A member owned financial institution which started in Coventry, England. The company’s assets exceed £42.5 billion, which makes it second largest in the UK. Coventry has large numbers of members who entrust their savings to the Society, and many members use the Society’s lending practices to fund large purchases like real property.
The total number of branch and agency locations are approximately 90. Take a look at our branch finder, on opening-times.co.uk, or find one of our numerous agencies that will be happy to assist you with your financial affairs. The Society’s logo is the world-renowned Lady Godiva, an important figure of Coventry.
Branches typically open at 9:00am and close at 4:45pm. Although a few have different closing times, they don’t vary by a significant amount. Agencies generally open at either 9:00am or 9:30am Monday through Friday, but closing hours vary, and many close for lunch. Most are not open on Saturday, but some are open in the morning from 9:00am to Midday. Be sure to use the opening-times finder to know these hours for your local establishment.
When a person thinks about a financial institution like a Building society or a bank, they often think of stuffed shirt. Coventry is not made up of a collection of buildings. It is really a large group of regular people helping one another.
The society provides mortgage services to its members. It also offers investments to its members to help them grow their money. Coventry provides a safe place for members to save for future needs. Insurance is offered as another way for members to buy security and peace of mind.
Coventry Building Society is monitored by the regulating agencies of the Financial Conduct Authority and the Prudential Regulation Authority.
Coventry is a member of the Building Societies Association, the Financial Services Compensation Scheme, the UK Payments Council and UK Cards Association.
The Society was founded way back in 1884. It began as the Coventry Permanent Economic Building Society. The purpose was to allow the local community to gain an increase in access to finance. It took no more than 30 years for it to became the largest society in the county.
During the period immediately following their creation, hundreds of building societies were formed. Almost every town had a society.
The Building Societies Act was enacted in 1986 because a significant number of societies felt unable to compete with banking institutions. This act allowed building societies to 'demutualise', which is to change the structure of a society to a limited company if more than 75% of members voted in favour of the action. These members would exchange their mutual rights for shares in this new company.
In the decades following, societies decreased in numbers, through mergers demutualisation and eventual takeover by a listed bank. Most existing societies are the result of mergers between smaller, struggling societies. Coventry continues to resist demutualisation.
Coventry announced a merger on 23 March 2010. This combination with with the Stroud and Swindon Building Society would retain the Coventry brand. The resulting enterprise would have 1.7 million members, 70 branches and 22 agencies.