Banking/Savings Section

A Corking Bank Account From The Coventry - It Pays 5.10% Interest + Free Overdraft

March 2006

Nothing pleases us more than to write about a great financial product, if only because there aren't too many around. The Coventry Building Society has come up with a great offer, a current account that pays 5.10% interest alongside having very few catches.

The Deal In Full - The Coventry First Current & Savings Account

• Pays 5.10% on cash balances which includes a bonus of 0.85% for the first year
• The 5.10% is variable but the account will pay 0.60% above the Bank of England base rates for the first year
• A Minimum of £1,000 must be paid in every month in order to qualify for the rate
• Maximum balance of £250,000
• A free £250 interest and fee free overdraft for everyone, a sort of buffer which we really like
• The account can be managed online with all the normal features such as paying direct debits setting up standing orders etc

Summary

From what we can see the account has very few negatives, if any. It will be interesting to see if the Coventry are using it as the tried and tested marketing trick - announce a great deal, let the money and business flood in and then in a year drop the interest rate down to an uncompetitive rate. Far too many banks do this knowing full well that only a small percentage of clients will either notice, do anything about it or be bothered to move accounts etc.

Time will tell but for now this looks like one of the best banking account deals out there.

See Also

• The Coventry First Current & Savings Account website
• Find's list of Online Bank Accounts