Coventry Building Society launches new ISA with 3.80 percent interest rate

Following the Bank of England raising the base rate nine consecutive times, Coventry Building Society is among the high street financial institutions which are offering enhanced savings rates to customers.

As it stands, the UK’s base rate is at 3.5 percent and is expected to rise even further, according to some experts.

The reason the central bank has opted to make this decision is due to the country’s soaring inflation rate, which is at 10.5 percent.

One of the consequences of this is that returns on savings become severely diminished as a result of the record high rate of inflation.