Coventry Building Society launches Poppy ISA and bond
As Remembrance Sunday approaches, Coventry Building Society has added two new accounts to its savings range in support of The Royal British Legion.
The Poppy Fixed ISA (2) is fixed at 1.70 per cent AER until 30 November 2022, while the Poppy Bond (146) is fixed at 1.70 per cent AER until 31 December 2022.
Coventry Building Society will donate 0.15 per cent of the balances invested in these accounts as at 31 December this year to The Royal British Legion.
The society has donated more than £17m to the Royal British Legion since 2008 as a result of money saved in its Poppy accounts.
The Poppy Fixed ISA (2) will accept current and previous years’ ISA savings. And for savers who already have their ISAs sorted, Poppy Bond (146) can hold up to £250,000 of their savings. Accounts can be opened over the phone, online, by post or in branch with just £1.
Matthew Carter, head of savings and mortgages at Coventry Building Society, said: “The Poppy accounts are a great way for people’s savings to make a difference to a worthwhile cause. So many people love to wear a poppy at this time of year and these accounts are another very popular way for people to do their bit with the reassurance they are getting a competitive return on their savings.
“The millions we donate go to the fantastic work of The Royal British Legion who provide life-long support to all of those in the Armed Forces community.”
Rachel Springall, finance expert at Moneyfacts.co.uk, said: “These popular Poppy accounts may well appeal to savers looking for a safe home for their cash with a trusted brand over the next few years, as well as attracting those hoping to secure a competitive interest rate and in the process, support the Royal British Legion.
“However, savers may need to be quick off the mark to take advantage as these Poppy accounts might not stay on the shelf for long. In fact, back in 2014, its three-year bond was available for just 12 days and last year’s five-year bond and ISA were withdrawn after just 16 days. Over the past five years, the Poppy accounts were available for 18 days on average – just over a fortnight.”