Coventry Building Society relaunches ‘competitive’ savings account

Martin Lewis reveals top easy access savings accounts

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Coventry Building Society is relaunching its competitive Limited Access Saver paying an interest rate of 2.85 percent and allowing up to six withdrawals per year. The account offers peace of mind to savers who may need to access their savings pot a few times a year.

Savers are being urged to look around for the best interest rate on savings to counteract rising inflation.

This Coventry Building Society account allows six withdrawals each year based on the day the account is opened, with additional withdrawals subject to a charge equal to 50 days’ interest.

The account can be opened online with just £1 and savers can choose from annual or monthly interest.

Matthew Carter, Head of Savings at Coventry Building Society, said: “Our online Limited Access Saver is a popular account for members on the hunt for good value while having some flexibility to occasionally dip into their savings and access their money.”

Mr Carter continued: “Many savers won’t typically take money out of their savings pot more than a few times a year, but they will like the peace of mind that this limited access account provides, and it’s ideal for those also looking for a very competitive rate.”

Coventry Building Society is now offering savers the chance to get up to 4.85 percent if they invest in one of its fixed rate bonds.

The fixed bonds offer rates of 4.40 percent for its One Year Fixed until December 31, 2023.

The Two Year Fixed rate offers 4.70 percent until December 31, 2024 and a Three Year Fixed pays a fixed rate of 4.85 percent until December 31, 2025.

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All three Fixed Bonds can be opened with a minimum of £1 online, by phone, post or in branch.

Savers can invest up to £250,000 and choose a term length that best suits them.

If someone paid in £1,000 in the Three Year fixed term bond, they would have gained interest worth £158.50.

People may prefer to use up their tax-free ISA allowance of £20,000 and open an ISA with the building society instead.

Coventry Building Society is also offering Fixed Rate ISAs such as:

  • One Year Fixed Rate ISA (197) – which pays 3.95 percent AER fixed until November 30, 2023
  • Two year Fixed Rate ISA (198) – which pays 4.35 percent AER fixed until November 30, 2024
  • Three Year Fixed Rate ISA (199) – which pays 4.40 percent AER fixed until November 30, 2025.

Savers looking for an attractive return on their savings could get an interest rate of 4.86 percent via a fixed rate account.

Customers of Access Bank can choose from two accounts with its three-year fixed account offering an interest rate of 4.86 percent.

However, people won’t be able to touch it for three years and will need to have at least £5,000 to open an account.

Britons looking to lock away their cash for slightly less time could opt for Access Bank’s two-year account offering an interest rate of 4.75 percent.

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