Coventry Launches Market Leading Online Savings Account With Added Poppy Appeal

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Jun 24, 2011, 06:06 ET

LONDON, June 24, 2011 /PRNewswire/ --

Coventry Building Society has enhanced its award-winning partnership with The Royal British Legion by launching Poppy Online Saver, a market-leading internet savings account.

Poppy Online Saver is an easy access internet savings account that pays 3.10% AER. Four penalty-free withdrawals are permitted each year, with further withdrawals possible with the loss of just 50 days interest. The account, which is operated entirely online, can be opened with as little as £1 with a maximum investment of £250,000.

The Royal British Legion's Poppy Appeal, whose record year in 2010 was helped by a donation of over £1.7 million from Coventry Building Society, will benefit from a new donation based on the average balances held in Poppy Online Saver for each 12 month period.

Colin Franklin, Sales and Marketing Director at Coventry Building Society, said: "We have been clear on what we needed to do since we launched our partnership with the Legion. The combination of a great rate to our customers and a significant donation to the Poppy Appeal has proved to be highly successful. I am confident that Poppy Online Saver will prove extremely popular and that we will add significantly to the £5 million we have donated to the Appeal since 2008."

Russell Thompson OBE, The Royal British Legion's Director of National Events and Fundraising, said:

"The partnership with Coventry Building Society, our Corporate Partner of the Year, continues to exceed our expectations. The Legion's support for wounded, injured and long-term sick Service personnel and a £50 million commitment to fund the operating costs of four Personnel Recovery Centres and the Battle Back Centre is helped enormously by the donations enabled by Coventry Building Society members. I am extremely grateful for the support we receive from the Society and its membership."

    Poppy Online Saver
                   Annual interest                     Monthly interest
                AER/Gross pa Net equivalent pa AER Gross pa Net equivalent pa
        GBP1 -                                                   
      GBP250,000    3.10%          2.48%      3.10%  3.06%      2.45%

    - Variable interest rate of 3.10% AER - the rate includes a 1.10% AER
      bonus paid for the first year the account is open
    - In addition, the Coventry will make a donation to The Royal British
      Legion Poppy Appeal equal to 0.05% of the average balances held in
      the account for each 12 month period commencing 1 June.
    - Customers can apply and transact online
    - Minimum investment is GBP1 and maximum is GBP250,000
    - Minimum age is 18 years
    - Interest is paid annually or monthly.
    - Interest can be added to the account or paid away.
    - Four withdrawals can be made in each 12 month period without
      penalty. Additional withdrawals are permitted but are subject to a
      charge equal to 50 days' interest on the amount withdrawn

Notes to Editors

Coventry Building Society is the third largest building society in the UK with assets exceeding £22 billion.
Coventry Building Society and The Royal British Legion were awarded Best Affinity Marketing at 2011 Business Charity Awards:For the use of a company's products or services to help a charity provide benefits
The Royal British Legion provides financial, social and emotional support to millions who have served or who are currently serving in the Armed Forces, as well as their dependents.
Currently, nearly 9.1 million people are eligible for this support and the Legion receives thousands of calls for help every year.
Poppy Online Saver has been designed to support the work of the Legion by raising much needed funds.
Further information about The Royal British Legion can be obtained from visting http://www.britishlegion.org.uk
Further information about this year's Poppy Appeal can be found at http://www.poppy.org.uk