Coventry Building Society

Who they are

Coventry Building Society traces its roots back to 1884, when it was founded by Thomas Mason Daffern, a local bookkeeper, as the Coventry Permanent Economic Building Society. Over the following 140 years it grew from a modest local mutual into something considerably bigger. It is now the second largest building society in the United Kingdom, with total assets of more than £64 billion as of the end of 2024.

Being a mutual matters in a practical sense. Coventry is owned by its members, and because there are no shareholders, everything it does is based on members' best interests. That mutual structure has stayed intact through decades of change, including a significant recent development: in January 2025, Coventry completed a £780 million acquisition of The Co-operative Bank, restoring that institution to mutual ownership. Both brands continue to operate separately while integration work runs in the background.

One point worth knowing on FSCS protection: Coventry and The Co-operative Bank are currently operating under two separate banking licences, so eligible deposits with each are protected separately - up to £120,000 each. That position may change as the two organisations integrate over the coming years, so it is worth keeping an eye on if you hold savings with both.

Savings accounts

The one product currently listed on DepositScout for Coventry Building Society is their Junior Cash ISA. It pays a variable rate of 3.75% AER and can be opened with as little as £1. The account is locked until the child turns 18, which is standard for all Junior ISAs - the whole point is that it builds untouched over time. FSCS protection applies up to £120,000.

A couple of practical things to know before applying. The Junior Cash ISA is a branch and post only account - you cannot open it online, so you will need to visit a branch or send in a postal application. It is also worth noting that Coventry only accepts full balance transfers in from other Junior ISAs or Child Trust Funds, not partial transfers, so factor that in if you are thinking of moving an existing pot.

Coventry's broader savings range - including easy access accounts, fixed-rate bonds, regular savers and cash ISAs for adults - is not currently shown in our data. As always, the live rates on this page reflect the most current figures we hold.

Service and digital access

Coventry has a reputation for reliable customer service, and many members are long-standing ones. Reviewers regularly note that the web and app are simple to use, with confidence in their two-factor security and ease of moving money between accounts. That said, digital experience can be a mixed picture. Some customers describe the online website system as basic and clunky, though they acknowledge that you can get things done through it. The app supports biometric login via Face or Fingerprint ID , which is a sensible touch for day-to-day access. Certain accounts - including the Junior Cash ISA - cannot be opened via the app, so you need to manage that side of things in person or by post.

Is it right for you?

Coventry Building Society suits savers who value the solidity of a large, well-established mutual. It is not a fintech challenger, and it does not try to be. If you are looking to open a Junior Cash ISA at a competitive rate, it sits in the top tier of the current market - and the £1 minimum means there is no barrier to getting started.

The branch-and-post-only opening process for the Junior ISA is a genuine inconvenience for parents who prefer doing everything online. If that rules it out, it is worth comparing alternatives - some providers at the same rate tier offer online account management once you are set up.

As always, rates on savings accounts are variable and can change at any time. Check the live figures shown on this page before making any decision.