Coventry Launches Family Online Savings Account

Coventry has launched a new online savings account aimed at families paying their child benefit payments directly into the account.

The new savings account offers 3% AER/Gross p.a. for all savings deposited up to a maximum £250,000. This rate includes a bonus of 1% AER for the first 12 months.

Child benefit must be paid directly into the account by HMRC. Deposits can also be made by bank transfer, cheque and internal transfer.

Unlimited, penalty free withdrawals can be made. These can be by BACS to a nominated account or internal transfer.

Colin Franklin, Sales and Marketing Director at Coventry Building Society said: “We know how expensive a family can be and, with recently announced proposed changes to child benefit, families need to make the most of their money.

The Family Saver provides the flexibility of an easy access account whilst paying a market leading rate of 3.00% AER/Gross on deposits up to £250,000.”

He added “should families lose their entitlement to child benefit in the future, they won’t lose out on the Family Saver.

As long as they’ve opened the account before losing their benefits, and maintain their monthly commitment, they can continue enjoying the flexibility, security and great value of this market leading account”.

You can apply for this savings account via the Coventry website, by telephoning the Customer Service Centre on 0845 7665522, or by calling in to any of the Coventry’s branches.

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