Coventry Building Society ‘competitive’ savings account | Personal Finance | Finance
Coventry Building Society has launched a new online Triple Access Saver account at a “highly competitive” interest rate of 4.83 percent.
The Triple Access Saver can be opened online with any amount from £1 up to £250,000. Savers can choose from annual or monthly interest, which can be added to the account or paid away.
The savings account is available to new and existing members and offers three withdrawals every 12 months starting from the day the account is opened.
Any additional withdrawals will be subject to a charge equal to 50 days’ interest.
Commenting on the new deal, Bethaney Cozens, savings product manager at Coventry Building Society, said: “Our range of limited access saver products have been extremely popular with our members, offering fantastic value while having some flexibility for people to occasionally dip into their savings and access their money.”
Describing the deal as “highly competitive”, Ms Cozens said the mutual has aimed to launch “another ‘Best Buy’ limited access account” which is a “great option” for those savers who have already reached their full ISA allowance for this tax year.
She added: “Our new Triple Access Saver can be opened online with just £1 and has a substantial maximum balance, making it an ideal account for non-ISA savings.”
But while Coventry Building Society may be offering a competitive deal, it isn’t currently topping the table for easy access savings accounts.
Still topping the leaderboard of easy access savings accounts offering the highest interest rate is Ulster Bank’s Loyalty Saver with an Annual Equivalent Rate (AER) of 5.2 percent on deposits of over £5,000. Those with deposits lower than £5,000 will be paid a lower AER of 2.25 percent. Interest is paid annually and on account closure, and withdrawals are permitted at any time up to the daily limits.
Chip’s Easy Access Saver (powered by Clearbank) places just behind with an AER of five percent. The rate includes a 0.93 percent bonus for 12 months and interest is paid monthly. Up to three withdrawals are permitted per year before a lower interest rate is applied, and up to £1million can be invested overall.
Oxbury Bank’s Easy Access Account (Special Edition One) offers an AER of 4.87 percent. The account can be launched with a larger minimum investment of £25,000 and interest is paid monthly. Up to £500,000 can be invested overall and there are no restrictions on withdrawals.
For those with smaller amounts to invest, the online bank cahoot’s Simple Saver places next with an AER of 4.85 percent on up to £500,001. Savers need a minimum deposit of £1 to get started, there are no restrictions on withdrawals, and interest is paid on the anniversary of opening.
