Although it might not sound like a key player in the UK banking scene, Coventry Building Society is in fact the UK’s second largest building society (behind Nationwide), and eighth largest lender. Less surprising (given that it’s a building society), is that it’s a savings and mortgages specialist – regularly offering table-topping rates in both categories. It has also partnered with Hargreaves Lansdown to offer savings accounts through the hugely popular Hargreaves platform. In August 2024, Coventry launched its innovative Sunny Day Saver regular savings account that offers a monthly prize draw as well as paying good interest.
Coventry Building Society's top savings rate of 4.8% is available on one of its regular savings accounts.
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The process for opening a savings account with Coventry Building Society will depend on the account you’ve chosen. But you can usually open it online, by post, over the phone or in branch.
With the exception of the children’s accounts, you will need to be at least 16 years old and a UK resident to open an account.
To open an account, you will need to provide proof of ID such as a passport or UK driving licence. You will also need to provide proof of address such as a council tax bill or a recent bank statement or utility bill.
Yes, Coventry Building Society is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and PRA. This means all eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS). This rises to £170,000 for joint accounts.
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If you’re looking for a new savings account, Coventry Building Society certainly has a wide range to choose from. As well as traditional fixed rate bonds, cash ISAs and easy access accounts, it also offers more bespoke accounts such as its Additional Allowance ISA for those who have lost a partner and a First Home Saver account for those looking to get on the property ladder.
However, as with any type of financial product, before applying for an account, make sure you’ve compared what else is on the market to be sure you’re getting the best deal.
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