Savings sent to Coventry, via the internet

20 July 2004
Consumers are being offered 5.40 per cent interest for the next twelve months as well as instant access to their savings, if they sign up with Coventry Building Society online.

The NetSave Easy Access account matures on June 30th 2005. At this point funds will be transferred into an instant access account that tracks the base rate until June 30th, 2006.

Consumers are required to make a single, one-off deposit to open the account: a minimum of £2,000 or a maximum of £250,000.

During the course of the year customers are able to access their funds. However, this means a reduction in the rate to 4.00 per cent AER/gross pa, but only for the amount withdrawn.

Customers also have the ability to make unlimited withdrawals to a nominated bank account.

The operations director David Stewart, comments: "NetSave Easy Access offers a highly attractive guaranteed rate of return but without the normal lock in you'd expect from a fixed rate account."

Mr Stewart added: "This internet based account gives customers easy access to their funds if necessary, as well as the benefit of tracking the base rate after the first 12 months."