The account pays 0.65% AER/gross a year for up to £20,000 in a sole account or £40,000 for joint accounts. Interest is paid annually on the anniversary of account opening or monthly at the end of the last day of the month.

Savers can access their cash as many times as they want with 21 days’ notice, or immediately subject to 21 days’ interest penalty.

At the end of the 12-month term, the account will automatically transfer to Easy Access Saver (7) (currently paying 0.30%), which is an easy access account allowing unlimited withdrawals without charge.

Customers can only be named on one Loyalty 21 Day Notice Saver at any one time, either solely or jointly. You need to be aged 16 or over to open an account.

Edward Sadler, senior savings manager at Coventry Building Society, said: “Whether it’s by paying members over the market average or introducing exclusive accounts for long-standing members, we know it’s important to savers that their loyalty is rewarded. We also think it’s the right thing to do, which is why we’re launching the Loyalty 21 Day Notice Saver.

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“As a mutual building society putting our members first is at the heart of our organisation and we’re hoping that this account will give back to them.”

The Loyalty 21 Day Notice Saver can be opened and managed online, by phone, by post or in branch.