No change for Coventry savings rates
Tuesday, 14 Oct 2008 11:50
Coventry Building Society has revealed it will not be reducing the 6.5 per cent rate on its over-50's online savings account.
Despite the Bank of England's decision to cut rates to 4.5 per cent last week, the building society said the competitive rate would remain the same on the 50 Plus eSave account.
The rate is fixed for 12 months and allows savers unlimited, penalty-free access to their money. Minimum investment is £1 and the account is operated online.
Rachel Haworth, head of marketing at the Coventry said, following the Bank of England's decision: "I am delighted to announce that our 50 Plus eSave account is still available and remains fixed at a great rate.
"The reassurance of a fixed rate from the UK's fourth largest building society is sure to be attractive to savers in this current financial climate."
There is a maximum investment limit of £250,000 on the account and the interest rates are fixed for 12 months from the date of opening the account.
From the first anniversary of the account opening the AERs are guaranteed to equal the Bank of England's base rate for a further six months.