Coventry Building Society announces ‘highly competitive’ new savings account which pays 7%

The Loyalty Regular Saver is open to savers who have continuously been Coventry Building Society customers since at least January 1, 2022.

Eligible savers can deposit up to £250 per month in this account, and there is no monthly minimum.

It means £3,000 can be put into this account over its 12-month term.

If the maximum £250 is saved in the account each month, the total interest earned after 12 months would be £113.87, the building society said.

Jonathan Wilson, Senior Savings Propositions Manager at Coventry Building Society, said: “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 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.”

The account can be opened in branch, online, over the phone or by post.

The Loyalty Regular Saver has a variable rate of interest for 12 months. This means the rate of interest could change.

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After 12 months, the account will mature into the Easy Access Saver (7) – a variable rate account which allows unlimited withdrawals and currently offers a rate of 3.10 per cent.

Customers who don’t qualify for this regular saver could instead open the Regular Saver (5), which is open to all new and existing customers.

They can open this account in branch, online, via post or over the telephone.

The Regular Saver (5) currently has an interest rate of 5.50 per cent, and savers don’t need a linked account to qualify.

It doesn’t have a monthly minimum and savers can deposit up to £500 into this account each month.