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No payout for Stroud and Swindon Building Society members

The Coventry Building Society has today agreed terms with the Stroud and Swindon Building Society although there will be no windfall for members of either mutual society. However, members of the smaller Stroud and Swindon Building Society will benefit from more competitive rates of interest in both the mortgage market and the savings market. It is estimated that around two thirds of the 251,000 savings accounts to be transferred will see an improvement in savings rates as the enlarged company reverts to products offered by the Coventry Building Society.

There will also be in immediate improvement in mortgage rates for Stroud and Swindon customers on the standard variable rate which will fall from 5.99% to the Coventry's 4.74%. It is well-known that the Coventry's standard variable mortgage rate is one of the lowest in the market at the moment hence the significant improvement for those customers of the smaller society. There will also be more benefits in the future not to mention the fact that the operation will become part of a larger and more financially secure group.

While the days of large bonuses on the takeover of mutual building societies may have fallen by the wayside, there is no doubt we will see further mergers and acquisitions in the short to medium term as the financial demands of the modern day market continue to impact upon smaller building societies.

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