Coventry Building Society is now offering the top easy-access account with a rate of 5.15 percent. The Triple Access Saver (Online) (2) pays 5.15 percent AER/gross (variable) on deposits starting from £1, up to £250,000.
Savers can get £515 of interest on a £10,000 deposit over one year.
Interest on savings can be applied annually or monthly. This can be added to the account or paid into their linked bank account.
As the cost of living crisis continues, and interest rates remain at 5.25 percent, savers are urged to make their money work as hard as possible and find the best deals banks are offering.
The building society launched the first Issue of the Triple Access Saver (Online) in September last year with an interest rate of 5.2 percent, and the latest Issue is believed to have been launched last month.
It should be noted, however, that the account 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.
Those looking for an account without restrictions can opt for the Close Brothers Savings account.
This comes in just behind Coventry, according to Moneyfactscompare, with its Easy Access Account (Issue 2) paying 5.1 percent. There aren’t withdrawal limits on this account.
Ulster Bank’s Loyalty Saver is an instant access account which pays a slightly higher interest rate than Coventry Building Society, at 5.2 percent AER/gross per annum (variable).
However, this rate only applies when the saver has deposited £5,000 or more.
Cahoot also offers a 5.2 percent rate, but only on balances up to £3,000.
The Bank of England (BoE) has held the base rate at 5.25 percent for the fourth time in a row.
The market is expecting the base rate to drop slowly, so experts don’t think there will be massive drops in the next 12 months.
However we could see fixed rates drop below five in 2024, so it’s important people act fast.
