Coventry Building Society: Regular savers can get 1.05% interest rates on their savings

At a time when the Bank of England Base Rate is being held at the record low of 0.1 percent, a huge number of savers across the UK are keen to access the higher-paying interest rates. While it’s been more than a year since the Bank Rate was cut to its current level, there are still various options out there which pay rates of more than one percent.

It’s a variable rate, so it means the rate could change at any time.

The minimum balance for the account is £1.

Up to £500 can be paid into the account per month.

Savers can set aside money every month, or more often provided it doesn’t exceed the limit, for a year.

“The little you put away each month can become more than just money,” the building society states on its website.

“Whatever – or whoever – you’re saving for, Regular Saver [5] offers a competitive rate and lets you pay in up to £500 a month.”

There are various ways to open the account.

To do so, the person must be aged 16 or older.

The account can be opened online, by post, or by calling 0800 121 8899.

Ahead of the ISA season, TSB’s Head of Savings Peter Hatton has shared his advice on savings.

He said: “We’ve seen that many customers have managed to save more during the pandemic and, where people have been able to put some money aside, I’d strongly encourage them to continue this behaviour if they can.

“Equally, I know some individuals and households are struggling more than ever to save right now.

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“I’d always recommend building a solid foundation of savings if you’re able to, even if this means starting with small amounts.”

Mr Hatton also shared some tips for those looking to begin their savings journey.

“Do your research on the current accounts and savings accounts available in the market,” he said.

“For example, with our Spend & Save current account, we’ll automatically open a Savings Pot for you when you open a new account.

“And our Save the Pennies feature rounds up your debit card transactions to the nearest pound and moves your spare pennies into your Savings Pot, so you start saving a little bit each time you spend, without even having to think about it.

“Shop around for the right savings account for your needs, which may or may not be an ISA.

“Start your savings behaviour as soon as you can! Remember, you can open most accounts with as little as one pound and grow your savings over time.”



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