Inflation: Victoria Scholar discusses rise in interest rates
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The building society confirmed the increase will be implemented on October 7, 2022 and affect 93 percent of members who have a variable savings account. This latest intervention by Coventry Building Society comes after the Bank of England raised the UK’s base rate to 2.25 percent in a bid to address inflation which has hit 9.9 percent. Banks and building societies are passing on this interest rate hike to their customers who are seeing their returns on savings diminished during the cost of living crisis.
Early next month, the majority of variable rate savings accounts at Coventry Building Society will experience a rate rise between 0.20 percent and 0.40 percent.
The minimum …