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New easy access best buy saver pays market-leading 2.85% 

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05/12/2022
Coventry Building Society has jumped to the top of the easy access savings accounts with a rate of 2.85%. However, for fixed terms, savers should move fast as rates are starting to fall.

From easy access, to bonds, to ISAs, savings rates have been on the rise since the start of the year. However, according to Savings Champion, on fixed terms those rates are starting to fall.

While the downward moves may be marginal month on month, the fixed term bond market has ‘peaked’, according to data from Savings Champion.

Best bond and easy access rates

There is a new best buy easy access savings account from the Coventry Building Society paying 2.85%. The account is online only for application and access and allows a maximum of six easy access withdrawals per year (although additional withdrawals are allowed (including closure), subject to 50 days’ loss of interest).

Meanwhile, fixed term rates have fallen across the board, although they are still far higher than even two months ago, according to Savings Champion.

Anna Bowes, co-founder of Savings Champion said: “What a difference a month makes. The figures clearly show that the fixed term bond market has peaked, with best buy rates falling across all terms.

“That said, compared to even just two months ago, the current rates are still far higher – so those who were looking to tie up some of their cash in order to earn a little more interest might want to get a move on in case rates fall further still.

“Variable rates should still be party to a few more increases especially if we see another base rate rise on 15 December – so we could still end the year on a high.”

Current best buy easy access and fixed term bond rates:

  • 2.85% on an easy access account
  • 4.35% on a one-year bond
  • 4.68% on a two-year bond
  • 4.75% on a three-year bond
  • 4.85% on a five-year bond

Cash ISAs trend downwards

Fixed-term cash ISAs have also followed their fixed term peers in dropping slightly. However, the easy access best buy has retained the same interest rate as last month.

Current best buy easy access and fixed term cash ISA rates: 

  • 2.50% on an easy access cash ISA
  • 3.81% on a one-year fixed term cash ISA
  • 4.11% on a two-year fixed term cash ISA
  • 4.35% on a three-year fixed term cash ISA
  • 4.30% on a five-year fixed term cash ISA

Bowes notes that savers should move quickly and review their accounts to ensure they are getting the best deals.

She said: “Those who have not reviewed their cash savings accounts this year should do so now, as they could well find it’s easy to put more money in their pockets by simply switching accounts and/or providers.”

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