[08 SEP 98] COVENTRY
BUILDING SOCIETY PRESS RELEASE
Limited Issue Fixed Rate BondGET IN QUICK AT THE COVENTRY
- NEW FIXED RATE BOND
- INCREASED RATES ON VARIABLE BOND
NOTE : THIS IS A NEWS
ARCHIVE ITEM FROM 1998. THIS IS NOT A CURRENT OFFER
A new one year fixed rate bond will be available from 11
September from the Coventry, the UK's 7th largest building society.
The rates of interest on the new bond start at 7.10% (gross
pa) for £1,000 or more, a particularly competitive rate of 7.60% (gross pa) for £10,000
or more, increasing to a rate of 7.75% (gross pa) for an investment of £25,000 or more.
In addition to the introduction of the new Bond, and for
customers not seeking a fixed rate product, the Society has also increased the rate on the
lower bands of its One Year Variable Bond, which pays a top rate of 8.00% for investments
over £40,000.
Martin Richley, Chief Executive of the Coventry commented:
"For customers looking for the security of a
guaranteed return or to generate monthly income over a year, this is one of the best deals
around for savers.
"Because the Bond is a limited issue, I would urge
customers looking for this type of investment to apply straightaway to avoid any
disappointment. The account may be opened by visiting any of our branches or by post.
"The introduction of the new One Year Fixed Bond
(Issue 2) and increased rates on the One Year Variable Bond further strengthen the
Coventry's savings portfolio ensuring we continue to offer products keeping us ahead of
our competitors."
NOTES:
INTEREST RATES:
ONE YEAR FIXED RATE BOND (Issue 2)
Balance |
Annual Interest |
Monthly Interest |
| Gross pa |
Net pa |
Gross pa |
Net pa |
| £25,000 plus |
7.75% |
6.20% |
7.45% |
5.96% |
| £10,000 plus |
7.60% |
6.08% |
7.30% |
5.84% |
| £1,000 plus |
7.10% |
5.68% |
6.85% |
5.48% |
Rates
effective from 11 September 1998 |
ONE YEAR VARIABLE BOND
Balance |
Annual Interest |
Monthly Interest |
| Gross pa |
Net pa |
Gross pa |
Net pa |
| £40,000 plus |
8.00% |
6.40% |
7.70% |
6.16% |
| £25,000 plus |
7.80% |
6.24% |
7.50% |
6.00% |
| £10,000 plus |
7.65% |
6.12% |
7.35% |
5.88% |
| £5,000 plus |
7.50% |
6.00% |
7.25% |
5.80% |
| £1,000 plus |
7.15% |
5.72% |
6.90% |
5.52% |
| Rates effective
from 6 September 1998 |
COMPETITOR ANALYSIS:
COVENTRY BUILDING SOCIETY v MAJOR BANKS & BUILDING SOCIETIES
ONE YEAR FIXED RATE BONDS
| Institution |
Account |
£1,000 |
£5,000 |
£10,000 |
£25,000 |
£50,000 |
| Coventry BS |
One Year Fixed (Issue
2) |
7.10% |
7.10% |
7.60% |
7.75% |
7.75% |
| Abbey National |
Choices Bond |
7.00% |
7.00% |
7.35% |
7.45% |
7.65% |
Alliance &
Leicester |
Fixed Rate Bond |
7.30% |
7.30% |
7.30% |
7.30% |
7.30% |
| Barclays |
Fixed Rate Investment
15 |
|
7.00% |
7.00% |
7.00% |
7.00% |
| Chelsea |
Fixed Rate Bond 8 |
|
7.50% |
7.50% |
7.50% |
7.50% |
| First Direct |
Fixed Interest Savings |
|
7.10% |
7.10% |
7.10% |
7.10% |
| Halifax |
Guaranteed Reserve |
|
7.00% |
7.20% |
7.20% |
7.20% |
| Nationwide |
1 Year Bond |
7.40% |
7.40% |
7.40% |
7.40% |
7.40% |
Norwich &
Peterborough |
Fixed Rate Bond |
|
7.50% |
7.50% |
7.50% |
7.50% |
| TSB |
Term Deposit |
|
7.00% |
7.00% |
7.00% |
7.00% |
| Yorkshire Bank |
Premium Term Bond |
|
7.10% |
7.15% |
7.25% |
7.25% |
Source: Moneyfacts
All rates correct as at 7 September 1998. All rates quoted annual gross pa |
ONE YEAR VARIABLE RATE BONDS
| Institution |
Account |
£1,000 |
£5,000 |
£10,000 |
£25,000 |
£50,000 |
| Coventry BS |
One Year Variable |
7.15% |
7.50% |
7.65% |
7.80% |
8.00% |
| Abbey National |
Variable Choice |
6.30% |
6.30% |
6.55% |
6.85% |
7.10% |
Bradford &
Bingley |
Mutual Bond |
6.75% |
7.50% |
7.60% |
7.60% |
7.60% |
| Bristol & West |
One Year Bond |
|
7.25% |
7.55% |
7.55% |
7.65% |
Source:
Moneyfacts
All rates correct as at 7 September 1998. All rates quoted annual gross pa |
MORE INFORMATION: Press Office 01203 635653
|
