Coventry Building Society has finalised its acquisition of The Co-operative Bank, expanding its membership to approximately 4.5 million savers. The deal, which has been in the pipeline for several years, means that the building society now boasts assets worth £89 billion.
Banking services with both groups will remain unaffected and savers will continue to receive maximum protection from the Financial Services Compensation Scheme. This offers up to £85,000 in compensation should your provider go under.
Group Chief Executive, Steve Hughes, stated that they will continue to operate as The Co-operative Bank and Coventry Building Society “for the time being”. He added: “We’re excited about what this means for our future. Bringing together our two values-driven organisations will result in a mutually owned business that’s deeply passionate about its members, customers and communities.
“We’ll use our combined experience of almost 300 years to do more of the things that matter to you.” A letter is going out to all customers with Coventry Building Society and with The Co-operative Bank are being sent a letter, to notify them of the change.
Coventry Building Society offers a range of savings accounts, including a Loyalty Seasonal Saver at six percent, for those who have been with the group continuously since January 1, 2024. The group also has a regular saver paying 4.75 percent, a fixed rate ISA at 3.9 percent, and an easy access saver and ISA both at 2.95 percent.
The building society is appealing to first-home seekers with its First Home Saver account at 4.8 percent interest, allowing monthly savings of up to £1,000. Account holders may qualify for a £500 bonus if they have had the account for six months or more and subsequently secure a mortgage with the building society for their first property.
The Co-operative Bank has a regular saver account at seven percent, open to those who also have a current account with the bank. Its limited access savings account offers 4.59 percent, while the base rate tracker account provides as much as 4.5 percent.
ISA rates stand at 4.15 percent for a one-year fixed rate and 3.93 percent for two years. For those preferring the flexibility of easy access, the Online Saver and Online Cash ISA both offer 2.53 percent, or there’s a 1.75 percent option with the Cash ISA.
Coventry Building Society assures its customers in a letter regarding the changes: “We’ll continue to offer great levels of service, invest to provide greater support for our members, while continuing to keep your money safe and secure.”