Bank of England Base Rate
The Bank of England decreased the Base Rate to 5.00% on Thursday 1 August 2024.
Savings
We’ve reviewed our savings rates and will be in touch by 23 August 2024 if your variable interest rate is going to change.
Mortgages
Following the announcement, we're decreasing:
- Base Rate Tracker mortgages by 0.25% in line with the base rate decrease. The new rates will be effective from 1 September 2024.
- Flexx for Term, Standard Variable Rate (SVR) and Privilege rate will decrease by 0.25% effective from 1 September 2024.
We'll write to you at least five working days (excluding bank holidays) before your Direct Debit is taken.
If you're worried about paying your mortgage, we're here to help you get back in control of your finances. Getting in touch won't impact your credit score and we've got a range of tools to help you get back on track with your finances. See how we can help.
Savings
We decreased the interest rates on our variable savings accounts.
You can see the new interest rate on your variable account(s) below:
Mortgages
On 1 September 2024 we decreased:
- Base Rate Tracker mortgages by 0.25% in line with the base rate decrease.
- Flexx for Term, Standard Variable Rate (SVR) and Privilege rate decreased by 0.25%.
We wrote to you at least five working days (excluding bank holidays) before your Direct Debit was taken.
If you're worried about paying your mortgage, we're here to help you get back in control of your finances. Getting in touch won't impact your credit score and we've got a range of tools to help you get back on track with your finances. See how we can help.
Changes to savings rates
Frequently Asked Questions
Do these changes affect my Coventry Building Society savings account?
It depends on the type of account you have with us:
Fixed - Your account won’t be affected because the interest rate is set for an agreed length of time.
Variable - We’ll send you a letter or email by 23 August 2024 if your variable interest rate is going to change.
Why hasn’t my rate gone down by the same amount as Bank of England Base Rate decreased by?
Our savings rates are not linked to the Bank of England Base Rate but it’s one of the factors we take into consideration when we review our rates. We’re committed to offering you great long-term value and ensure we offer the best rates we can.
What’s the current interest rate on my account? Is the rate fixed or variable?
To find out the interest rate you’re currently receiving on your account:
- Log into Online Services (if you're registered), or our App and select your account. Your interest rate is displayed on the 'My actions' page.
- Look at our range of accounts. If your account is no longer available to new customers, you’ll find it listed under closed accounts.
- Contact us.
Whenever we list an interest rate, we always state whether it’s fixed or variable.
Will rates be decreasing if base rate goes down again?
We continually review our rates and monitor market movement to make sure we offer long-term value to our members.
Mortgage FAQs
When can I transfer my mortgage deal?
If the deal you're on now is ending in the next four months - or if you're on a variable rate - you can arrange to transfer your mortgage now. No need for payslips, proof of ID, or application forms. Just choose a product, and we'll guide you through the rest.
Alternatively, if you would like advice on which product might be best for you, give us a call on 0800 121 8899.
Call wait times may be a bit longer than normal. Before you call, please check if your question is answered below. We apologise for any inconvenience; our teams are working hard to make sure we speak to you as soon as possible.
What rates are you currently offering?
I have more than 4 months left on my deal, what can I do?
When are your rates likely to change?
I’m concerned about my mortgage payments. What can I do?
As a solicitor, how do I request a redemption statement?
If my payment changes, what do I need to do?
If you pay by:
Direct Debit (DD)
Your payment will change automatically so you don’t need to do anything.
Standing Order
You’ll need to change the repayment amount with your bank/building society directly. Alternatively, we can set up DD so that we can manage these changes for you.
I have a regular overpayment set up, will this continue if my interest rate changes?
Changes to savings rates
Frequently Asked Questions
Did these changes affect my Coventry Building Society savings account?
It depends on the type of account you have with us:
Fixed - Your account wasn't affected because the interest rate is set for an agreed length of time.
Variable – On either the 2nd or 3rd of September, interest rates on our variable accounts were decreased.
Why hasn’t my rate gone down by the same amount as Bank of England Base Rate decreased by?
Our savings rates are not linked to the Bank of England Base Rate but it’s one of the factors we take into consideration when we review our rates. We’re committed to offering you great long-term value and ensure we offer the best rates we can.
What’s the current interest rate on my account? Is the rate fixed or variable?
To find out the interest rate you’re currently receiving on your account:
- Log into Online Services (if you're registered), or our App and select your account. Your interest rate is displayed on the 'My actions' page.
- Look at our range of accounts. If your account is no longer available to new customers, you’ll find it listed under closed accounts.
- Contact us.
Whenever we list an interest rate, we always state whether it’s fixed or variable.
Did my interest rate decrease?
You can see what the new rate on your account is below:
Will rates be decreasing if base rate goes down again?
We continually review our rates and monitor market movement to make sure we offer long-term value to our members.
Mortgage FAQs
When can I transfer my mortgage deal?
If the deal you're on now is ending in the next four months - or if you're on a variable rate - you can arrange to transfer your mortgage now. No need for payslips, proof of ID, or application forms. Just choose a product, and we'll guide you through the rest.
Alternatively, if you would like advice on which product might be best for you, give us a call on 0800 121 8899.
Call wait times may be a bit longer than normal. Before you call, please check if your question is answered below. We apologise for any inconvenience; our teams are working hard to make sure we speak to you as soon as possible.
What rates are you currently offering?
I have more than 4 months left on my deal, what can I do?
When are your rates likely to change?
I’m concerned about my mortgage payments. What can I do?
As a solicitor, how do I request a redemption statement?
If my payment changes, what do I need to do?
If you pay by:
Direct Debit (DD)
Your payment will change automatically so you don’t need to do anything.
Standing Order
You’ll need to change the repayment amount with your bank/building society directly. Alternatively, we can set up DD so that we can manage these changes for you.
I have a regular overpayment set up, will this continue if my interest rate changes?
Want help?
Our help section is bursting with useful information. If you'd rather chat, just give us a call.
Call us on 0800 121 8899
- Mon-Fri 8am-7pm
- Saturday 9am-2pm
- Sunday & Bank holidays Closed
Yesterday, people waited on average
17 seconds for savings enquiries
17 seconds for mortgage enquiries
Want help?
Our help section is bursting with useful information. If you'd rather chat, just give us a call.
Call us on
0800 121 8899
Saturday
Sunday
9am - 2pm
Closed
Closed
Yesterday, people waited on average
4 minutes 30 seconds for savings enquiries
1 minute 18 seconds for mortgage enquiries