Cheque out the Coventry

Coventry Building Society welcomes the news of improved cheque clearance rules, including the commitment to pay interest on funds no later than two working days after a cheque has been deposited.

However, customers at the Coventry are benefiting from an even better system – all cheques paid into Coventry accounts already earn interest from day one, and have done so for many years.

The Cheques Working Group report published by the Payments System Task Force yesterday has made a number of recommendations to improve current cheque clearing arrangements. One of the key reforms, due to come into force from November 2007, will shorten the time customers have to wait before earning interest on cheques deposited into accounts.

The Coventry already pays interest on all cheques paid into any account from day one, including the innovative Coventry First combined Current and Savings account, the range of Sixty-Plus accounts designed for older investors, and their current market-leading Fixed Rate Internet Bond paying 5.80% AER/Gross p.a.

David Stewart, Chief Executive of the Society, said; “The reforms will be a step in the right direction for consumers when they come into effect next year, but our Members are already getting a better deal. If customers want to earn interest from day one, I’d recommend they came to the Coventry.”