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.