Big building society launches savings account with 5% rate and one-off £50,000 prize draw
- New regular saver account pays 5% and comes with 50 £1,000 prizes
Coventry Building Society has launched a new savings account with a 5 per cent rate and the chance to win one of 50 £1,000 prizes.
Britain's second biggest building society, which has 2million members, has launched the new loyalty regular saver account which allows a maximum monthly contribution of £250.
Members who open this account will be entered into a prize draw which has a pot of £50,000.
To be eligible to open the account and entered into the prize draw, members must have been with Coventry since last year.
The new savings account and prize draw is designed to reward loyalty and therefore is not open to newer members.
It can be opened by anyone who has held a savings account or mortgage with Coventry continuously since at least 1 January 2025.
Someone who became a Coventry member in March 2025 for example by opening a savings account or taking out a mortgage would not be eligible to open the account or be entered in the prize draw.
Coventry Building Society has launched a regular saver for members with a 5% rate and change to win a £50,000 prize
The prize draw will take place on 31 May 2025 and members must have at least £100 in their loyalty regular savings account account on that date.
The savings account pays 5 per cent interest and members can put away up to £250 a month in it.
The minimum balance is £1 and there's no limit on the number of times savers can put money in over the year, as long as it doesn't exceed £250 a month.
If the maximum £250 is saved every month, after 12 months, the total amount saved with interest earned would be £3,080.89 - so £80.89 of interest.
Regular savers are an ideal starter home to build up a savings pot and get into the habit of tucking money away, but are not usually worthwhile for those with lump sums to save.
Coventry Building Society said that the account was part of its 'rewards package'.
Bethaney Cozens, savings manager at Coventry Building Society, said: 'Our loyalty accounts are one of the ways we can reward our two million members for saving their money with us.'
The society expects the account to be popular, especially with those who have little to set aside each month.
A saver putting away the maximum £250 in the account would make a return of 300 per cent if they won one of the 50 £1,000 prizes.
After 12 months, the loyalty regular saver account matures into a standard easy-access account paying a rate of 2.7 per cent.
The account can be opened in branch, over the telephone and online but it can only be operated via telephone services and online services.
Coventry also has a non-loyalty regular saver paying 4.5 per cent, which those who became a member of the society after 1 January 2025 can open - but they won't be entered into the prize draw.
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