- Coventry BS has launched a 4.83% easy-access deal
- Offers a lower 4.33% if opened in branch
- Not strictly easy-access as you can only tap into the pot three times in a year
Coventry Building Society has launched a top easy-access savings deal with a rate of 4.83 per cent.
The account is open to new and existing members and can be opened with £1.
Savers opening an account with Britain’s second biggest building society would garner £483 of interest on a £10,000 deposit over one year.
But it comes with a few catches – the biggest of all is the account only allows up to three free withdrawals a year, so is not strictly a pure easy-access account.
Online perks: Coventry’s deal is the current market leader when it comes to easy-access but it restricta savers to three withdrawals a year
From the fourth withdrawal onwards, savers receive a charge equal to 50 days’ interest based on the amount they’re withdrawing.
And customers who open the account in a branch or as a postal or telephone account will get a lesser rate of 4.33 per cent – it has 69 branches across Britain. It is also set to takeover Co-op Bank early next year.
The account paying 4.83 per cent is only available online and savers can deposit up to £250,000, albeit with only up to £85,000 protected under the Financial Services Compensation Scheme or up to £170,000 in the case of joint accounts.
Savers can choose from annual or monthly interest, which can be added to the account or paid into their linked bank account.
Savers looking for an easy-access account without restrictions can get 4.81 per cent with Monument Bank – but it has a minumum deposit of £20,000.
Meanwhile, Dudley Building Society’s easy-access deal pays 4.75 per cent.
Cahoot offers a 5 per cent rate, but only on balances up to £3,000.
For savers who can avoid withdrawing cash more than three times in a year, it is the top rate.
> Best easy-access account: See This is Money’s independent best buy tables
Easy-access rates have taken a battering since the Bank of England cut interest rates to 5 per cent in August and held them at the same level last week.
Before this, savers could find easy-access rates paying 5.1 per cent. Savers would be wise to keep on top of savings rates to ensure they are getting the best deal.
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SAVE MONEY, MAKE MONEY
Investing boost
Investing boost
5.09% on cash for Isa investors
5.27% savings rate
5.27% savings rate
90 day notice account rate boost
Free share offer
Free share offer
No account fee and free share dealing
4.84% cash Isa
4.84% cash Isa
Flexible Isa that now accepts transfers
Dealing fee refund
Dealing fee refund
Get £200 back in trading fees
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