Warning issued for anyone who banks with Barclays, Lloyds, NatWest, Nationwide, Santander

Coventry Building Society has launched a "market-leading" savings account with an "unbeatable" interest rate.
-Credit:Reach Publishing Services Limited


Coventry Building Society has launched a new MARKET-LEADING rate for customers and account holders to take advantage of. Coventry Building Society has launched a "market-leading" savings account with an "unbeatable" interest rate.

It means savers who have open savings accounts with Barclays, Lloyds, NatWest, Nationwide and Santander and more, could maximise their cash elsewhere. The high street financial institution's new 4 Access Saver account can be opened by customers with just £1, with a maximum deposit of £250,000. Savers can choose to receive interest payments either monthly or annually, the building society - which is based in Coventry - said.

Customers using the account can make up to four charge-free withdrawals every 12 months from the day of opening. Any withdrawals beyond this limit will incur a charge equivalent to 50 days' interest on the withdrawn amount, it said.

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The rate will remain unchanged at 4.85 per cent even if additional withdrawals are made. Bethaney Cozens, the savings product manager at Coventry Building Society, said: "Our new 4 Access Saver will give savers the best of both worlds - an unbeatable 4.85 per cent rate and the flexibility to access savings up to four times a year without charge."

"Unlike other limited access accounts on the market, our rate won't reduce with additional withdrawals. There are no restrictions on how people choose to manage their account - whether online, via our app, over the phone, by post or a more personal experience in branch," she said.

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Jasmin Ehlert, the head of bank analytics at Raisin, said: "This would mark the third cut in this cycle, following a steady rate in December. While cutting rates too quickly presents risks due to inflationary pressures and strong wage growth, the unexpectedly low inflation data for December should provide enough justification for this move.

"Additionally, concerns about economic stagnation and growing trade tensions, especially with the US, could further weaken growth, making the case for a rate cut even stronger." She added: "The key for savers is to plan: determine how much of your savings you may need immediate access to, and how much can be locked away in fixed-term deposits to benefit from the current higher rates, which could decrease by as much as one percentage point this year."