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Coventry re-launches the popular Poppy Online Saver account

15 November 2011

189x 100_coventryBack by popular demand - Coventry Building Society is re-launching the popular Poppy Online Saver, with a market-leading rate of 3.15% AER. Since the range of Poppy Savings products were first launched in 2008 they have raised over £5 million for the Royal British Legion.

The Poppy Online Saver (2) is an easy access online savings account which allows four penalty-free withdrawals each year, with further withdrawals also possible with the loss of just 50 days interest. The account, which is operated entirely online, can be opened with as little as £1 and a maximum investment of £250,000. The Coventry will make a donation of 0.05% of the average balances held in Poppy Online saver for each 12 month period.

Colin Franklin, Sales and Marketing Director at Coventry Building Society, said: "Poppy Online Saver was very popular with savers when it was introduced earlier this year, so we have decided to launch a second issue. Savers will receive a market leading rate of 3.15% AER with easy access and at the same time will help the Coventry support the Royal British Legion Poppy Appeal. The work of the Royal British Legion continues to be as important and relevant as it has ever been and we are hoping this new Poppy Online Saver will lead to another fantastic donation".

Chris Hollis aged 53 from Rossendale, Lancashire is a member of Coventry Building Society and has saved in the Poppy Bond for the last two years. "This is a great way for savers to support The Royal British Legion. The Poppy Bonds always pay a best buy rate so as far as I'm concerned it's a win win - as a saver I get a great rate on my savings and The Royal British Legion gets a significant donation - £5 million since 2008 is amazing. I have a friend whose son is currently serving in Afghanistan and my uncle was killed in the second world war, so this has always been an issue close to my heart."

To find out more and apply visit www.coventry.co.uk

Notes to editors:
For more information or additional comment please contact: The press office on 0870 607 7727 or email media@thecoventry.co.uk

Annual interest Monthly interest
  AER/Gross pa Net equivalent pa AER Gross pa Net equivalent pa
£1 - £250,000 3.15% 2.52% 3.15% 3.11% 2.49%
  1. Variable interest rate of 3.15% AER - the rate includes a 1.15% AER bonus paid for the first year the account is open
  2. In addition, the Coventry will make a donation to The Royal British Legion Poppy Appeal equal to 0.05% of the average balances held in the account for each 12 month period.
  3. Customers can apply and transact online.
  4. Minimum investment is £1 and maximum is £250,000.
  5. Minimum age is 18 years.
  6. Interest is paid annually or monthly.
  7. Interest can be added to the account or paid away.
  8. Four withdrawals can be made in each 12 month period without penalty. Additional withdrawals are permitted but are subject to a charge equal to 50 days' interest on the amount withdrawn.
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