Coventry Building Society launch best buy easy-access savings rate of 5.2%
- Coventry BS has launched a 5.2% easy-access deal
- Account allows three withdrawals every 12 months
- It’s only available to open online
Savers can once again get their hands on a best buy 5.2 per cent easy-access rate.
Coventry Building Society has launched a triple-access saver paying the same rate as Santander did earlier in the 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 pure easy-access – savers can only make three withdrawals over the course of the year. After that, there’s a charge equal to 50 days’ interest based on the amount withdrawn.
New best-buy: Coventry Building Society has launched a 5.2% easy-access deal, launching it to the top of the best buy table
The other snag for some is that this account is only available to open online, penalising those who may want to open an account in branch or over the telephone.
The best easy-access rate Coventry offers that can be opened in branch or over the phone is another easy-access account, paying a far less generous 3.4 per cent.
On a balance of £10,000, that’s the difference of nearly £200 interest over the year. Although, once an account is open, you can pay in cash or cheques in branch, according to the triple-access account terms and conditions.
While there is no end date for Coventry to withdraw this 5.2 per cent deal, it confirmed the account is a limited issue, so the society could stop accepting applications at any time.
With this in mind, savers wishing to nab the account would be wise to do so quickly.
For savers who avoid withdrawing cash more than three times in a year, it is the top rate.
Coventry Building Society also upped the rate on its easy-access cash Isa earlier this week to 4.7 per cent, propelling it to the top of the best buy tables.
The last time a 5.2 per cent easy-access deal was seen recently was Santander’s easy-access account, launched at the beginning of this month. Savers were warned would last for a limited time only.
It was pulled three days earlier than expected due to soaring demand and the top paying easy-access rate slipped back down, hovering between 5 and 5.1 per cent.
Despite the Bank of England holding the base rate at 5.25 per cent last week, rates on easy-access access accounts are still moving fast, 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 this has since been pulled – and just this morning, Shawbrook Bank upped the rate on its easy-access account to 5.11 per cent.
So savers looking for table topping rates need to keep on their toes to make the best of good rates and switch to the accounts offering them before they slip down.
You can sign up for our savings alerts to receive the latest savings deals in your inbox as they land.