The Double Access Saver (Online) (2) account, which paid 1.1% AER interest, only launched on 24 September.

It is now closed to new applications and has been replaced with the Double Access Saver (Online) (3) account which pays 1.05% AER.

Coventry Building Society’s Double Access Saver accounts allows two withdrawals a year, with the year calculated from the date the account was opened.

Any further withdrawals in that year will incur a charge of 50 days’ interest on the amount withdrawn.

The Double Access Saver (Online) (3) account can only be opened and managed online via Coventry Building Society’s website.

Daniel McDonald, senior savings product manager at Coventry Building Society, says: “We remain committed to supporting savers in a fast-moving market and continuing to provide long-term value.

“Our Double Access offering is proving extremely popular with savers who are looking for a good return for their money and to be able to access it, but aren’t expecting to need to do so more than a couple times each year.”

Coventry Building Society said it closed applications for the second version of the account due to “unprecedented demand”.

Savers who have already opened this account will still benefit from the rate of 1.1% AER.

If customers have applied for Double Access Saver (Online) (2) they must complete their application by 14 October.

Despite the rate cut, Coventry’s  rate comfortably beats the next best paying easy access account which is from Newbury Building Society. It pays 0.85% AER and has a maximum investment of £3,000.

NS&I is currently paying 1% AER on its Direct Saver easy access account but this rate is being cut to 0.15% from 24 November.