Savings Interest Rates, Switch Offers and Guides for Coventry Building Society

Who they are

Coventry Building Society traces its roots back to 1884, when it was founded by local bookkeeper Thomas Mason Daffern. As a mutual, it has no external shareholders - it exists to serve its members, offering savings accounts, fixed-rate bonds, cash ISAs, and mortgages. Today it is the second largest building society in the UK, with total assets of more than £64 billion.

In January 2025, Coventry completed a £780 million acquisition of The Co-operative Bank, returning that institution to mutual ownership. Both brands continue to operate separately for now, and no immediate changes have been made to how existing products work. One notable point for savers: if you have accounts with both Coventry Building Society and The Co-operative Bank, your eligible deposits with each are protected separately - up to £120,000 each - because they currently operate under two distinct banking licences.

Savings accounts

Coventry has one of the broader savings ranges you will find at a building society. All accounts open from as little as £1, and every product is covered by FSCS protection up to £120,000.

For savers who want a guaranteed return, there is a Fixed Rate Saver with no access until maturity at 4.30%, and another fixed option at 4.25% - both useful if you can genuinely lock money away. On the ISA side, a Fixed Rate ISA is available at 4.65% (full closure only, no partial withdrawals) and at 4.60% over a 15-month term.

If you need some flexibility, the 3 Access Saver gives you three free withdrawals per year at 4.30%, while the 5 Access ISA offers a similar limited-access wrapper at 4.00%. First-time buyers saving towards a property should look at the First Home Saver, which pays 4.25% and comes with a £500 bonus if you ultimately take a mortgage with Coventry - though the account requires 60 days notice or a penalty for early withdrawal. For children, a Young Saver pays 4.00% with easy access, while a Junior Cash ISA is available at 3.75%, locked until the child turns 18 as is standard for that account type.

The headline Easy Access Saver and Easy Access ISA both sit at 2.00% - fine for a rainy-day pot, but if you can accept slightly less flexibility, the limited-access and fixed-rate options above pay considerably more.

Is it right for you?

Coventry suits savers who want a straightforward, member-owned institution with a wide range of account types rather than a single headline-grabbing rate. The app is generally easy to navigate, though some members find it less polished compared to the newer digital-only banks. It does support biometric login via Face or Fingerprint ID , and accounts can be managed online or in branch. There are no current account switch offers in the current product range.

There is no licence-sharing concern to worry about with other mainstream savings brands - just note the Co-operative Bank situation above if you bank with both. Rates across this range are variable where indicated, meaning they can move at any time.

Use the live rate table on this page to see the latest figures before you apply - rates shown here are a snapshot only.