Coventry Building Society has launched an exclusive savings account for its loyal members to encourage new savings habits in the new year.
The Loyalty Seasonal Saver is available to those who have been with the society continuously since at least January 1, 2024, and offers a competitive variable interest rate of 6.00% for 12 months.
Savers can deposit up to £250 each month, with total savings, including interest, estimated to reach £3,097.89 by the end of the term if the maximum amount is saved monthly.
The account can be opened with as little as £1, and there is no requirement to deposit funds every month, providing flexibility for savers.
Bethaney Cozens, savings product manager at Coventry Building Society, said: “Saving now can help protect against future financial surprises and provide peace of mind, especially after high spending during the holiday season.
“The new Loyalty Seasonal Saver makes an ideal option for members who can set aside small amounts throughout 2025 to use during next year’s festive period.
“This account is designed to encourage regular saving, helping people save for specific goals or as a fallback during a time when finances can feel stretched.
“While we understand that not everyone can save every month of the year, putting aside even small amounts consistently can make a significant difference, offering a financial cushion for next year’s celebrations and giving members flexibility to withdraw funds without charge to spend on themselves or gifts for others.”
To help savers use their savings pots flexibly over the festive period, the 30-day interest withdrawal charge will be removed at the start of November 2025, enabling withdrawals without penalty.
The Loyalty Seasonal Saver can be opened online, in branch, over the phone, or by post. At the end of the 12-month term, the account will mature into Easy Access Saver (7), which currently offers a variable rate of 2.65% with unlimited withdrawals.
For those who do not qualify for the Loyalty Seasonal Saver, Coventry Building Society also offers Regular Saver (6).
This account is open to all new and existing customers at a rate of 4.75%, allowing flexible deposits of up to £500 per month without a minimum requirement.
