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Coventry BS launches best easy access rate of the year
Coventry Building Society has increased the rate on its Limited Access Saver to 1.40% – the highest easy access rate so far this year.
Savers can open an account with as little as £1 up to a maximum of £250,000.
Money can be taken out of the account up to three times a year without a charge, with any further withdrawals subject to a penalty of 50 days’ loss of interest.
The deal is open to savers aged 16 or over and can be operated by telephone or online.
YourMoney.com view: With the average easy access account paying 0.42%, this deal will no doubt catch the attention of savers who want quick access to funds.
But they should be aware that the deal includes a bonus of 0.40% for 12 months. That means after the first year, the rate becomes variable. It’s currently 1.00% but it could go up or down.
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So savers will have to review the rate before the bonus period expires to make sure they’re getting the most competitive deal.