Coventry Building Society has unveiled a new savings account exclusively for its existing mortgage customers.
The Loyalty Mortgage Saver account offers a competitive six per cent interest rate, allowing savers to deposit up to £1,000 monthly over a 12-month term.
In the first half of 2024 alone, Coventry Building Society provided £195million in extra value to its members through better rates and incentives compared to market averages.
The account provides flexibility for savers, with options to continue saving, withdraw funds, or use the money to overpay their mortgage without Early Repayment Charges after maturity.
Oli Dyer, Head of Product Propositions at Coventry Building Society, urged savers to take advantage of the deal.
He explained:: “We believe our new Loyalty Mortgage Saver is a first-of-its-kind account that offers great value for borrowers wanting to get into a regular savings habit and receive a high interest rate on their savings pots.”
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The building society is offering savings rates
COVENTRY BUILDING SOCIETY
“As a member-owned organisation, we don’t have shareholders to pay so we’re able to offer exclusive rates as a way of rewarding those who choose to stay with us.”
The account is accessible with a minimum balance of just £1 each month and no limit on deposit frequency.
After 12 months, savers can choose to continue saving, spend their funds, or overpay their mortgage without Early Repayment Charges.
The Loyalty Mortgage Saver account can be opened through various channels, including online, in branch, over the phone, by post, or via the app.
If opened on the first of the month, the maximum deposit amount is £12,000, potentially earning £12,391.23 upon maturity.
After the 12-month term, the account matures into an Easy Access Saver (7) with a variable rate and unlimited withdrawals.
For those who don’t qualify, Coventry Building Society offers alternative options. The Regular Saver (6) account is available to all new and existing borrowers and savers at 4.75 per cent interest.
The society also provides a Triple Access Saver (Online) (5) at 4.83 per cent and a Four Access ISA (Online) (2) at 4.80 per cent for tax-free savings.
The Loyalty Mortgage Saver account offers a unique opportunity for Coventry Building Society’s mortgage customers to maximise their savings. With a competitive 6 per cent interest rate, savers can build their nest egg whilst maintaining flexibility.
The account’s 12-month term allows for monthly deposits of up to £1,000. This structure encourages regular saving habits without imposing strict requirements.
Upon maturity, account holders have multiple options. They can continue saving in an easy-access account, withdraw their funds, or use the money to overpay their mortgage.
Notably, the overpayment option comes without Early Repayment Charges, offering an additional benefit to mortgage holders.
For those unable to qualify for the Loyalty Mortgage Saver, Coventry Building Society provides alternative savings products. These include the Regular Saver (6) account at 4.75 per cent interest, open to all customers.
