Coventry Building Society launch best buy easy-access savings rate of 5.2%

Savers can once again obtain a best buy rate of 5.2 percent.

Coventry Building Society has launched a triple-access savings scheme that pays the same rate as Santander earlier this month, which closed early thanks to huge demand.

The account is available to new and existing members and can be opened with £1 and a maximum of £250,000.

However, it’s not strictly a purely easy access: savers can only make three withdrawals over the course of the year. You will then be charged an amount equal to 50 days’ interest based on the amount withdrawn.

The other problem for some is that this account can only be opened online, which penalizes those who may want to open an account in a branch or over the phone.

The best easy access rate Coventry offers, which can be opened in a branch or over the phone, is another easy access account, which pays a much less generous 3.4 percent.

On a balance of €10,000, that is the difference of almost €200 in interest over the year. Although once an account is opened, the law allows you to pay by cash or check at a branch Terms and Conditions for Triple Access Accounts.

Coventry is Britain’s second largest mutual fund with 64 branches as far north as Sheffield and south as Frome.

While there is no end date for Coventry to withdraw this 5.2 percent deal, the company confirmed the bill is a limited issue so the association can stop accepting applications at any time.

With this in mind, savers looking to get their hands on the account would be wise to do so quickly.

For savers who can avoid withdrawing cash more than three times a year, this is the highest rate.

Coventry Building Society also increased the interest rate on its easy-access cash Isa to 4.7 per cent earlier this week, pushing the company to the top of the best buy list.

The last time an easy-access 5.2 percent deal was recently seen was Santander’s easy-access account, which launched at the beginning of this month. Savers were warned that this would only last for a limited time.

It was halted three days earlier than expected due to soaring demand and the top-paying easy access rate fell again, hovering between 5 and 5.1 percent.

Despite the Bank of England keeping the base rate at 5.25 percent last week, interest rates on easy-access accounts are still moving quickly, with a flurry of activity at the top of the tables.

Leeds Building Society launched a 5.1 per cent easy-access deal last week, but it has since been withdrawn – and just this morning Shawbrook Bank increased the interest on its easy-access account to 5.11 per cent.

So savers looking for top rates should stay alert to make the most of good rates and switch to the accounts that offer them before they go under.

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