Coventry Building Society launches 5.2% easy access and best buy savings rate
- Coventry BS has launched a 5.2% easy access deal
- The account allows three withdrawals every 12 months
- It is only available to open online.
Savers can once again get their hands on an easy-access 5.2 per cent best buy rate.
Coventry Building Society has launched a triple access saver 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 is not strictly easy access: savers can only make three withdrawals throughout the year. After that, a charge equal to 50 days of interest is applied based on the amount withdrawn.
New Best Buy: Coventry Building Society has launched a 5.2% easy access deal, putting it at the top of the best buys table.
The other drawback for some is that this account is only available to open online, which penalizes those who want to open an account in a branch or over the phone.
The best easy access rate Coventry offers that can be opened in a branch or over the phone is another easy access account, which pays a much less generous 3.4 per cent.
On a balance of £10,000, that’s the difference of almost £200 in interest over the year. Although, once an account is opened, you can pay in cash or checks at the branch, depending on the Triple access account terms and conditions.
Coventry is Britain’s second largest mutual, with 64 branches as far north as Sheffield and as far south as Frome.
While there is no deadline for Coventry to withdraw this 5.2 per cent deal, it confirmed that the account is a limited issue, so the society could stop accepting applications at any time.
With this in mind, savers looking to get the account should do so quickly.
For savers who can avoid withdrawing cash more than three times a year, it is the highest rate.
Coventry Building Society also raised the rate on its Easy Access Cash Isa earlier this week to 4.7 per cent, propelling it to the top of the best buys tables.
A 5.2 per cent easy access deal was last seen recently with Santander’s easy access account, launched earlier this month. Savers were warned it would last only a limited time.
It was withdrawn three days earlier than expected due to increased demand and the highest-paying easy access rate dropped again, ranging from 5 to 5.1 percent.
Despite the Bank of England keeping the base rate at 5.25 per cent last week, easy access account rates continue to move rapidly, with a flurry of activity at the top of the charts.
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 rate on its easy access account to 5.11 per cent.
Therefore, savers looking for higher interest rates should stay alert to take advantage of good rates and switch to accounts that offer them before they drop.
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