Coventry Building Society has announced the launch of a new savings account which is offering a “highly competitive” interest rate of 6.75 per cent, one of the highest on the market.
The new Loyalty Regular Saver (two) account is on sale exclusively for customers who have been with the building society continuously since at least January 1, 2023.
This account lasts for 12 months, and Coventry customers will be able to deposit up to £250 each month.
Hypothetically, if the maximum £250 is saved every month, the total amount saved with interest earned would be £3,109.43 by the end of the term.
Members of Coventry Building Society received £322million in returns last year from savings interest rates that were higher than the market value both new and closed accounts.
The latest offering by the financial institution is next addition to Coventry’s rewards package for customers.
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Savings interest rates are remaining competitive with some banks and building societies
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Jonathan Wilson, the building society’s senior savings propositions Manager, urged members to take advantage of this hiked interest rate.
He explained: “As a member-owned organisation, we don't have shareholders to pay.
“And our loyalty accounts offering exclusive rates to our two million members are a way of rewarding those who choose to keep saving with us.
“We think our new Loyalty Regular Saver (two) will be popular with our long-standing members as it offers great value for those wanting to get into a savings habit.
“And we’ve tried to be as flexible as we can to cater for our members who want to build up their savings in different ways.
“Some may want to save every week, for others it may be once a month, and some might want to take a break from saving from time to time.
“We’ve kept the minimum balance at just £1 and there’s no limit on the number of times savers can put money in over the year, as long as it doesn’t exceed £250 in a month.”
Those interested in the Loyalty Regular Saver (2) can open the account online, in branch, over the phone or by post.
After the 12-month period, the savings account will mature into Coventry Building Society’s Easy Access Saver (seven).
This product provides customers with a variable rate account which allows unlimited withdrawals and currently pays a rate of 3.10 interest rate.
LATEST DEVELOPMENTS:
Coventry Building Society is rewarding its customers
COVENTRY BUILDING SOCIETYNew customers who do not qualify for the Loyalty Regular Saver (two) will still be able to access the Regular Saver (six) which pays an interest rate of five per cent.
For this account, flexible deposits of up to £500 can be made each month with no monthly minimum, and savers don’t need a linked account to qualify.
This move by Coventry Building Society comes as other high street banks and building societies have withdrawn high interest accounts from the market.
Among the financial institutions to do this include Nationwide Building Society which pulled a savings account offering eight per cent.
