The Coventry, the UK's 7th largest building society, is reducing the minimum opening balance for the First Postal Account, one of the market leaders in its field. The interest rates start at 6.85 per cent for £2,500, rising to 7.20 per cent for balances over £5,000.

As a committed building society, the Coventry is keen to make its higher rated investment products more accessible to smaller savers. Existing First Instant customers will also be able to take advantage of the reduction in the minimum balance and will be written to shortly with full details.

Martin Ritchley, Chief Executive of the Coventry commented:

"This reduction further demonstrates our commitment to providing a comprehensive range of products for savers, both large and small.

"The Coventry is committed to remaining a building society because we firmly believe this to be in the best long term interests of our members. With no dividends to pay to outside shareholders, we are able to deliver tangible benefits to our members and competitive advantage to the Society. This product is another example of that."

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