Easy access
Coventry Building Society savings review
Coventry Building Society offers a broad range of savings accounts with interest rates up to 4.4%. As well as offering accounts to customers directly, it has partnered with Hargreaves Lansdown to offer accounts through the Hargreaves platform.
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Although it might not sound like a key player in the UK banking scene, Coventry Building Society is in fact the UK’s second largest building society (behind Nationwide), and eighth largest lender. Less surprising (given that it’s a building society), is that it’s a savings and mortgages specialist – regularly offering table-topping rates in both categories. It has also partnered with Hargreaves Lansdown to offer savings accounts through the hugely popular Hargreaves platform. Here’s its live range.
Easy access savings accounts
Table: sorted by interest rate
Coventry Building Society's best easy access rate of 3.55% is significantly lower than today's market-best rate of 5.12%.
Compare more instant and easy access accounts up to 5.12%
Cash ISAs
Table: sorted by interest rate
Coventry Building Society's best cash ISA rate of 4.35% is very slightly lower than today's market-best rate of 4.65%.
Compare more ISAs up to 4.65%
Fixed-rate bonds
Table: sorted by interest rate
Coventry Building Society's best fixed-rate bond rate of 4.35% is slightly lower than today's market-best rate of 5.35%.
Regular savings accounts
Table: sorted by interest rate
Coventry Building Society's best regular savings account rate of 4.4% is significantly lower than today's market-best rate of 9%.
Compare more regular savings accounts up to 9%
Overview of Coventry Building Society savings
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds, regular savers |
|---|---|
| Best easy access rate | 3.55% |
| Best cash ISA rate | 4.35% |
| Best fixed-rate bond rate | 4.35% |
| Best regular saver rate | 4.4% |
| Fixed bond terms | 11 months - 1 year 11 months |
| Opening options | Branch, website, post, telephone |
| FSCS protection |
How to open an account
The process for opening a savings account with Coventry Building Society will depend on the account you’ve chosen. But you can usually open it online, by post, over the phone or in branch.
With the exception of the children’s accounts, you will need to be at least 16 years old and a UK resident to open an account.
Documents needed to open an account
To open an account, you will need to provide proof of ID such as a passport or UK driving licence. You will also need to provide proof of address such as a council tax bill or a recent bank statement or utility bill.
Is Coventry Building Society safe?
Yes, Coventry Building Society is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and PRA. This means all eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS). This rises to £170,000 for joint accounts.
Pros and cons
Pros
- Flexibility. There’s a range of accounts to choose from, whether you’re looking for an easy access account or long-term gains.
- Low minimum age. You can open most accounts from the age of 16.
- Low minimum deposit. Many accounts can be opened with just £1.
- FSCS protection. Money in accounts will be protected up to £85,000 per person.
Cons
- Better rates elsewhere? Coventry Building Society offers some competitive interest rates, but always check what’s on offer elsewhere first.
Our verdict: Is a savings account from Coventry Building Society worth it?
If you’re looking for a new savings account, Coventry Building Society certainly has a wide range to choose from. As well as traditional fixed rate bonds, cash ISAs and easy access accounts, it also offers more bespoke accounts such as its Additional Allowance ISA for those who have lost a partner and a First Home Saver account for those looking to get on the property ladder.
However, as with any type of financial product, before applying for an account, make sure you’ve compared what else is on the market to be sure you’re getting the best deal.
Frequently asked questions
Savings ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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