Bank of England Base Rate 

The Bank of England increased the Base Rate to 5.25% on Thursday 3 August 2023.


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:


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

Frequently Asked Questions

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:

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

When can I transfer my mortgage deal?

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.

Homeowner mortgages

Landlord mortgages

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.

What rates are you currently offering?

You can find details of our current mortgages online. View our product ranges.

I have more than 4 months left on my deal, what can I do?

If there's more than 4 months left of your fixed rate deal, you can still transfer, but you may have to pay an Early Repayment Charge (ERC) when you apply. Your original mortgage offer and your annual mortgage statement will tell you if this is the case or you can call us to discuss this.

When are your rates likely to change?

With the volatile market, rates are constantly under review and changes may be made quickly. Our website is kept up to date as soon as our mortgage rates change.

I’m concerned about my mortgage payments. What can I do?

If you’re worried about your mortgage payments we’re here to help with a range of support available. Take a look at our payment difficulties page.

If my payment changes, what do I need to do?

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.

I have a regular overpayment set up, will this continue if my interest rate changes?

If the interest rate changes and you have set up a regular overpayment (for example, you pay a fixed amount above your regular monthly mortgage repayment), we'll continue to collect this from you along with your updated mortgage repayment. If your overpayment has a capped amount this may be impacted.

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

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  • 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

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