The building society that lets customers see if rivals offer better rates... but is Coventry's move honesty or a sign it doesn't want your cash?
Coventry Building Society has taken the unusual step of allowing savers to compare its savings rates with rivals after a website revamp.
Britain's third biggest mutual is allowing people to compare similar products across the market - looking at rates, how much cash can be held and how they operate - using independent data from Moneyfacts.
For example, Coventry BS's best buy easy-access account offers 0.85 per cent interest. It then lists all rival accounts, including those that beat it – in this instance, RCI Bank is top of the charts with a 1.1 per cent rate.
Transparent: The building society is allowing potential customers to compare savings rates with rivals
Coventry BS says that the move is down to customers wanting 'simplicity and transparency from banks and building societies.'
It is the only major savings provider in Britain to offer comparisons this way.
However, while some may question the logic of the mutual potentially deflecting business away to competitors, others may admire its honesty.
It also now provides links to best buy tables from independent websites, including Moneyfacts, and Savings Champion.
> This is Money offers a full list of independent savings tables here.
The Coventry easy-access account features in This is Money's independently-compiled tables, as does its cash Isa – however, its one-year fixed-rate doesn't offer a high enough rate to warrant a mention.
Visitors to the Coventry website can also choose to see the interest they would earn on its products in pounds and pence depending on how much money they have to save.
Example: The new Coventry website lists all of the accounts which beat the mutual
Mark Parsons, chief executive at Coventry BS, said: 'Our new product comparison tool is unique amongst major UK savings providers.
'Customers can see exactly how our savings accounts measure up against the competition on the things that matter to them.
'If a competitor's account offers a better deal for them, they'll be able to see that straightaway.
'We've also provided customers with a link to best buy tables, if they would rather check with a different independent source.
'We're proud of our new website and hope that customers find the new tools helpful and easy to use.
'But we're not stopping there – we have more changes planned to make things more simple and transparent for both new and existing members, in every part of their relationship with us.'
Coventry has 1.8million members and has assets exceeding £36billion.
Savings with the mutual are covered under the Financial Services Compensation Scheme, which saw the limit rise to £85,000 yesterday.
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