Coventry Building Society

Who they are

Coventry Building Society is a mutual building society headquartered in Coventry, England, founded in 1884. As a mutual, there are no external shareholders - the society exists to serve its members rather than to generate profits for outside investors. In January 2025, it completed a £780 million acquisition of The Co-operative Bank, restoring the latter to mutual ownership and significantly expanding its scale. Importantly for savers, the two remain on separate banking licences - so your deposits with Coventry Building Society sit under Coventry's own FSCS authorisation (FCA firm reference 150892) and are not shared with the Co-operative Bank.

Coventry picked up a Fairer Finance award in 2026 for customer experience and most transparent savings accounts. On Trustpilot, it holds a score of 4.4 out of 5 from over 3,000 reviews. Customers frequently praise the friendly staff and straightforward account-opening procedures, and the app is generally well-regarded, with many users finding it easy to use and noting the phone service is answered quickly. That said, some reviewers have found the online registration process clumsy and time-consuming, and a handful note occasional issues with the digital banking experience.

Savings accounts

Coventry offers a genuinely broad range of accounts, opening from as little as £1. All are covered by the FSCS up to £120,000 per person.

The headline rate goes to the First Home Saver at 4.25% variable. This is aimed at first-time buyers and has a twist worth knowing about: if you or a family member completes a first-time buyer mortgage with Coventry within five years of opening, there is a £500 Celebratory Bonus on top, provided the account has been open for at least six months. Access works on 60 days' notice or an early withdrawal penalty, so it is not for cash you might need in a hurry.

For ISA savers, the Fixed Rate ISA to 31 December 2029 pays 4.20%, and the Fixed Rate ISA to 31 December 2028 pays 4.10% - both fixed, both locked to their respective maturity dates. The 6 Access ISA pays 3.60% variable with up to six fee-free withdrawals per year, and the Easy Access ISA pays 2.00% variable with unlimited, charge-free withdrawals (it is a flexible ISA, so withdrawals and replacements within the same tax year do not eat into your annual ISA allowance). For the Junior ISA, the rate currently sits at 3.75% variable, locked until the child turns 18.

On the non-ISA side, the Fixed Rate Saver to 30 November 2027 pays 4.00% fixed with no access until maturity. The Regular Saver pays 4.00% variable (early access carries a charge equal to 30 days' interest). The 5 Access Saver pays 3.50% variable with five free withdrawals per year - go beyond that and a charge applies. The Young Saver pays 4.00% variable with instant access, and the Easy Access Saver pays 2.00% variable with unrestricted, charge-free withdrawals.

Is it right for you?

Coventry tends to suit savers who want a dependable mutual with a wide product range rather than a single market-topping rate. The easy access and limited access ISA options give useful flexibility. The First Home Saver - with its potential bonus - stands out if a family mortgage is on the cards. The fixed-rate accounts are worth a look if you can put cash away without touching it until maturity.

There are no current account switch offers from Coventry directly. If you want everyday banking alongside your savings, note that the society's acquisition of The Co-operative Bank means that option exists within the wider group, though the two brands remain operationally separate for now.

All deposits with Coventry Building Society are protected by the FSCS up to £120,000 per person. Joint accounts get £240,000 between two holders.

Rates move over time, so check the live figures shown on this page before you apply.