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:

• New rates on our variable rate ISAs
• New rates on our variable savings accounts

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.

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.

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

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.

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.

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.

Request a mortgage redemption statement quickly and simply online.

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.

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.