News Article Published:
Friday, 31 October 2008
Category:
Financial Services
Coventry Building Society's new Poppy Bond is superior to most charity-related savings accounts, according to a price comparison website.
Moneysupermarket.com said that the scheme, which sees 0.25 per cent of the invested funds equalled by the Coventry in a donation to the Poppy Appeal, has "struck the right balance" between providing a competitive rate and a generous contribution.
The website's head of banking, Kevin Mountford, said that similar accounts are often criticised.
He said: "The rates offered are often poor and charities could be better served if savers put their money in higher earning accounts elsewhere and donate the interest earned directly to their charity of choice."
The Poppy Bond is available from today (October 31st) and has a fixed-rate of 6.25 per cent AER until the end of 2009.
Rachel Haworth, head of marketing at the building society, said affinity accounts are "an excellent way for people to give money to causes close to their heart".
<< back to latest industry news