The Bank of England announced a reduction in Bank Base Rate (BBR) from 0.75% to 0.25% on Wednesday 11 March 2020. Then, on Thursday 19 March 2020, there was a second announcement that BBR was being reduced again by a further 0.15%, down to 0.10%.
In response to the first BBR announcement on Wednesday 11 March 2020, we’ve reviewed our variable interest rates and will be reducing some of our savings accounts by up to 0.50% AER. We’ll continue to review the rates paid on all variable rate savings accounts in response to the overall 0.65% reduction in Base Rate.
Depending on which account you hold, changes will take effect either from 10 April 2020 or 26 May 2020 and we’ll contact all affected savers personally no later than 27 March 2020.
- 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 being reduced.
It depends on the type of account you have with us:
- Fixed - Your account won’t be affected because the interest rate is set for an agreed length of time.
- Variable - Some of our variable rate savings accounts will be reduced by up to 0.50% AER.
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.
- Close your account at any time. For most accounts, you can do this using our Online Services.
- 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’.
If your account has withdrawal/closure restrictions, you can close the account without giving us notice or paying a charge until 9 May 2020. This charge-free period only applies to closures, not to partial withdrawals. After this date, the usual conditions of this account will apply.
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.
- Look online at our range of accounts. If your account is no longer available to new customers, you’ll find it listed under closed accounts.
- Call us on 0800 121 8899.
Whenever we list an interest rate, we always state whether it’s fixed