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[21 APR 99] COVENTRY BUILDING SOCIETY PRESS RELEASE
Market Leading 2 Year Fixed Rate Bond

Coventry Building Society launches a new Two Year Fixed Rate Bond from Wednesday 21 April, 1999.

The Bond will be available to new and existing customers for a limited period only and offers the security of a guaranteed rate of interest until 31 may 2001.

Key features of the new Bond are:-

  • Market leading rates of interest:
    1,000 plus – 5.30% AER/Gross per annum
    10,000 plus – 5.50% AER/Gross per annum
    25,000 plus – 5.80% AER/Gross per annum
  • Minimum opening balance of 1,000
  • Annual or monthly interest income option
  • Available through branch or postal channels

Martin Ritchley, Chief Executive of the Coventry commented:

"The introduction of this new Bond will give savers the security of a guaranteed return on their investment and is currently the best deal available in the market place for a product of this type.

"The Bind is a limited issue and customers wishing to take advantage of this highly competitive product should do so without delay. We believe this product offers exceptional rates of interest, particularly after so many successive cuts to the bank base rate."

 

Coventry Building Society Two Year Fixed Rate Bond (Issue 1)

Amount Invested Annual Interest Monthly Interest
AER/Gross Net AER Gross Net
25,000 + 5.80% 4.64% 5.80% 5.65% 4.52%
10,000 + 5.50% 4.40% 5.48% 5.35% 4.28%
1,000 + 5.30% 4.24% 5.27% 5.15% 4.12%

 

Competitor Analysis
Two Year Fixed Rate Bonds (Annual Interest)

Organisation Annual Gross Interest Rates
  1,000 10,000 25,000
Coventry 5.30% 5.50% 5.80%
Julian Hodge Bank - 5.50% 5.50%
C & G 5.25% 5.25% 5.25%
Woolwich 5.25% 5.25% 5.25%
Alliance & Leicester 5.00% 5.10% 5.10%
Halifax - 5.05% 5.05%
NatWest - 5.00% 5.00%
Abbey National 4.10% 4.20% 4.50%
NOTE: Interest rate comparison based on Coventry Building Society interest rate tiers.   Otherorganisations may have other interest rate tiers.

 

MORE INFORMATION:
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CWN / Business / A-Z / Coventry Building Society / 21 Apr 99

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