The new savings account in the market – coventry building society savings account
We all make resolutions for the New Year and in the year 2011 all of us wish to get our finances in shape. Although January is a tough month for most people and the monetary situation is also not very good, it is a good idea to start saving. One of the new market-leading savings accounts is the Coventry Building Society savings account which offers an interest rate of 3.05% and has a notice period of 30 days.
Most people are reluctant about putting their money into savings accounts because of the poor interest rates they offer in banks as well as building societies. There has been some stagnation in the savings account markets as there are other accounts with easy access and notice periods that offer similar interest rates.
This is why the Coventry Building Society has something different to offer and it sounds refreshing. This has an e-Notice account which pays 3.05% interest on an investment of $1,000 as well as a maximum balance of $250,000.
Although the interest rate is variable, it will stay at 3.05% till December, 2011 and that has been guaranteed. This is a perfect option for those of you who have made a resolution and wish to save a bit early for Christmas. This 3.05% is inclusive of the 0.50% bonus that would be paid in the first year when the account is opened. So if the rate that is on the e-notice does not seem attractive one can always change accounts at that stage. There are options of accumulating interest every month or account holders can opt for a lump sum after the first year of opening the account.
This Coventry BS e-notice account can be opened by anyone over 16 years of age and the amount can be paid into the account at any point. However, if the money needs to be withdrawn or if the account needs to be closed then you will have to give a 30-day notice period or pay the charges that amount to the interest that is paid for 30 days on the sum that is withdrawn.
As the name suggests that the e-notice is an online account and this would mean that any withdrawal, management, and transfers will all have to be performed online only, but deposits could be done through checks. This account is not for those who wish to access their money quickly.