UPDATED: As of 5pm today, this rate has now been cut from 1.41% to 1.34%

Bank of Cyprus UK has jumped to the top of the best buy tables with an account paying 1.41%, just beating the next best easy access deal from Coventry Building Society, which offers 1.40%.

The Bank of Cyprus UK’s account comes with a bonus of 0.56% for the first 12 months, which means savers should make a note to review their account in a year’s time.

It also allows unlimited withdrawals, unlike the Coventry option, which permits just three penalty-free withdrawals per year.

It can only be opened and managed online and the minimum deposit is £1.

Anna Bowes, co-founder of independent savings advice site, Savings Champion, said: “Some may be wary of using a provider that they are not familiar with but they should be reassured to know that Bank of Cyprus UK has a UK banking licence and is part of the UK Financial Services Compensation Scheme – so funds of up to £85,000 per person, are fully protected.”