Bank of England Base Rate
The Bank of England increased the Base Rate to 5.25% on Thursday 3 August 2023.
Savings
On 14 August 2023, we're increasing the rates on all of our variable savings accounts to ensure we're paying the best rates we can.
You can see the rate on your savings account(s) below:
Mortgages
Following the announcement, we’re increasing:
- Base Rate Tracker mortgages by 0.25% in line with the base rate increase.
- Standard Variable Rate (SVR) and Privilege rate mortgages by 0.25%.
- Flexx for Term mortgages by 0.25%.
All new rates will be effective from 1 September 2023.
We'll write to you at least five working days (excluding bank holidays) before your Direct Debit is taken.
If you're worried about paying your mortgage, we're here to help you get back in control of your finances. Getting in touch won't impact your credit score and we've got a range of tools to help you get back on track with your finances. See how we can help.
Changes to savings rates
Do these changes affect my Coventry Building Society savings account?
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 – On 14 August 2023, interest rates on all of our variable savings accounts will be increased.
Why hasn’t my rate gone up by the same amount as Bank of England Base Rate increased by?
Our savings rates are not linked to the Bank of England Base Rate but it’s one of the factors we take into consideration when we review our rates. We’re committed to offering you great long-term value and ensure we offer the best rates we can.
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 actions' page.
- Look at our range of accounts. If your account is no longer available to new customers, you’ll find it listed under closed accounts.
- Contact us.
Whenever we list an interest rate, we always state whether it’s fixed or variable.
Is my interest rate increasing?
You can see what the new rate on your account will be below:
If the rate on your account is increasing, we will contact you in the coming weeks.
Will rates be increasing if base rate goes up again?
We continually review our rates and monitor market movement to make sure we offer long-term value to our members.
Mortgage FAQs
If the deal you're on now is ending in the next four months - or if you're on a variable rate - you can arrange to transfer your mortgage now. No need for payslips, proof of ID, or application forms. Just choose a product, and we'll guide you through the rest.
Alternatively, if you would like advice on which product might be best for you, give us a call on 0800 121 8899.
Call wait times may be a bit longer than normal. Before you call, please check if your question is answered below. We apologise for any inconvenience; our teams are working hard to make sure we speak to you as soon as possible.
If you pay by:
Direct Debit (DD)
Your payment will change automatically so you don’t need to do anything.
Standing Order
You’ll need to change the repayment amount with your bank/building society directly. Alternatively, we can set up DD so that we can manage these changes for you.
Want help?
Our help section is bursting with useful information. If you'd rather chat, just give us a call.
Call us on 0800 121 8899
- Mon-Fri 8am-7pm
- Saturday 9am-2pm
- Sunday & Bank holidays Closed
Yesterday, people waited on average
17 seconds for savings enquiries
17 seconds for mortgage enquiries

Want help?
Our help section is bursting with useful information. If you'd rather chat, just give us a call.
Call us on
0800 121 8899
Saturday
Sunday
9am - 2pm
Closed
Closed
Yesterday, people waited on average
19 seconds for savings enquiries
6 seconds for mortgage enquiries
