Your Coventry Application

Specific Terms for Regular Saver (5)

The Saving Accounts Terms and Conditions in force and as updated from time to time and these Specific Terms both apply to this Regular Saver (5). If there is any inconsistency between the Saving Accounts Terms and Conditions and the Specific Terms, the Specific Terms will apply.

In these Specific Terms:

'Anniversary Date' means the 12 month anniversary of the date that you opened your account;

'Deposit Month' means the month starting on the day of the month the account was opened; and

'Named Bank Account' means a UK bank or building society account that you've nominated for withdrawal and closure payments and on which you are named as an account holder.

1. The account

1.1 This account is a Savings Account.

1.2 This is a statement-based account. A passbook is not provided with this account.

1.3 You must be aged 16 or over and not a trustee to open this account.

1.4 This account can be opened in sole or joint names. The maximum permitted number of joint account holders is two. If the account is held in joint names, we cannot arrange for both of you to be required to authorise transactions.

1.5 You can only open and be named on one Regular Saver (including any previous or subsequent issues) at any one time.

1.6 You may only operate this account by telephone or online (except if you wish to make deposits in accordance with conditions 4.4(b) and (c)).

1.7 This account will only exist for 12 months (see Condition 7 for further information).

1.8 If you wish to make a withdrawal from the account, in accordance with Condition 6.2(b), you must give us the details of your Named Bank Account. If, at any time, there is a change to your Named Bank Account details, you must contact us to let us know.

2. Minimum & maximum balance

2.1 The minimum balance is £1. The maximum balance is £6,000, made up of multiple deposits as described in Condition 4.1.

3. Interest

3.1 The interest rate for this account is variable. We make current interest rate information available on our website at or you can call our Customer Service Centre or visit a branch.

3.2 Interest is paid annually on the anniversary of the date that you open the account.

3.3 You can choose to have the interest paid:

(a) to this account;

(b) into another suitable non-ISA account with us;

(c) into another suitable account with another UK bank/building society.

4. Deposits

4.1 Deposits of up to £500 can be paid into this account per Deposit Month. If you take money out of this account during the Deposit Month, your allowance for the Deposit Month won't increase (i.e. the maximum that can be paid in for the Deposit Month will still be £500).

4.2 You can pay in as many times as you like during each Deposit Month, as long as the total amount you pay in doesn't exceed £500 per Deposit Month.

4.3 If you make a payment into this account which would exceed your £500 limit for a Deposit Month, the entire payment will be rejected and will not be credited to this account.

4.4 Deposits can be made by:

(a) regular standing order or one-off electronic payment from an account with another bank/building society;

(b) cash at a branch;

(c) cheque at a branch or by post to our central processing centre.

5. Cooling-off period

5.1 A cooling-off period of 14 calendar days applies following the opening of this account. This means that you can withdraw part of your funds or close this account without incurring a charge at any time within 14 calendar days of opening this account. You can do this by calling the Customer Service Centre, visiting a branch or by writing to us at Oakfield House, PO Box 600, Binley, Coventry CV3 9YR.

5.2 If you do not close this account during the cooling-off period, it will continue in accordance with the Saving Accounts Terms and Conditions, in force and as updated from time to time, and these Specific Terms.

6. Withdrawals/closure

6.1 After the end of the 14 calendar day cooling-off period (Condition 5.1), you can make withdrawals or close this account without notice subject to a charge equal to 30 calendar days' interest on the amount withdrawn. The charge will be deducted from the balance of the account at the time of the withdrawal or closure. You cannot avoid the charge by giving notice of a withdrawal or closure.

6.2 Withdrawals or closure can be made by:

(a) internal transfer to an account with us; or

(b) one-off electronic payment to your Named Bank Account.

7. Upon Anniversary Date

7.1 Unless you instruct us otherwise, at midnight the day before the Anniversary Date, this account will automatically become an Easy Access Saver (7) and all your money will be transferred into this account. We will contact you in writing at least 14 calendar days before the Anniversary Date with full details on how Easy Access Saver (7) is operated.

7.2 Unless you instruct us otherwise, the frequency of interest payments for the Easy Access Saver (7), the account to which interest is paid and the Named Bank Account that is registered, will be the same as for this account.

7.3 If your money is transferred into an Easy Access Saver (7), then we will contact you within 7 business days following the Anniversary Date to confirm this. You will be able to withdraw from or close your Easy Access Saver (7) whenever you like without notice, charge or loss of interest. Any withdrawals made (including closure) before the Anniversary Date will be subject to the charge described in Condition 6.1 in these Specific Terms.