Bank of England Base Rate change

On Thursday 16 June 2022 the Bank of England announced an increase to the Base Rate from 1.00% to 1.25%.

Mortgages

We won’t be increasing the rate on our Standard Variable Rate (SVR) mortgages.

 

Base Rate Tracker mortgages will go up by 0.25% in line with the base rate increase effective 1 August 2022.

 

We’ll write to those affected at least five working days (excluding Bank Holidays) before a Direct Debit payment is taken.

 

We’re reviewing the rest of our mortgage rates and will provide further updates soon.

Savings

We’re increasing the rates on most of our variable savings accounts on 1 July 2022 to ensure we maintain our strong competitive position.

 

In the meantime, see what the new rate on your account will be.

 

If the rate on your account is due to change, we'll contact you by 30 June 2022.

Savings rate change FAQs

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 1 July 2022, most of our variable savings accounts will increase by up to 0.21%. You can find out if your account will be affected here.

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:

 

Whenever we list an interest rate, we always state whether it’s fixed or variable.

Is my interest rate increasing?
You can check to see if your rate is increasing on 1 July 2022. If the rate on your account is due to change, we will contact you by 30 June 2022.
Will rates be increasing if base rate goes up again later in the year?

We continually review our rates and monitor market movement to make sure we offer great long-term value to our members. We'll update our website and will be in touch with you if there are any changes.

 

If you are having financial difficulties you can contact our Collections Department on 0800 121 8765, they're available Monday-Friday, 9am-5pm and Saturday 9am-12pm. 

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

Lines open
  • Mon-Fri 8am-7pm
  • Saturday 9am-2pm
  • Sunday & Bank holidays Closed
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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

Call us