Coventry Building Society has announced the launch of a new fixed rate savings bond. The savings bond will pay a savings interest rate of 4.90 per cent AER/gross a year) on a minimum investment of £1,000.

The maximum amount that can be invested until January 31st 2007 in the savings bond is £250,000.

The flexible savings bond offers investors who are saving money the option to receive their interest on a monthly basis. Should investors choose this, they will receive a savings interest rate of 4.75 per cent gross a year.

People that want to start saving money in the savings bond can apply online for the savings bond. New and existing customers can take advantage of the offer, which is only available for a limited period. The fixed rate savings bond, offering a savings interest rate of 5.15 per cent until January 31st 2007, is now closed.

Coventry Building Society is the UK's fifth largest building society. With assets in excess of £9.4 billion, the Society operates through a network of 49 branches.

The Society offers a range of savings and mortgage products among its other financial services .