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[02 NOV 98] COVENTRY BUILDING SOCIETY PRESS RELEASE
Coventry Lowers Account Opening Levels Following Launch Of Charitable Foundation

Coventry Building Society today announced that minimum opening balances across a number of investment accounts have been lowered. The Society was forced to increase minimum opening balances following disruption to business from speculators and today’s move restores lower entry requirements for the benefit of small savers. This follows the launch of Coventry Building Society Charitable Foundation.

From 3 November 1998, new investors will be required to agree to assign to the Charitable Foundation any future windfall payments which might arise from a conversion in the first five years of their membership. The requirements will not extend to any windfalls payable to members as borrowers. Existing members at 2 November 1998 are also unaffected by this move.

Coventry Building society Charitable Foundation, which is a registered charity, is established to provide a focus for the Society’s charitable giving and will provide financial assistance to charities, particularly those which are active within the geographical area covered by the Society’s operations.

Martin Ritchley, the Society’s Chief Executive, said:

"We have repeatedly made our position abundantly clear that we have no intention of changing from being a building society to become a bank. Nevertheless, we have continued to suffer from the disruption caused by speculators seeking an undeserved windfall. For some time, we have been carefully considering the best way to avoid such disruption and at the same time, allow easier access to our wide range of competitive savings accounts to genuine savers.

"The introduction of the charitable assignment scheme will deter speculators and allows us to reduce minimum opening levels on several savings accounts, so that we can once again fulfil our true role as the natural home for small savers. Genuine savers will now be in a better position to benefit from our excellent rates of interest without having to save a substantial amount of money in the first place.

"New investing members will enjoy the privalege of membership, including the right to vote and have a say in how their Society is run, but for the first five years of their membership, they must agree to assign any conversion benefits to the Charitable Foundation. We believe that this move is in the best interests of the society and our members and will be welcomed by new savers who are joining us to enjoy the ongoing benefits of building society membership.

"Coventry Building Society remains firmly committed to staying an independent and highly successful building society. Today’s announcement is a further demonstration of our determination to deliver the real benefits of our status to more and more people. As our advertising says "TLC not PLC"."

 

MINIMUM OPENING AMOUNTS EFFECTIVE FROM 3 NOVEMBER 1998

ACCOUNT DESCRIPTION MINIMUM AVAILABILITY
Interest Zone Account Instant access savings account for young savers* 1 Branch and post
First time and follow-up TESSA Tax Exempt Special Savings Account 1 Branch and post
Monthly Saver Account Three year monthly savings account 10 Branch and post
Money Maker Account Money management account featuring standing order / direct debit and CashLink facilities 100 Branch only
Instant Option Account Instant access savings account 500 Branch only
30 Day Account 30 days' notice account 500 Branch only
90 Day Account 90 days' notice account 500 Branch only
One Year Variable Bond One year variable rate bond 1,000 Branch and post
One Year Fixed Bond (Issue 3) One year fixed rate bond 1,000 Branch and post
First Instant Postal Account Instant access postal account 2,500 Post only
Postal 50 Account 50 days' postal notice account 5,000 Post only
  *Note: Interest Zone is available for savers up to the age of 18

 

MORE INFORMATION: Press Office 01203 635653
 

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CWN / Business / Coventry Building Society / Press Releases / 02 Nov 98

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