The new account, from Coventry Building Society, is a joint market leader paying 4% and allowing four withdrawals per year.

It comes as rates have been steadily rising across the savings market following several rate hikes from the Bank of England (BoE).

The Four Access Account is available to new and existing customers and is an online account which can be opened with a minimum of £1.

Savers can make four withdrawals per year, any further withdrawals will result in a 50-day loss of interest penalty. It pays monthly or annual interest, which can be added to the account or paid away.

How does the account stack up?

The account pays the same amount of interest as West Brom BS’s Double Access Account (Issue 2).

It can be opened at a branch or on by post and also managed on the phone. It also has a minimum deposit of £1 to open, interest can be paid away or compounded and it’s paid yearly.

Meanwhile, the HSBC Online Bonus Saver rate increased to pay 4% AER (3.96% gross) last week. It’s an easy access account for current account or savings holders, with this interest rate applied to the first £10,000 deposited. 

Do note that the product comes with a standard rate of 1.35% AER, meaning the 4% includes a bonus rate which is paid in any month where you don’t make a withdrawal. If you do need to access your cash, the interest rate will plummet to the standard rate of 1.35% AER.

For savings above £10,000, you’ll get an interest rate of 2.30% AER (including bonus) or 1.35% on its standard rate.

Best rates on the market

However, these aren’t the best rates around. There’s a 95-day notice account from QIB (UK) on offer via Raisin UK which pays 4.75%. The 95 Day Notice Account (Issue 18) can be opened with £1,000 however earlier access is not allowed.

There is also the FirstSave 60 Day Notice Account (May23) which can be opened with £100. Early access is allowed but will result in a 60-day loss of interest penalty.

Matthew Carter, head of savings at Coventry Building Society, said: “Our range of limited access saver products have been really popular with our members, offering fantastic value while having some flexibility to occasionally dip into their savings and access their money.

“Our new online Four Access Saver is ideal for those that only take money out of their savings pots a few times a year but want the peace of mind that a limited access account provides. Whether saving small amounts or larger lump sums, the account is also ideal for those searching for a highly competitive rate for their savings.”