Coventry Building Society has finalised its acquisition of The Co-operative Bank, extending its membership to some four-and-a-half million savers.
The deal has been several years in the making and, with the move, the building society now has assets of £89billion.
Services with either institution will be unaffected and savers will sitll get the maximum protection from the Financial Services Compensation Scheme, which entitles you to up to £85,000 in compensation should your provider collapse.
Group Chief Executive, Steve Hughes, said they will continue to operate as The Co-operative Bank and Coventry Building Society “for the time being”.
He said: “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 Loyaly 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 also has a First Home Saver account at 4.8 percent, where you can put away up to £1,000 a month.
You can also get a £500 bonus through the account if you have had it open for at least six months and then get a mortgage from the building society for your first home.
The Co-operative Bank also has a regular saver paying seven percent, open to current account holders.
You can also get 4.59 percent with its limited access savings account and up to 4.5 percent with the base rate tracker account.
The bank also offers 4.15 percent for a one-year fixed rate ISA and 3.93 percent for the two-year version.
For those who would prefer easy access, you can get 2.53 percent with either the Online Saver or Online Cash ISA, or 1.75 percent with the Cash ISA.
Coventry Building Society said in its letter to customers about the change: “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.”
