Coventry Building Society plans to increase rates on its variable savings accounts by up to 0.25%.
The UK’s second largest building society also confirmed that its Standard Variable Rate will stay unchanged following the Bank Base Rate increase.
All variable rate savings accounts and mortgage products are being reviewed and the Society will write to members to inform them of any changes to their accounts.
Matthew Carter, head of savings and mortgages at Coventry Building Society, said: “This underlines our commitment to maintaining a competitive long term position for savers. We consistently offer higher rates than the market average and last year we paid an additional £195 million in interest to savers than if we’d simply paid the market average.
“And, through Best Buys and Loyalty accounts, we offer a range of savings choices that reward our members for staying with us. We’re proud of our track record of offering long-term value to our members and we will continue to deliver excellent value for our savers.”
