Following successive Bank of England Base Rate hikes – and anticipation of further rises in the near future – banks and building societies have grown increasingly competitive with savings products.
Today, Coventry Building Society has launched a new online Four Access Saver account at a joint-market-leading interest rate of four percent, available to new and existing members.
The account offers four withdrawals every 12 months starting from the day the account is opened, with any additional withdrawals subject to a charge equal to 50 days’ interest.
The Four Access Saver (online) account can be opened online with any amount from £1 and up to £250,000 can be invested overall. Savers can also choose from annual or monthly interest, which can be added to the account or paid away.
Matthew Carter, head of savings at Coventry Building Society, commented: “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.
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“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.”
Mr Carter added: “Whether saving small amounts or larger lump sums, the account is also ideal for those searching for a highly competitive rate for their savings.”
Joining Coventry Building Society with the market-leading interest rate of four percent is West Brom Building Society with its Double Access Account (Issue Two).
The account can be opened with a minimum deposit of £1 interest can be paid annually on March 31 or monthly on the last working day of the month.
People can make up to two withdrawals each account year without charge or notice. An account year runs from April 1 to March 31 for branch accounts or from May 1 to April 30 for telephone or postal accounts.
After three or more withdrawals, a lower interest rate of 2.2 percent will apply.
Placing just behind is Shawbrook Bank’s Easy Access (Issue 35) with an AER of 3.91 percent for savers needing more withdrawal flexibility.
The account can be opened with a minimum deposit of £1,000 and up to £85,000 can be invested overall.
Interest is calculated daily and applied to the balance on the anniversary of opening, and there are no limitations to the number of withdrawals that can be made. However, there is a minimum withdrawal limit of £500.
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