Interactive Investor

Coventry Building Society offers market leading easy-access Cash Isa as it boosts savings rates

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Coventry Building Society has increased the rate on its easy-access Cash Isa to a market-leading rate of 1.5%.

The Society has also opened up the account to allow transfers of previous years’ Isa funds and savers can make unlimited online withdrawals without notice or charge.

The rate includes a fixed bonus of 0.35% tax-free until 31 August 2020. After this date the rate will drop to 1.15%.

The account can be opened with a minimum initial investment of £1 and managed online.

The Isa was first launched in March, but the rate dropped two weeks later.

Ian Biggs, senior product manager at Coventry Building Society, says: “We’re delighted to increase the rate on this account and open it up to transfers in of previous years’ Isa funds.

“Existing members will benefit from these changes as well as new members applying for the account from today.

"Members are now able to deposit their previous, current and future annual Isa subscriptions, whilst having easy access to their money and benefitting from a market-leading rate”.

The next best easy-access Isa is from Skipton Building Society, which can be opened online for £1. The rate includes a 0.48% bonus for 16 months.

Virgin at 1.47% which can be opened online for £1. However, you can only make two withdrawals per calendar year with this account.

Just below this, Virgin Money offers a rate of 1.47%, while Kent Reliance offers a rate of 1.46%.

Better rates are available if you are prepared to lock your money away in a long-term fixed rate Isa.

The best rate available at the moment from Shawbrook Bank at 2.30%.

This is a five-year fixed-term deal and the account can be managed online or by telephone with an initial investment of £1,000.

The next best rate is from the Dudley Building Society for a five-year fixed rate Isa at 2.11%. The account can be managed online and you can open it with an initial deposit of £100. No withdrawals are allowed.

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.

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