Coventry launches exclusive savings account for existing mortgage borrowers

Coventry Building Society has launched an exclusive savings account for its loyal borrowers. 

Mortgage Loyalty Saver offers a rate of 4.80% and can be opened by those who have an existing mortgage with the Society. Savers can deposit up to £500 into the account each month within its 12-month term.

Upon maturity, savers have the option to continue saving in an easy access account or withdraw their funds. They can also use the money to overpay on their mortgage, above the existing 10% allowance and without any early repayment charges.

Oli Dyer, head of mortgage and savings proposition at Coventry Building Society, said: “This unique account rewards mortgage borrowers by giving them a highly competitive rate on their savings. It’s another exclusive rate to reward our members for their loyalty and help them to make the most of their money. 

“We’ve designed the account to be as flexible as possible, so members can save in a way that suits them - whether that’s weekly, monthly, or with occasional breaks. With a low minimum deposit of just £1 and no limit on the number of deposits, members can contribute as often as they like, up to £500 per month.

“After a year, borrowers have the freedom of spending their savings on whatever they wish, whether that be to continue to build their savings pots, spend on essentials or a new bigger purchase, or potentially overpay their mortgage without the worry of early repayment charges.”