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Image of Mike Brown

Michael Brown

Acting Editor
Published: 28/10/2022
Photo of Coventry BS Bank shop front

The building society’s latest launches include top rates for the one, two and three year fixed rate charts.

Coventry Building Society (BS) launched eight new accounts today, including market-leading offers for its one, two and three year fixed ISAs.

The Fixed Rate ISA (197) 30.11.2023, which is a one year fixed ISA, offers a rate of 3.95% AER.  Meanwhile, the Fixed Rate ISA (198) 30.11.2024, which is a two year fixed ISA, offers 4.35% AER.

The Fixed Rate ISA (199) 30.11.25 is a three year fixed deal and has set its rate at 4.40% AER.

“Our range of fixed ISAs and bonds provide choices for people who are comfortable fixing their savings for up to three years,” said Matthew Carter, Head of Savings at Coventry BS.

He explained that fixed rate accounts are popular because they're ideal for savers looking to lock in their money at a higher rate for an extended period.

The Fixed Rate ISA (197) 30.11.23 leads the one year chart by 0.10 percentage points, with the next best rate coming from Virgin Money.  

On the two year chart, the Fixed Rate ISA (198) 30.11.2024 shares its market-leading position with Saffron BS, which was mentioned in yesterday’s ISA roundup.

Compared to its one year deal, the Fixed Rate ISA (199) 30.11.25 tops its table by a much smaller margin of 0.05 percentage points.

Virgin Money is the next best provider on this chart too.

How do these accounts work?

All three accounts calculate interest daily and pay it monthly or yearly.

You'll need a minimum opening deposit of a single pound which can be added to for 14 days from the date of your application or while the issue remains open, whichever is longer.

Withdrawals are allowed but will face different penalties. The one year bond will face a 120-day loss of interest and account closure while the two and three year offers can expect a harsher 180-day loss of interest and account closure.

Whatever bond is chosen, you’ll open your account online, via the telephone, post or branch. Managing these accounts can be done via the same means.

What other products did Coventry BS release?

Coventry BS also launched three fixed rate bonds and two variable accounts today.

None of these offers are market-leading, so to compare each individual offer consider visiting their respective charts.

The two variable accounts come in the form of an easy access account paying 1.85% AER, and a limited access account paying 2.25% AER. The difference between these two comes in the form of the withdrawal process, with the limited access account only allowing six penalty-free withdrawals a year, with any further withdrawals subject to 50 days’ loss of interest.

In addition, if you open any account with Coventry BS before 17 November it will donate £5 to the Royal British Legion, a charity for the UK’s war veterans.


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