Exciting News for Savers: Coventry Building Society Offers Top-Rate Easy-Access Account!
In a significant boost for savers, Coventry Building Society has announced the launch of an easy-access account that offers an impressive interest rate of 4.25%. This attractive rate is now available for both existing members and new customers, making it an appealing option in a market where many savers have faced diminished returns due to recent cuts in the Bank of England base rate.
A Game-Changer for Savers
The new account has outperformed competitors, surpassing Vida Savings, which offers a 4.16% rate. This represents good news for those who have been feeling the pinch from falling savings rates. For instance, a deposit of £10,000 could earn savers £425 in interest over a year, enhancing their financial standing in challenging economic times.
Account Access and Features
While the Coventry account is labeled as easy-access, it does come with a stipulation: customers are permitted up to three free withdrawals each year. Subsequent withdrawals incur a fee equivalent to 50 days' interest on the withdrawn amount, indicating that while the account offers flexibility, users should plan their withdrawals to avoid charges.
In addition, the account can be conveniently managed online, via phone, or through Coventry's mobile app, accommodating the diverse needs of today’s tech-savvy savers. Customers may deposit amounts ranging from £1 to £1 million, significantly bolstered by protection under the Financial Services Compensation Scheme, safeguarding funds up to £120,000 for individual accounts and £240,000 for joint accounts.
Options for Interest Payment
Moreover, savers are given the choice between receiving interest annually or monthly. This flexibility allows them to either reinvest the earnings back into their savings or transfer them to a linked bank account as required, further catering to personal financial strategies.
As noted by Bethaney Cozens, savings product manager at Coventry Building Society, this newly launched account presents a compelling option for anyone who has exhausted their ISA allowance for the year, highlighting its strategic advantage in today’s economic landscape.
With this new offering from Coventry Building Society, savers now have an excellent opportunity to grow their savings with a competitive interest rate, promising a brighter horizon in the realm of personal finance.
