Following the recent launch of its Limited Access ISA, Coventry Building Society has launched an equivalent product for savers that have already used this year’s ISA allowance.
The account pays 1.46% which includes a bonus of 0.31% AER until 31st March 2021.
Savers can dip into the Triple Access Saver three times a year without providing any notice or incurring any penalties.
New and existing customers can open the account in branch, online, over the phone and by post.
Savers only need £1 to open the account and can hold as much as £250,000 in the account.
Should savers need to access their money more than three times in a year, a penalty of 50 days’ interest will be charged.
Matthew Carter, head of savings and mortgages at Coventry Building Society, says: “Our Limited Access ISA has been very popular with savers. So, we have decided to launch a similar, non-ISA product, ideal for savers who also want to enjoy the same great rate with access to their savings, but have already used up their annual ISA allowance.”
The rate paid by Coventry Building Society just beats Marcus By Goldman Sachs which pays 1.45% (including a 0.1% bonus for a year) and Cynergy Bank Online Easy Access Account which also pays 1.45% (including 0.7% bonus). However, because these accounts offer unlimited withdrawals savers may find they offer more flexibility.
This article was originally published in our sister magazine Moneywise, which ceased publication in August 2020.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.