Building Societies Compete on Market-Leading Savings Rates

UK building societies have kicked off the New Year with a series of competitively-priced savings rates, in a sign that savers may finally see an end to low interest rates in 2019.

West Midlands-based Tipton & Coseley Building Society has launched a new fixed rate regular saver account which will pay two per cent AER until 31st January 2020.

Meanwhile, Epsom’s Family Building Society is now offering an easy access savings account which pays 1.45 per cent.
These two building societies are now offering some of the highest savings rates in the country, although Marcus Bank’s 1.5 per cent online-only rate is still the market leader in terms of instant access savings accounts. Virgin Money and West Bromwich Building Society are also offering 1.5 per cent but with restricted withdrawal terms.tipton

Earlier this year, Coventry Building Society issued two new fixed-rate ISA accounts, paying 1.75 per cent and 1.9 per cent until June 2021 and 2022 respectively.

Coventry has since sparked ire after announcing that it will reduce its popular Poppy ISA rates from 1.25 per cent to 1.15 per cent from 1 February 2019.However, building society members are set to have more choice in their savings accounts throughout 2019, as nation-wide branches start to court savers once more.

“Our new fixed rate regular saver account provides savers with a competitive rate of two per cent gross / AER to help them make more of their money in 2019 whether they’re saving for a holiday, car or to help a family member on to the property ladder,” said Richard Newton, chief executive officer at Tipton & Coseley Building Society.

Kathryn Gaw

Kathryn Gaw is a financial journalist based in Belfast, Northern Ireland. She has been writing about personal finance and investment trends for more than a decade, and her work has been featured in the Financial Times, City A.M., the Press Association, and The Irish Independent, among many other publications.