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[08 SEP 98] COVENTRY BUILDING SOCIETY PRESS RELEASE
Limited Issue Fixed Rate Bond

GET 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
 

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CWN / Business / Coventry Building Society / Press Releases / 8 Sep 98

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