Coventry Building Society to increase interest rates – including offering savers 2.60%

One of the savings accounts offered by Coventry awards savers with a 2.60 percent interest rate. As part of this raise, around 93 percent of the building society’s members’ variable savings will go up from June 1, 2022. The building society will hike 45 percent of savings balances with dramatic increases of 0.25 percent or more.

This will include a maximum rise of 0.60 percent across Coventry’s Easy and Limited Access, selected Loyalty and Regular Saver and its First Home Saver account.

The latter account is used to support saves with the purchase of their first home.

As a result of this latest announcement, the building society will pay 0.70 percent or above on all its Easy Access products.

Furthermore, Coventry will also pay 1.05 percent or more in interest on all Limited Access accounts.

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One of the most popular savings products offered by the Coventry Building Society is the Junior ISA account.

This account will continue to pay the highest rate on the market at 2.60 percent and is available to savers from as little as £1.

Matthew Carter, the head of Savings at Coventry Building Society, outlined why the financial institution is taking this course of action to assist those looking to boost their savings.

Mr Carter explained: “Supporting our savers is a priority at Coventry Building Society which is why we continue to pay the best rates we can afford, spreading the increases across our variable rate accounts to make sure it benefits as much of our members’ money as we can.

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“Many people will be searching for the best rates they can find, suiting their individual saving needs with the peace of mind that a fixed rate provides, so we expect these new ISA products will be very popular.

“ISAs are still an attractive option for those savers wanting to earn interest tax-free that doesn’t count towards Personal Savings Allowances, and of course, they have the ability to save up to this year’s ISA allowance in tax-free savings.

“We’ve also made it as straightforward as possible for people to open an ISA account either in branch, over the phone, online or by post.

“That’s why Coventry Building Society has ranked first place for ease of opening a new account or transferring an existing ISA in a recent external benchmarking survey conducted among 30,000 people.”