Coventry Building Society Massive Unmutual Savings Interest Rate Cut

November 2021 – This so-called mutual society has announced a massive cut in their regular saver interest rates from 1.80% to 1.05%. That is a whopping 42% cut. This is just as the Bank rate is about to increase along with inflation. No proper reason has been given to account holders for such a big reduction. All they have said is that it is “in response to the rates being paid in the market”.

That is a very weak excuse and doesn’t provide an explanation. If they were to cut their interest rates by that amount on their other savings accounts their customers would be paying interest to them. The Saffron currently pays 1.75% on their regular saver account so the Coventry is not responding to the market it is leading it.