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Coventry Building Society has launched an easy-access account paying a table-topping rate of 4.25 per cent.
The new rate is available to existing members and new customers.
It has leapfrogged Vida Savings in our independent This is Money savings tables, which pays 4.16 per cent.
It’s good news for savers who have been suffering the effects of the Bank of England base rate being cut to 3.75 per cent in December, which has caused savings rates to tumble.
The Coventry account does come with one slight catch. It only allows up to three free withdrawals a year.
From the fourth withdrawal onwards, savers will receive a charge equal to 50 days’ interest based on the amount they’re withdrawing, meaning it is not strictly an easy-access.
> Read: How far will interest rates fall? We look at the latest forecasts
Coventry Building Society has launched a market-leading easy-access account paying a 4.25% interest rate
Savers opening an account with Britain’s second biggest building society would receive £425 of interest on a £10,000 deposit over one year.
The account can be opened and managed online, in branch, over the phone, by post or through the Coventry mobile app.
Customers can deposit between £1 and £1million in the account, with up to £120,000 protected under the Financial Services Compensation Scheme or up to £240,000 in the case of joint accounts.
Savers can choose from annual or monthly interest, which can be added to the account or paid into their linked bank account.
Bethaney Cozens, savings product manager at Coventry Building Society, says: ‘With a market leading rate, it’s an attractive option for anyone who’s already used their Isa allowance this year.’
Savers looking for an easy-access account without restrictions on how many times money can be accessed can get 4.13 per cent with Shawbrook Bank.
Meawhile the highest paying easy-access Isa is currently Etoro’s 4.61 per cent cash Isa*. However, this uses qualifying money market funds rather than cash deposits to fund the rate. The top paying standard cash Isas come from Prosper* at 4.5 per cent and Trading 212* at 4.43 per cent.
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4.61% cash Isa
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