Coventry Building Society has re-launched its popular Poppy Bond, which pays a fixed yearly rate of 2.35% until 31.12.18 (2.33% gross, 2.36% AER monthly). The account has a minimum opening investment of just £1 but any additions will need to be made within 14 days of the account opening or before closure of the issue, whichever is later. A donation equating to 0.15% of the total invested balance will be paid to The Royal British Legion by the society.

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Coventry Building Society has unveiled the highly popular Poppy Bond earlier than in previous years, and savers won’t be disappointed thanks to its attractive rate of 2.35% yearly, which is fixed until the end of 2018. This compares favourably with the rate paid by the average three-year fixed bond, which currently stands at 2.16%, and sits well above 2014’s average rate of 2.09%.

“The total amount donated by Coventry Building Society to The Royal British Legion is extraordinary, hitting a staggering £12 million over the last seven years. This year, donations will equate to 0.15% of a saver’s total balance.

“Although last year’s special Centenary Poppy Bond paid a higher fixed rate of 2.40% yearly (2.37% monthly) for three years, today’s deal at 2.35% is still a competitive rate that will appeal to conscientious savers who want to support a worthy cause.

“As always, the Poppy Bond will only be available for a limited period of time, so if savers want one, they must act fast. Last November the Poppy Bond was only on the market for 13 days before it was withdrawn, which just goes to show how quickly a good deal gets snapped up.”

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Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.

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