Four Access ISA (Online)

First up is the Four Access ISA (Online) account paying a market-leading and “best in a decade” 4.90% AER.

As its name suggests, as well as an online-only account, savers are only permitted to make a maximum of four penalty-free withdrawals in the 12 months from opening the account. Subsequent withdrawals (including closure) will be subject to a 50-day interest charge on the amount taken out.

If this ticks your boxes, then when you’re ready to open the account online, you can choose annual interest (variable) paid at 4.90% tax-free AER or monthly interest (variable) paid at 4.79% tax-free AER.

The minimum opening balance is £1 for new and existing customers with a maximum of £20,000 that can be paid into an ISA in the current 2023/24 tax year. However, the mutual is accepting ISA transfers from previous tax years into this account.

According to Anna Bowes, co-founder of Savings Champion, “this is a great cash ISA” and a top rate not seen for over a decade.

Bowes added: “In contrast to the fixed term ISAs, there have been a number of new better easy access ISA launched recently, pushing the average of the top five up from 4.74% to 4.80%.

“In the fixed term ISA tables, we’ve seen several accounts withdrawn, especially the two-, three- and five-year terms. This indicates that the market is now expecting base rate to have either already peaked or will peak shortly at a lower level than previously expected.”

For savers looking for a completely unrestricted easy access ISA, the Shawbrook Easy Access Cash ISA (Issue 25) pays 4.81% AER on a minimum £1,000. As with Coventry, it can be opened online and allows transfers.

Triple Access Saver (Online)

The second blockbuster offering from Coventry is with its Triple Access Saver (Online) paying 5.2% AER for new and existing customers.

Savers can open an account with a minimum £1 and maximum £250,000 and again, as its name suggests, it allows three charge-free withdrawals a year. A fourth or further withdrawal will see the interest plummet with a penalty the equivalent of 50-days’ loss of interest.

It can be opened online and savers can choose between monthly or annual interest which can be added to the account or paid away.

According to Savings Champion data, the next top paying account in this ‘easy access’ category is 5.11% AER offered from Shawbrook with its Easy Access Account (Issue 36) on a minimum £1,000.

Bethaney Cozens, savings product manager at Coventry Building Society, said: “Our range of limited access saver products have been extremely popular with our members, offering fantastic value while having some flexibility to occasionally dip into their savings and access their money.

“Earlier this week, we launched a brand new online Four Access ISA at a market leading rate, ideal for those looking for a home for their ISA allowance. And today, we’ve launched another top rate limited access account which is a great option for those savers who have already reached their full ISA allowance for this tax year. Our new Triple Access Saver can be opened online with just £1 and has a substantial maximum balance, making it an ideal account for non-ISA savings.”