Latest news with #CoventryBuildingSociety
Daily Mirror
08-05-2025
- Business
- Daily Mirror
High street bank to charge thousands extra £36 a year to access bank accounts
The Everyday Extra account functions like a regular bank account, but as you have to pay for it, it is slightly different from a traditional one, as it gives customers additional benefits The Co-operative Bank will be increasing the price of one of its popular packaged bank accounts within weeks. From July 1, the high street bank's Everyday Extra account will be rising from £15 to £18. The Everyday Extra account functions like a regular bank account, but as you have to pay for it, it is slightly different from a traditional one, as it gives customers additional benefits. This includes mobile phone insurance, worldwide travel insurance and UK and European breakdown cover. Currently, customers who have this account pay £180 a year for the benefits. From July, the yearly charge will rise by £36 to £216. The Co-operative Bank - which was taken over by Coventry Building Society in January 20225- says the price hike is due to supplier price rises. A spokesperson for the bank said: "The subscription fee on our Everyday Extra product has remained constant since its launch in 2017. "But due to the costs levied by our suppliers increasing during this time, we've had to make the decision to increase the fees that our customers will pay from July 1, 2025." Co-op Bank has about 2.5m retail and business customers Get the best deals and tips from Mirror Money WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. Last week the Co-operative bank launched a switching offer of £175. Banks and building societies often offer cash incentives to new customers willing to make a full switch from their existing current account. To get the bonus, you must switch your account to a Co-op Standard Current Account, Current Account Plus, Privilege, Privilege Premier or Everyday Extra account. New customers will get £100 completing a bank switch to Co-op, and £25 each month for three months, giving a total of £175. Join Money Saving Club's specialist topics To receive the first £100 payment, customers will need to deposit a minimum of £1,000 into their accounts within 30 days. This can include balances transferred as part of the switch. Customers must also transfer two active direct debits and make a minimum of ten card transactions. They must also register for Co-op's online or mobile banking service. There are a few more hoops to jump through to receive the additional £25 payments in the first three months. The £25 monthly payments will not start until 30 days after the switch is completed and after switchers receive the initial £100 payment. Customers must deposit a minimum of £1,000 into their account each month, have two active direct debits, and make a minimum of 10 debit card or digital wallet transactions. If you have received a switching incentive from the Co-operative Bank after November 1, 2022, you will not be eligible for the bonus.
Daily Mail
28-04-2025
- Business
- Daily Mail
Solar panel installations surged 41% last month as households look to cut bills
The number of households installing solar panels surged last month, according to new data. More than 17,000 households installed solar panels in March, according to Coventry Building Society - a 41 per cent increase on the same month last year when around 12,200 were installed. In 2025 so far, solar panels have been installed on more than 45,000 homes - an increase of 28.6 per cent. The rate of installations peaked in 2011 with more than 200,000 installations during the year. This followed the launch of the feed-in tariff scheme, which meant solar panel users could export excess energy back to the grid and get paid for it. This dipped in subsequent years when Government support was scaled back but it has rebounded recently. Sophie Mason of Coventry Building Society said: 'Whether people are looking to do their bit for the planet or keep their energy bills down, solar panels are proving to be a popular investment. 'The momentum we're seeing now seems to be driven by consumers looking for long-term solutions amid rising energy bills and growing climate awareness. 'While the upfront cost can be a barrier, it's important to view solar panels as a long-term investment and remember there are schemes available which can help.' How much money do solar panels save? The main drawback of installing solar panels is the upfront cost. A typical three-bedroom home installing a 4.5kW system will have to fork out £7,500 for installation, according to the Federation of Master Builders, rising to £9,800 if they also want a battery to store excess power. That means it could take 12.7 years to break even or 10 years with a solar battery included. It takes fewer years to make your money back with a battery, as stored energy can be saved and used at times when the cost of power is highest. For most households, the main benefit is that installing solar panels can save hundreds of pounds a year on bills. A typical three bedroom home installing a 4.5kW system will save £261 a year on energy bills, the Federation of Master Builders says. This saving could be increased to £579 for households that use the Government's Smart Export Guarantee scheme. This allows households to earn a passive income from their solar panels by selling power back to the grid. This can be further helped by buying a solar battery. Solar batteries allow households to store the excess energy they generate. The FMB says the average household can earn around £75 annually by installing a solar battery. This month, the energy price cap which governs gas and electricity bills for those on variable tariffs went up by £111 per year for the typical home to £1,849. It is the third time in a row that the price cap, which is reassessed by Ofgem every three months, has gone up. Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you. > Find your best mortgage deal with This is Money and LC
Business Mayor
23-04-2025
- Business
- Business Mayor
Treasury raked in £1.4BILLION in stamp duty in March as home buyers raced to beat hike
Homebuyers rushed to complete their property purchases in March ahead of stamp duty going up on 1 April, new figures have revealed. The Treasury raked in a collective £1.4billion in stamp duty receipts in March, according to analysis of His Majesty's Revenue and Customs data by Coventry Building Society. It was a £357million increase on the previous month, and a £544million (63 per cent) increase on March 2024. This was the final month where homebuyers could benefit from the reduced stamp duty thresholds. From 1 April the nil rate thresholds dropped from £250,000 to £125,000 for home movers – taking the tax bill on an average-priced home in England from £2,082 to £4,582. Your browser does not support iframes. First time buyer relief dropped from £425,000 to £300,000. The average first time buyer home in London costs £477,695, meaning the stamp duty bill for a typical first time buyer in the capital shot from £2,634 to £8,884, according to Coventry. So far this year, homebuyers have paid £3.3billion in property taxes. The thresholds are now at levels which were originally set in 2014, when the average house price in England was £191,986, compared to £291,640. The average tax bill was £1,340 in 2014, compared to £4,582 today, by Coventry's estimates. Stamp duty was temporarily reduced in 2022 as part of the then-Conservative government's growth plan. 'March was always going to be a busy month for homebuyers, with people rushing to complete before the stamp duty cliff edge,' said Jonathan Stinton, head of mortgage relations at Coventry Building Society. 'Now the deadline has passed, many will be facing thousands more in upfront costs – which can be a big hit when people are already juggling deposits, legal fees, and the cost of setting up a home. 'These kinds of changes don't just affect individual buyers – they can shift the market as a whole. 'Some might delay moving altogether, while others could be priced out of areas where the average house price is above the threshold. 'It raises the question about whether our property tax system is keeping pace with today's housing market – where prices have surged and tax bills rocketed as a result.' Looking ahead, some experts think the stamp duty stampede will give way to a lull. This happened in July 2021 after the previous stamp duty holiday, which was in place during the pandemic, began to be phased out. This resulted in average house prices falling by 4.7 per cent in one month from £242,777 to £231,386, according to Land Registry data, a dive of more than £10,000. The stamp duty holiday was fully phased out on 30 September 2021, which resulted in another monthly fall of 2.5 per cent in October. Jonathan Hopper, chief executive of buying agent, Garrington Property Finders, thinks we are likely to see the tax take fall over the coming months. 'The £1.4billion paid into Government coffers in March could prove a high water mark for stamp duty receipts, and this figure may not be beaten for some time to come,' said Hopper. Jonathan Hopper, chief executive of buying agency Garrington Property Finders 'In an ironic twist, the Chancellor's decision to increase the tax burden on thousands of homebuyers may end up delivering less revenue for the Treasury, not more – making this tax grab less than a stellar success.' '[The stamp duty reduction} created a distorting effect in the market, in which some prospective buyers brought forward their purchase in order to save thousands in tax.' Hopper is now expecting to see activity drop off as buyers adjust to higher stamp duty costs. The number of prospective buyers contacting estate agents fell in March. 'With those transactions now complete, some parts of the country are facing a 'morning after' effect in which buyers are suddenly thinner on the ground. 'In fact, the party was already winding down during the final weeks of the stamp duty surge. 'Looking ahead, the market is once again being driven by the forces of supply and demand. 'With the supply of homes for sale increasing each month, those planning a move are often spoilt for choice. 'With high levels of supply likely to keep price rises modest and mortgage lenders reducing the cost of borrowing in recent weeks, homes could become steadily more affordable in coming months.' Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you. > Find your best mortgage deal with This is Money and L&C Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage. Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.
Daily Mail
23-04-2025
- Business
- Daily Mail
Treasury raked in £1.4BILLION in stamp duty in March as home buyers raced to beat hike
Homebuyers rushed to complete their property purchases in March ahead of stamp duty going up on 1 April, new figures have revealed. The Treasury raked in a collective £1.4billion in stamp duty receipts in March, according to analysis of His Majesty's Revenue and Customs data by Coventry Building Society. It was a £357million increase on the previous month, and a £544million (63 per cent) increase on March 2024. This was the final month where homebuyers could benefit from the reduced stamp duty thresholds. From 1 April the nil rate thresholds dropped from £250,000 to £125,000 for home movers – taking the tax bill on an average-priced home in England from £2,082 to £4,582. First time buyer relief dropped from £425,000 to £300,000. The average first time buyer home in London costs £477,695, meaning the stamp duty bill for a typical first time buyer in the capital shot from £2,634 to £8,884, according to Coventry. So far this year, homebuyers have paid £3.3billion in property taxes. The thresholds are now at levels which were originally set in 2014, when the average house price in England was £191,986, compared to £291,640. The average tax bill was £1,340 in 2014, compared to £4,582 today, by Coventry's estimates. Stamp duty was temporarily reduced in 2022 as part of the then-Conservative government's growth plan. 'March was always going to be a busy month for homebuyers, with people rushing to complete before the stamp duty cliff edge,' said Jonathan Stinton, head of mortgage relations at Coventry Building Society. 'Now the deadline has passed, many will be facing thousands more in upfront costs – which can be a big hit when people are already juggling deposits, legal fees, and the cost of setting up a home. 'These kinds of changes don't just affect individual buyers – they can shift the market as a whole. 'Some might delay moving altogether, while others could be priced out of areas where the average house price is above the threshold. 'It raises the question about whether our property tax system is keeping pace with today's housing market – where prices have surged and tax bills rocketed as a result.' What will stamp duty changes mean for the market? Looking ahead, some experts think the stamp duty stampede will give way to a lull. This happened in July 2021 after the previous stamp duty holiday, which was in place during the pandemic, began to be phased out. This resulted in average house prices falling by 4.7 per cent in one month from £242,777 to £231,386, according to Land Registry data, a dive of more than £10,000. The stamp duty holiday was fully phased out on 30 September 2021, which resulted in another monthly fall of 2.5 per cent in October. Jonathan Hopper, chief executive of buying agent, Garrington Property Finders, thinks we are likely to see the tax take fall over the coming months. 'The £1.4billion paid into Government coffers in March could prove a high water mark for stamp duty receipts, and this figure may not be beaten for some time to come,' said Hopper. 'In an ironic twist, the Chancellor's decision to increase the tax burden on thousands of homebuyers may end up delivering less revenue for the Treasury, not more - making this tax grab less than a stellar success.' '[The stamp duty reduction} created a distorting effect in the market, in which some prospective buyers brought forward their purchase in order to save thousands in tax.' Hopper is now expecting to see activity drop off as buyers adjust to higher stamp duty costs. The number of prospective buyers contacting estate agents fell in March. 'With those transactions now complete, some parts of the country are facing a "morning after" effect in which buyers are suddenly thinner on the ground. 'In fact, the party was already winding down during the final weeks of the stamp duty surge. 'Looking ahead, the market is once again being driven by the forces of supply and demand. 'With the supply of homes for sale increasing each month, those planning a move are often spoilt for choice. 'With high levels of supply likely to keep price rises modest and mortgage lenders reducing the cost of borrowing in recent weeks, homes could become steadily more affordable in coming months.' Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
Yahoo
13-04-2025
- General
- Yahoo
Crews tackle large household waste fire
Crews are tackling a fire involving a large amount of household waste in Coventry. Emergency services were called to a building on Coronel Avenue near the Coventry Building Society (CBS) Arena at about 12:20 BST on Sunday. West Midlands Fire Service said 100 tonnes (2,240 pounds) of waste was on fire at the industrial site. Three fire engines are currently at the scene and the service asked people to avoid the area where possible. Follow BBC Coventry & Warwickshire on BBC Sounds, Facebook, X and Instagram. West Midlands Fire Service
