Coventry Building Society increases interest rates across savings accounts | Personal Finance | Finance

As the Bank of England hiked the base rate to 2.25 percent, many banks have increased interest rates on savings accounts. With bill increases, extra cash can be essential for low-income families.

CBS offers three fixed-rate bonds with savings rates up to 4.85 percent.

They offer a fixed rate of 4.40 per cent per annum till December 31, 2023.

In addition, Britons can benefit from a two-year fixed bond paying 4.70 percent until December 31, 2024.

Finally, they increased the three-year fixed bond, which now pays 4.85 percent until December 31, 2025.

read more: Inheritance tax: How Britons could ‘significantly’ cut their bill as tax receipts rise

All three standard bonds can be opened for a minimum of £1 online, by phone, by post or in branch.

Savers can invest up to £250,000 and choose the tenure that suits them best.

Someone who has put away £20,000 on a one-year contract with Coventry on October 31 will have earned £1,030 in interest by the time the contract expires on December 31 the following year.

Matthew Carter, head of savings at Coventry Building Society, said: “We are enhancing our product range by launching more competitive savings accounts to give savers even more choice.

Don’t miss out

“Our new range of Fixed Bonds offer some of the best interest rates in the market and are ideal for those looking to get a good return on their savings over the short, medium or long term.”

Savers looking for a good return on their savings may be interested in Coventry Building Society’s range of Fixed Bonds.

Following the Bank of England’s recent base rate hike in September, its fixed-rate bonds offer some of the best rates in the market.

Santander has also increased the interest rate on their savings and ISA accounts.

Read more Britons have been urged to ‘spend 30 minutes’ sorting out their pensions, as they could save £13,000 in retirement.

Interest is payable on balances up to £250,000.

A person with a £10,000 deposit in this account would earn £275 in interest after one year.

This release will be available until November 1, 2022.

Anna Bowes, co-founder of Savings Champion, says: “It’s really interesting to see some of the big banks and building societies back in the Best Buy table.

“Santander already has a good showing in the fixed rate Isa table, but this new Easy Access account paying 2.75 per cent is the next best thing – and you don’t need to be an existing or current account customer. is eligible. And the maximum balance is £250,000.

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