‘First’ easy access saver launched with 4% interest rate online ‘since 2009’

Savers looking for an easy access account can now benefit from a four percent interest rate with Coventry Building Society’s Four Access Saver (Online).

According to Moneyfactscompare, this is one of the first online-operated deals to offer this rate of interest on an account of this kind since 2009.

Moneyfactscompare experts said: “The very best easy access accounts now offer a rate of four percent Annual Equivalent Rate (AER).

“Although Hanley Economic BS did offer an easy account at 4.5 percent AER earlier this year, it could only be opened in a branch or via the post and was only available to the public for two days.”

They added that “this means there is now an easy access account at four percent AER that is online operated for the first time since 2009”, and after launching its Four Access Saver (Online) last Tuesday, “Coventry BS offers one of these rates”.

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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.

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.

For those looking for savings accounts with slightly fewer withdrawal restrictions, Shawbrook Bank’s Easy Access (Issue 35) follows closely behind with an AER of 3.91 percent.

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.

Gatehouse Bank is also offering a competitive rate of returns with its Easy Access Account boasting an Expected Profit Rate of 3.9 percent.

Gatehouse Bank operates under Sharia principles, which means profit is earned instead of interest. Savers must be aged 18 years old or older, be UK residents, and can open an account with a minimum deposit of £1.

Up to £250,000 can be invested overall and withdrawals are permitted at any time with no charges or restrictions.

Oxbury Bank’s Personal Easy Access Account (Issue One) is matching Gatehouse Bank’s 3.9 percent rate.

Savers can open an account with a minimum deposit of £1,000 and interest is calculated daily and paid monthly. Offering ample flexibility, savers can also withdraw funds whenever needed without restrictions.