Coventry Building Society relaunches ‘competitive’ limited access savings account | Personal Finance | Finance

Coventry Building Society has relaunched its popular online Four Access Saver account offering a “competitive rate” of 4.8 percent interest.

Savers can make four withdrawals every 12 months from the day the account is opened and the account can be opened online.

Any withdrawals over this limit will be subject to a charge equivalent to 50 days’ interest. Interest can be added to the account or paid into another account

A person can open the account with as little as £1 and up to £250,000 and savers can also choose to have either annual or monthly interest payments.

Daniel McDonald, senior product savings manager at Coventry Building Society, said: “We know our range of limited access saver products are really popular.

“That’s why we’re bringing back our Four Access Saver Online (2), offering members fantastic value while having some flexibility to occasionally dip into their savings.

“Whether saving small amounts or larger lump sums, the account offers a competitive rate and is also ideal for those that only take money out of their savings pots a few times a year.”

Santander recently launched an easy access savings account with a market-leading rate of 5.2 percent for 12 months.

Savers need to act quickly to set up an account as the Easy Access Saver Limited Edition (Issue 3) is only available until September 17.

The account can be opened by those with or without a Santander account and it can be opened online, in app, over the phone or in a branch.

The maximum balance for the account is £2million. A saver can make deposits at any time via standing order, one-off payments or through online transfers.

Andrea Melville, director of current accounts, savings and business banking at Santander said: “We’re pleased to deliver this top of market product for our customers, providing the convenience of an easy access account, to help build up their savings.

“We know now more than ever people want their money to go further and this account is one of the ways we are helping customers maximise their savings income.”

Santander has also increased the rates on its fixed-term ISA products, with the one year fixed-term ISA now paying 5.05 percent while the two year fixed-term ISA now pays 5.1 percent.

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