Coventry launches 3.2% tracker bond

Coventry Building Society has launched a two year base rate tracker bond.

Savers are guaranteed a minimum rate of 3.2% until September 2012. There is no maximum cap on interest rates

The bond can be opened with any amount between A?1 and A?250,000. Withdrawals are subject to a penalty of 90 days interest.

Customers wanting a regular income from their savings can opt for monthly interest payments.

Colin Franklin, spokesperson for Coventry Building Society, said the bond is ideal for savers who don’t want to miss out on the potential of rising interest rates.

“Our new Guaranteed Tracker Bond is ideal; not only does it offer a competitively priced guaranteed minimum rate of 3.2 per cent but also savers will have the added peace of mind that as the BoE base rate increases they won’t lose out,” he added.

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