Coventry Building Society and Co-op Bank customers get letter ...

Coventry Building Society has completed its acquisition of The Co-operative Bank, expanding its membership to approximately four and a half million savers. The deal has been in the works for several years, boosting the building society's cash assets to around £89 billion.

Services with either institution will remain unaffected, and savers will continue to receive maximum protection from the Financial Services Compensation Scheme, which offers up to £85,000 in compensation if your financial institution collapses. Group Chief Executive, Steve Hughes, stated that they would 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."

All customers with Coventry Building Society and The Co-operative Bank are being sent a letter about 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 also enticing savers with a First Home Saver account at 4.8 percent interest rate, allowing deposits of up to £1,000 monthly.

Customers who open this account for at least six months and subsequently take out a mortgage for their first home with the society are eligible for a £500 bonus. Meanwhile, The Co-operative Bank is offering seven percent interest on its regular saver account for current account holders.

Savers can also benefit from a 4.59 percent interest rate with its limited access savings account and up to 4.5 percent with the base rate tracker account. For fixed-rate ISA options, the bank provides a 4.15 percent rate for one year and 3.93 percent for two years.

If you want easy access, there's a 2.53 percent rate available with either the Online Saver or Online Cash ISA, or a 1.75 percent rate with the Cash ISA. Coventry Building Society reassured customers in the 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."