Spotlight: Coventry's Poppy Online Saver

The deal

Coventry building society's easy access internet savings account helps raise cash for the Royal British Legion's Poppy Appeal.

Good points

The account pays 3.1 per cent interest, which is not too shabby, and you can make four withdrawals a year with no penalty or loss of interest. The building society will donate 0.05 per cent of the average balance kept in the account over a year to The Royal British Legion's Poppy Appeal.

Bad points

The account includes a 1.1 per cent bonus for the first 12 months after which the rate will effectively drop to 2 per cent a year, which is nowhere near as attractive as the headline 3.1 per cent rate.

Conclusion

If you support The Poppy Appeal, this is an ideal way to help raise funds for the charity, while getting decent returns on your savings. But after a year it makes sense to switch to a better-paying account. If you still want to support the charity, you could make separate donations yourself out of the extra interest you earn.

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