Coventry Building Society offers up to 4.85% on new savings accounts

Martin Lewis recommends Coventry Building Society for savers

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They launched three fixed bonds offering savings rates between 4.40 and 4.85 percent, depending on the term. The increased rates followed the bank of England’s last base rate increase.

The base rate could rise again this week so Britons are encouraged to look around for the best deal for their money.

The fixed bonds offer rates of 4.40 percent for its One Year Fixed until December 31, 2023.

The Two Year Fixed rate offers 4.70 percent until December 31, 2024 and a Three Year Fixed pays a fixed rate of 4.85 percent until December 31, 2025.

All three Fixed Bonds can be opened with a minimum of £1 online, by phone, post or in branch.

Monthly interest is also available for those customers who would prefer a regular income.

This is a no-access account during the fixed period. After the 14 day ‘cooling off period’, people can’t make withdrawals (including any interest paid into the account) or close the account before December, 31, 2025.

If someone paid in £1,000 in the Three Year fixed term bond, they would have gained interest worth £158.50.

The estimated balance after 38 months based on a £1,000 deposit would be £1,158.50 if no extra money was taken out or paid in.

Coventry Building Society’s fixed bonds offer:

  • One year Fixed Bond (284) paying 4.40 percent fixed until December 31, 2023
  • Two year Fixed Bond (286) paying 4.70 percent fixed until December 31, 2024
  • Three year Fixed Bond (288) paying 4.85 percent fixed until December 31, 2025.

Matthew Carter, the head of Savings at Coventry Building Society, outlined why the financial institution is expanding its savings account range with higher interest rates.

Mr Carter explained: “Savers are looking for good value, whether that means locking their money away, retaining some opportunity to access it or having the freedom to take money out whenever they need.

“That’s why we’re increasing our product range, giving our members even more choice and good returns on all their savings.

“Fixed rate accounts are a popular choice with savers looking for higher rates of interest as well as those who want a guaranteed rate for a set period.”

Additionally, Coventry Building Society has confirmed the introduction of three “market-leading” Fixed Rate ISAs available to new and existing members.

In comparison, both the new ISA and Fixed Bonds accounts can be opened with a minimum of £1 online, at a branch, by phone or by post.

Among the new range of Fixed Rate ISAs which are now on offer from Coventry Building Society include:

  • One Year Fixed Rate ISA (197) – which pays 3.95 percent AER fixed until November 30, 2023
  • Two year Fixed Rate ISA (198) – which pays 4.35 percent AER fixed until November 30, 2024
  • Three Year Fixed Rate ISA (199) – which pays 4.40 percent AER fixed until November 30, 2025.

Mr Carter continued: “Our range of fixed ISAs and bonds provide choices for people who are comfortable fixing their savings for up to three years.

“On the other hand, savers with limited or easy access accounts like the flexibility to dip into their savings.

“Our members can be reassured that money in their online easy access account will pay good rates of interest and our limited access account is ideal for those who aren’t likely to withdraw money more than every couple of months.”

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