Coventry brings back Poppy bond

Coventry brings back Poppy bond

Coventry Building Society has added the Poppy Fixed Isa to its range of savings accounts and reintroduced its Poppy bond. 

The Poppy Bond pays 2 per cent until 31 December 2020, with no withdrawals or early closure, while the Poppy Fixed Isa will pay 2 per cent until 30 November 2020. An 180 days interest charge will be applied for early closures.

Coventry, which has raised more than £14.5m for The Royal British Legion since 2008, will donate 0.15 per cent of the total amounts invested in both accounts as at the end of 31 January 2018 to the charity.

Claire Rowcliffe, director of fundraising at The Royal British Legion, said: “This longstanding partnership continues to deliver much needed help to serving and ex-serving members of Britain’s Armed Forces and their families. 

“It is a great relationship, which supports many of our services, including our vital rehabilitation centres for injured servicemen and women.”

Mark Parsons, chief executive of Coventry  BS, said: Our Poppy savings accounts have proved incredibly popular and we hope that our new highly competitive Poppy Fixed Isa and the competitive Poppy bond will be just as well received for their great value and the wonderful work they support.”

Stephen Womack, director at David Williams Chartered Financial Planners, said: “Building societies tend to enjoy a strong relationship with specific good causes, and Coventry is no exception. These are well-positioned and competitive products, which offer customers the chance to support a well-regarded charity. 

“Of course, whether or not cash savings are the best way to go, given inflation, is a whole different issue.”