Coventry Building Society savings account pays 6.75%, but only if you're 'loyal'

15 March 2024 , 09:57

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A new regular savings account paying 6.75% for loyal customers only has been launched by Coventry Building Society (Image: PA Archive/PA Images)

Coventry Building Society has a new savings account that offers 6.75% interest rate, but it's just for their "loyal" members.

If you've been with Coventry Building Society since at least January 1 2023, you can open this special loyalty regular saver (2) account. You can save for a year and put in up to £250 every month.

You can take money out if you need to, but they'll charge you for 30 days' interest on the amount you take out. Jonathan Wilson from Coventry Building Society said: "We've kept the minimum balance at just £1 and there's no limit on the number of times savers can put money in over the year, as long as it doesn't exceed £250 in a month."

After a year, your savings will move to an easy access saver account that pays 3.10% right now. They also have another regular saver account that pays 5.00% if you can't get the loyalty one.

Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said: , said: "A variable rate of 6.75% is highly attractive, and the account offers flexibility with the monthly payments, so it's a great addition to the range of deals Coventry Building Society offer to reward their loyal members."

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Ms Springall said: "Gatehouse Bank currently pay 7.% variable annual profit rate on its regular saver account which accepts payments of up to £300 per month for a year, it does not allow access to funds (for a 12-month period), but savers can skip deposits."

She said that the Co-operative Bank gives a variable rate of 7.00% on its regular saver issue one. Ms Springall added: "The right savings account always comes down to someone's specific needs, so it's important to be aware of the workings of a regular savings account versus an easy access account, as flexibility with deposits and the interest earned can be rather different."

"Savers with a fixed-term regular savings account must make a diary note to review their savings pot after a year and move their cash elsewhere to ensure they are earning a decent return of interest."

Lawrence Matheson