How will the changes affect my savings?
On 2 November 2017, the Bank of England announced an increase in Bank Base Rate (BBR) from 0.25% to 0.50%.
With this in mind we’ve reviewed our variable interest rates and will be increasing all of our variable rate 'savings accounts' by 0.25% AER.
Note: the interest rates on our 'payment accounts' (i.e. our MoneyManager accounts) will remain the same.
Changes will take effect from 1 December 2017 and we’ll contact all affected savers personally no later than 30 November 2017.
· If you have an online account, we’ll contact you by email.
· If you have another type of account, we’ll contact you by post.
If you have several accounts with us, we’ll contact you separately about each account if the rate is increasing.
Does this rate change affect my Coventry savings account?
It depends on the type of account you have with us:
Your account won't be affected because the interest rate is set for an agreed length of time.
With the exception of 'payment accounts', all variable rate 'savings accounts' will be increased by 0.25% AER.
We’ve published all new rates here and made them available in our branches.
Why aren’t your 'payment accounts' (i.e. your MoneyManager accounts) also receiving a rate increase?
Typically, every day money accounts see high levels of transactions and are used more for day to day payments rather than being used as a savings account. Given the high level of functionality on our MoneyManager accounts and, as a result, the associated cost of managing these accounts/services, we have opted not to increase the rate on these accounts. If you are using one of these accounts only to save, please talk to us about more suitable alternatives.
How do I know whether the new rates are competitive?
Our comparison tool, which uses independent data from Moneyfacts, lets you compare our open issue savings rates with other providers.
Please note, if your existing account is an account that is closed to new business, this will not feature in our compare tool.
I’m not happy with the interest rate on my account - what are my options?
Firstly, review your savings. We try to keep our rates as fair as possible but it's always sensible to regularly look at your options.
If you decide to move your savings to an account that better suits you, you can:
- Transfer to another Coventry account. To find out about the accounts we have available at the moment, go to: Savings. Alternatively, call us on 0800 121 8899 or ask at any branch.
- Close your account and transfer to another provider. Remember: if your account is an ISA and you want to keep the tax-free status of your savings, you'll need to ask your new provider to arrange an 'ISA transfer'.
Withdrawals/closure will be subject to the terms and conditions of your account.
What’s the current interest rate on my account? Is the rate fixed or variable?
To find out the interest rate you’re currently receiving on your account:
• Log into Online Services (if you’re registered) and select your account. Your interest rate is displayed on the 'My transactions' page.
• Call us on 0800 121 8899.
Whenever we list an interest rate, we always state whether it’s fixed or variable.