The lender has also increased its savings rates for new and existing savers by up to 0.25%.
All affected savers and borrowers will be contacted no later than 23 August 2018, the lender said.
A spokesperson from Coventry Building Society added: “We’re contacting all affected members, not just the ones the regulations require us to, because we want all members to know and understand the decisions we’re making.”
Other rate rises
Other lenders have also increased their rates following the Bank of England’s base rate rise from 0.5% to 0.75% in August.