The Coventry Building Society has reached an agreement with the Stroud and Swindon Building Society. Though there will be no payout for the members of either mutual society, they will benefit from the competitive rates of interest from the mortgage market and savings market. According to estimates, about two thirds of the 251,000 savings account will soon be transferred, which will improve the savings rate of the company.
The Stroud and Swindon Building Society members will, however, see an immediate improvement in the mortgage rates, since the standard variable rate will fall from 5.99% to 4.74%.
Coventry has the lowest variable mortgage rate in the market now; hence, the members of the smaller Stroud and Swindon Building Society will benefit from the improved rates. There will be more financial benefits to the members when the smaller society merges with Coventry Building Society that is not only large but also secure.
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