Coventry BS relaunches easy access account at market-leading rate

The account offers a rate of 4.50% AER but includes some withdrawal restrictions.

Coventry BS launched an easy access account today at a market-leading rate. Named the Four Access Saver (Online) (2), this offer requires a minimum deposit of £1 and offers a rate of 4.50% AER.

However, the account comes with withdrawal restrictions. Savers will only be able to access their funds four times every year from account opening. Any further withdrawals will then face a 50 days’ loss of interest penalty.

“The account is ideal for those looking for a place to save their rainy-day fund or are saving up for something specific, but don’t want to lock their money away,” said Daniel McDonald, Senior Savings Product Manager at Coventry BS.

The Four Access Saver (Online) (1) was originally launched last month but was shortly pulled from sale.

The next best rate on the easy access chart comes from Welsh-founded Principality BS which provides a rate of 4.45% AER.

It too comes with restrictions when it comes to accessing your cash, and only allows two withdrawals per calendar year. Those who reach this limit will then need to wait until this period comes to an end before accessing their funds.

There are a number of different providers which offer the next best rate of 4.35% AER.

Monument Bank is one, but it is potentially an option for those with larger than average deposits. This is because it requires a minimum balance of £25,000 to start earning interest.

Otherwise, Shawbrook Bank offers a rate of 4.35% AER, doesn’t have any restrictions on withdrawals, and requires a minimum deposit of £1,000.