40% Unexplained Interest Rate Cut

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woBaldwin475's review of Coventry Building Society

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“40% Unexplained Interest Rate Cut”

Written on: 29/10/2021 by woBaldwin475 (1 review written)

This so-called mutual society has sent me an email announcing a massive cut to 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 and inflation is about to rocket.

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 pays 1.75% on their regular saver account. So it is untrue to say the Coventry is responding to the market - the Coventry is leading the market.

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