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Coventry Launches First Ever Poppy ISA Paying a Market Leading Rate of 2.50% AER/Tax Free p.a.

Apr 3 2013 12:00AM

Marketwire

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LONDON, UNITED KINGDOM -- (Marketwired) -- 04/03/13 -- Coventry Building Society is delighted to launch its first ever Poppy ISA, with easy access and a guaranteed variable rate of at least 2.50% tax free/AER p.a. until 5th April 2014. Available from Saturday 6th April for the new tax year;

Poppy ISA paying 2.50% tax free/AER p.a.

- Introductory bonus of 0.50% for the first 12 months leaving a great underlying variable rate of 2.00%.

- An annual donation equal to 0.10% of the average balances will be paid by the Society to The Royal British Legion.

- A guarantee that the AER will be at least equal to 2.50% until 5th April 2014.

- Savers can make penalty free withdrawals at any time.

- Savers can either deposit a single lump sum, or make regular payments through the 2013/14 tax year up to the maximum of GBP 5,760.

- Transfers of previous years Cash ISA funds are not permitted.

- Savers can invest from as little as GBP 1.

Chris Simpkins, Director General of The Royal British Legion said : "This fantastic partnership continues to go from strength to strength. Thanks to the support of the Coventry Building Society, over GBP 7.5 million has been raised for the Poppy Appeal since 2008. This has made a massive difference and helped us to continue supporting the Armed Forces community. This is an extraordinary amount and is helping to fund numerous projects including our Benefits and Money Advice service which offers impartial advice and support on financial matters, from dealing with debts to maximising income."

Colin Franklin, Sales and Marketing Director at Coventry Building Society, said: "We are absolutely delighted to be launching our first ever Poppy ISA. In the current low base rate environment, it's more important than ever that savings are working as hard as possible, so savers need to make the most of their tax free allowance. Paying a best buy variable rate of 2.50% tax free/AER p.a. on balances from as little as GBP 1.00, we are confident that our new Poppy ISA will lead to another impressive donation for The Royal British Legion."

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 GBP 26.9 billion.

The Customer Service Centre is open Monday to Friday 8am - 8pm, Saturday 9am - 5pm and Sunday 10am - 4pm. Telephone self-service is available 24 hours a day, 365 days a year. Call costs may vary, please contact the service provider for details of call charges. To maintain a quality service, calls made to and from the Society may be monitored and recorded

ISAs are a savings scheme initiated by the Government and are subject to change by them. For example, the favourable tax treatment may not be maintained. Cash ISAs allow you to save tax-free, so your interest is paid gross with no tax deducted. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. Information correct at time of sending.

Please note that if you deposit into your new fixed rate ISA in the 2013/2014 tax year you will not be able to subscribe to another cash ISA in the same tax year. You must not subscribe more than GBP 11,520 in total to ISAs in the 2013/2014 tax year, of which up to GBP 5,760 can be held in a cash ISA.

--------------------------------------------------------------------------- Poppy ISA (1)--------------------------------------------------------------------------- Annual (only)--------------------------------------------------------------------------- Balance tax-free/AER p.a. Net p.a.--------------------------------------------------------------------------- GBP 1 to GBP 5,760 2.50% N/A---------------------------------------------------------------------------- Available for deposits in the tax year 6th April 2013 to 5th April 2014only - maximum GBP 5,760.- The rate is variable and includes a 0.50% taxfree/AER bonus paid forfirst 12 months from the date the account is opened.- Guarantee: we guarantee the AER will be at least equal to 2.50% until 5thApril 2014.- Coventry Building Society will make a donation to The Royal BritishLegion equal to 0.10% p.a. of all Poppy ISA balances held by accountholders. The donation is calculated on a monthly basis using the balancesin all Poppy ISA accounts on the last day of each month.- Customers can deposit a lump sum or make regular payments through the taxyear.- Transfer of previous years ISA funds are not accepted.- Available to apply for via all channels - Branches, Phone, Online, Post.- This is an easy access account; withdrawals may be made penalty - free atany time.- Withdrawals. - To nominate bank account or internal transfer to another Coventry account. - Via branch & agency, post, telephone or online.- Customers will be issued with telephone security access automatically ataccount opening and may register for Online Services if they wish.- Statement based account with statement issued on anniversary of accountopening.- Interest will be paid annually on the anniversary of account opening.---------------------------------------------------------------------------





Contacts:
Media contact:
The press office
0870 607 7727
media@thecoventry.co.uk
www.thecoventry.co.uk





Source: Marketwire


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