Coventry Building Society has re-launched its popular Poppy Bond, which pays a fixed yearly rate of 2.35 per cent until December 31st 2018 (2.33 per cent gross, 2.36 per cent AER monthly). The account has a minimum opening investment of just £1 but any additions will need to be made within 14 days of the account opening or before closure of the issue, whichever is later.
Savers wanting a Poppy Bond must act fast
A donation equating to 0.15 per cent of the total invested balance will be paid to The Royal British Legion by the society. In the last seven years, the amount donated by Coventry Building Society to The Royal British Legion is a staggering £12 million.
The Poppy Bond will only be available for a limited period of time, so any savers wanting one, must act fast. Last November the Poppy Bond was only on the market for 13 days before it was withdrawn, which just goes to show how quickly a decent deal gets snapped up!
Charlotte Nelson from Moneyfacts says: “Coventry has unveiled the highly popular Poppy Bond earlier than in previous years, and savers won’t be disappointed thanks to its attractive rate of 2.35 per cent yearly, which is fixed until the end of 2018. This compares favourably with the rate paid by the average three-year fixed bond, which currently stands at 2.16 per cent, and sits well above 2014’s average rate of 2.09 per cent.
“Although last year’s special Centenary Poppy Bond paid a higher fixed rate of 2.40 per cent yearly (2.37 per cent monthly) for three years, today’s deal at 2.35 per cent is still a competitive rate that will appeal to conscientious savers who want to support a worthy cause."