Coventry BS launches top-paying easy access savings account
Coventry Building society has launched a market-leading instant access savings product at 1.46 per cent.
However, savers need to read the small print. The rate includes a 0.31 per cent bonus until 31 March 2021 – the then rate falls to 1.15 per cent.
Three withdrawals are allowed each year without charge. Where more than three withdrawals are made in a year, the fourth and all subsequent withdrawals will be subject to a 50-day interest charge on the amount withdrawn.
For income-seekers, there is also a version of the account that pays interest monthly at a slightly reduced rate.
The account can be opened in branch, over the phone, online or by post. Savers can stash between £1 and £250,000 in the account.
The society increased the rate on its the Limited Access ISA last week, with this account now also paying 1.46 per cent taking the top spot in the easy access ISA best buy tables.
Matthew Carter, head of savings and mortgages at Coventry Building Society, said: “Our Limited Access ISA has been very popular with savers. So we have decided to launch a similar, non-ISA product, ideal for savers who also want to enjoy the same great rate with access to their savings, but have already used up their annual ISA allowance.”
Last month saw former table topper Marcus Bank cut the rate on its market-leading easy account from 1.5 per cent to 1.45 per cent for new savers.