Coventry Building Society has introduced interest rate increases of up to 0.25% on its variable savings accounts, commencing on 1 June 2023.
The increases will benefit all variable savings members with a new minimum rate of 2.25% or above on all savings accounts.
The Society’s Standard Variable Rate (SVR) for its mortgage borrowers will stay unchanged.
The First Home Saver and Regular Saver accounts will both see rate increases of 0.25% to pay the Society’s highest available rates of 4.40%.
The Limited Access ISA (Online) and Limited Access Saver (Online) will also see increases of 0.25% to pay rates of 3.50% and 3.55% respectively.
All children’s accounts will pay a minimum 3.50%, with its popular Junior ISA offering a market leading rate of 4.30%.
Ian Biggs, head of product performance at Coventry Building Society, said: “From the start of next month, we’ll be offering rate increases to all our variable savings members while protecting our SVR borrowers.
“This is the eleventh time we’ve announced variable savings rate increases since January last year, and this time, we’re also ensuring borrowers on our SVR will see no changes to their mortgage interest rate, demonstrating our commitment to delivering excellent long-term value to all our members.”
He added: “We’re proud of our track record of offering higher rates than the market average and last year, we paid an additional £230 million in extra interest to savers than if we’d simply paid the market average.
“Whether our members are saving for their first home, have entrusted us with their life savings, or borrowed money to purchase their dream house, our aim is to always offer great value both now and in the future.”
The Society will publish new rates on its website today and will write to members about any changes to their variable savings accounts in the coming weeks.
