A combined savings and current account will be launched by Coventry Building Society on Friday, March 3rd.
The savings account will offer instant access to savings of up to £250,000, with a savings interest rate of 5.1 per cent annual equivalent rate (AER).
Coventry claims that this savings interest rate is over 50 times more than the savings interest rate offered on some standard current accounts and also "significantly more" than the savings interest rate paid on the majority of savings accounts that offer instant access to cash.
The combined banking account could be operated online, via the telephone or post or in any of the society's branches.
David Stewart, operations director at the Coventry, describes Coventry First as "a major development for the current account market".
He explains: "With no hidden catches, Coventry First offers the best of both worlds, enabling customers to effectively manage their finances in one place."
Mr Stewart says the banking account is not complicated or difficult to use.
"I would encourage customers not to be complacent with their finances – they can open an account quickly and easily and we have a dedicated team in place to help them switch if they wish," he concludes.
Combined banking account launched by savings provider
Combined banking account launched by savings provider
Wed, 01 Mar 2006
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