Coventry Building Society has announced the launch of its new savings account, the Loyalty 21 Day Notice Saver.
The account pays 0.65 percent, which is an improvement on the interest rates of the average savings account.
However, the latest offering from the UK’s second largest building society is only open to members who have been with Coventry since January 1, 2020.
As part of its plan to “reward loyal members”, the society will allow account holders to save up to £20,000 in their account.
At the end of a 12-month period, the Loyalty Saver will automatically be transferred to an Easy Access Saver account.
Currently, this specific savings account pays out 0.30 percent and allows unlimited withdrawals without any charge.
Edward Sadler, Senior Savings Manager at Coventry Building Society, explained why the society is keen to reward its loyal customers.
He said: “Whether it’s by paying members over the market average or introducing exclusive accounts for long-standing members, we know it’s important to savers that their loyalty is rewarded.
“We also think it’s the right thing to do, which is why we’re launching the Loyalty 21 Day Notice Saver.
“As a mutual building society putting our members first is at the heart of our organisation and we’re hoping that this account will give back to them.”
Those interested in opening up Coventry Building Society’s Loyalty 21 Day Notice Saver can visit their local branch or contact the society via phone or online.
All accounts can be managed by savers either online, over the phone or by visiting their local branch.
This latest endeavour by Coventry Building Society is part of its wider member reward package.
According to the financial group, 1.6million of its saving members have received £100million in “extra value” within the first six months of 2021 due to their savings rates being higher than the market average.
Other savings offerings by Coventry Building Society include their Regular Saver account current, which has an interest rate of 1.05 percent.
Through this particular account, the public will be able to pay upwards of £500 a month to grow their savings account.
Interest on the Regular Saver account is then issued annually to savers, but is calculated daily by the society.
This is because, similar to the loyalty account, the Regular Saver only lasts for a year, after which point it will close.
Following this, the account also changes to an Easy Access Saver, which allows unlimited withdrawals without any charge.