Coventry Building Society has launched a new Triple Access Saver (Online) account, offering a highly competitive interest rate.
Savers will get 4.83 per cent interest and can make up to three withdrawals a year.
This new savings product provides a balance between attractive returns and flexibility for those who may occasionally need to access their funds.
The account can be opened online with a minimum deposit of just £1, making it accessible to a wide range of savers.
It also boasts a substantial maximum balance of £250,000, catering to those with larger savings pots.
Savers have the option to choose between annual or monthly interest payments, which can be added to the account or paid away.
The account allows savers to make three free withdrawals per year, with any additional withdrawals subject to a charge equal to 50 days’ interest.
The account is available to both new and existing members of the building society.
The launch of this account follows Coventry Building Society’s recent introduction of a new online Four Access ISA, also at a competitive rate.
This demonstrates the building society’s commitment to offering a range of savings products to suit different customer preferences.
Bethaney Cozens, savings product manager at Coventry Building Society, commented on the popularity of their limited access saver products.
She said: “Our range of limited access saver products have been extremely popular with our members, offering fantastic value while having some flexibility for people to occasionally dip into their savings and access their money.”
Cozens further explained the benefits of the new Triple Access Saver account saying: “We recently launched a new online Four Access ISA at a highly competitive rate, ideal for those looking for a home for their ISA allowance.
“And today, we’ve launched another best buy limited access account which is a great option for those savers who have already reached their full ISA allowance for this tax year.”
She added that the new account is “an ideal account for non-ISA savings” due to its low minimum deposit and high maximum balance.
This latest offering from Coventry Building Society comes as part of a broader trend in the UK savings market, with providers competing to attract savers with competitive rates and innovative products.
Earlier this month, the Building Society launched The Sunny Day Saver giving savers the chance to win tax-free cash prizes of up to £500 monthly, alongside a competitive interest rate of 6.25 per cent.
This account can be opened with just £1, but a minimum £10 deposit is required to enter the monthly prize draw. Savers can deposit up to £150 per month for the 12-month term.
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The Sunny Day Saver will feature 20 winners in each of the 11 monthly prize draws, with prizes ranging from £50 to £500. After a year, the account will mature into an Easy Access Saver paying 2.85 per cent.
While the Triple Access Saver offers a solid 4.83 per cent interest rate with limited withdrawals, the upcoming Sunny Day Saver provides a higher 6.25 per cent rate with the added excitement of monthly prize draws.
Both accounts cater to different savings needs and preferences. The Triple Access Saver is ideal for those seeking a balance between competitive returns and occasional access to funds. In contrast, the Sunny Day Saver encourages regular saving with its monthly deposit limit and prize draw feature.
By providing options for both traditional savers and those interested in prize-linked accounts, the building society aims to appeal to a broad customer base.
