Coventry Building Society’s Double Access Saver (Online) (3) account, which paid 1.05% AER interest, only launched five days ago on 1 October.

It is now closed to new applications and has been replaced with the Double Access Saver (Online) (4) account which pays a lower rate of 0.96% AER.

It’s the third time the society has re-launched the account in the past fortnight. The Double Access Saver (Online) (2) account launched on 24 September and paid 1.1% AER. It closed for new applications on 30 September.

Coventry’s Double Access Saver accounts allow 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Any further withdrawals in that year will incur a charge of 50 days’ interest on the amount withdrawn.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) (4) 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: “Our Double Access offering continues to be extremely popular. We understand that it’s a fast-moving market for savers right now and we remain committed to providing good long term value.

“Savers who don’t want to be locked into a fixed term, but aren’t expecting to need to access their money more than twice a year can benefit from a good return on their money.”

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

Savers who have already opened this account will still benefit from the rate of 1.05% AER.

If customers have applied for Double Access Saver (Online) (3) they must complete their application by 19 October.

Despite the rate cut, Coventry’s  rate still beats the next best paying easy access account which is from Principality Building Society. It pays 0.9% AER and allows three withdrawals each year.

Yorkshire Building Society’s Internet Saver Plus Issue 7 pays 0.95% AER – but only on balances over £10,000.

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.