers need to make sure their savings are working as hard as possible, not just now but in the future too. This can be difficult when many of the current best buy cash ISA rates include a bonus of 2.00 per cent or more, leaving the saver with an underlying rate as low as 0.50 per cent. Our 60 Day Notice ISA account is different. Not only does the account have one of the smallest bonuses on the market at only 0.50 per cent, leaving a highly competitive rate of 2.75 per cent, but savers will also benefit from a guarantee that the rate will be at least 3.25 per cent until 5th April 2013. Savers have the security of a 'fixed rate' with the added benefit that their rate could increase if the base rate goes up.

In addition to our market leading 60 Day Cash ISA, we are delighted to launch our new best buy Junior Cash ISA - a great way to build up a nest egg for the future. With a best buy rate of 3.25 per cent young savers can enjoy the benefit of a tax free savings account from investing as little as £1. With no withdrawals permitted until the age of 18, this is an ideal way to save up for future expenses such as university costs, gap year travelling or to put towards a deposit for a first home".

Customers can apply by calling the Customer Service Centre on 0845 7665522, visiting any branch of the Coventry or online at www.coventrybuildingsociety.co.uk

Notes to Editors

Coventry Building Society is the third largest building society in the UK with assets exceeding £24.4 billion.

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