UK Money News
15th May 2008
Coventry ups rate on 50 Plus esaver account
The Coventry Building Society has become the latest lending to increase rates on a savings product amid increasing competition for customer deposits.
As of today, the annual rate offered on Coventry's 50 Plus esaver account will be 6.10 per cent for the first 12 months after the account is opened.
Thereafter, the AER is guaranteed to equal the Bank of England base rate of interest for a further six months.
The account also offers a monthly interest option, which is paid on the last day of the month.
Other selling points of the account are unlimited access to the money without incurring penalties and the ability to manage the account online.
Entry conditions are that savers must be over 50 and deposit a minimum investment of £1 and a maximum of £250,000.
Recently savings and current account providers have been increasing rates of interest on their products, as stasis in the money markets forces them to seek funding from alternative sources.
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