The Double Access Saver (Online) (2) replaces the Double Access Saver (Online) which has now closed to new applications.

The Double Access Saver account 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Any further withdrawals in that year will incur a charge of 50 days’ interest from the amount withdrawn.

The account can only be opened and managed online via Coventry Building Society’s website.

Ian Biggs, head of product performance at Coventry Building Society, says: “Many savers are looking for a good return for their money in the long run without being locked into a fixed term. This account is a great option for those who want to be able to access their money but don’t expect to need to do so more than a couple times each year.

“We’re committed to supporting savers in what is a fast moving market and providing good value in the long-term.”

Coventry’s rate comfortably beats the next best paying easy access account which is from Paragon Bank. It pays 0.8% AER and allows three withdrawals each year.

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.

The first issue of Coventry’s Double Access Saver proved popular with the society saying there was “unprecedented demand”.

Savers who have already opened this account will still benefit from the rate of 1.20% AER, but this account is no longer open for applications.