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Coventry Building Society has announced it will be raising variable interest rates by up to 0.40 percent from March 1, 2023. The move makes it the Society’s ninth consecutive increase in variable savings rates since the start of last year.
As part of its “commitment” to consistently offer competitive rates of interest, the Society has said it will be paying a rate of 2.25 percent or above on all easy and limited access products.
The Coventry Building Society Junior ISA will continue to pay the highest rate on the market (as of February 14) at four percent, encouraging longer-term savings for young ones from as little as £1.
In addition to the changes announced today, the Society continues to offer “rewarding” products for its existing members.
Those who have been with the Society since January 1, 2022, or earlier can benefit from a 1-year Loyalty Fixed Bond paying a leading rate of 4.20 percent.
The interest rate on this account is fixed until April 30, 2024, and similar to the Junior ISA, savers can open this account with just £1.
However, it should be noted that the 1-year Loyalty Fixed Bond is a no access account, meaning savers must be happy to put money away and keep it there without touching it for another year in order to keep the competitive interest rate.
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Up to £20,000 can be invested in the account and interest is calculated daily and applied to the balance annually.
Matthew Carter, head of savings at Coventry Building Society, said: “Our aim is to offer savers great value both now and in the long term.
“We don’t chase new savers with better rates than our existing members receive on similar accounts, so these rate increases will be a welcome boost for new savers and those that have been with us a long time.”
Mr Carter continued: “This is the ninth time we have increased our variable savings rates since the start of last year.
“We’re proud of our track record of paying higher savings rates than the market and offering competitive products to millions of our customers.”
Coventry Building Society will publish new rates on its website this week and will write to members about any changes to their variable savings accounts.
Commenting on the persistent interest rate rises we’ve seen recently across the market, Rachel Springall, finance expert at Moneyfacts, said: “Interest rates on variable savings accounts are continuing to rise, as several providers have improved their offers since the start of 2023.
“The influence of the Bank of England base rate rises, along with rate competition, has made a positive impact on variable rate savings accounts, which include Cash ISAs.”
However, she noted: “Challenger banks and building societies continue to take the most prominent positions in the top rate tables, so savers who fail to review their existing account to the latest top rates may miss out.”
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