Coventry Building Society has shot to the top of the easy-access saver charts with its 4.5% Four Access Saver account, which allows four withdrawals per year.
The 4.5% interest rate is significantly above the current average across easy-access savings accounts, which is closer to 2.5%.
Though Welsh lender Principality Building Society offers a better interest rate of 4.45%, Coventry’s Four Access Saver account is the best on the market for accounts providing four withdrawals per year.
According to This Is Money’s saver table, the best savings rate on an unlimited access account is Shawbrook Bank’s Easy Access 35 account, offering 4.35%.
Principality’s Online Double Access 2, as the name suggests, only offers two withdrawals per year.
Coventry BS, which is the second-largest building society in the UK, is offering the 4.5% rate on accounts from £1 to £250,000.
The 'pick of the week' savings account at the independent Moneyfacts website was the Bank of London and the Middle East (BLME) 90-day notice account, offering 5.25% AER but only for those with at least £10,000 to invest upfront.
Daniel Mcdonald, senior savings product manager at Coventry BS, told This Is Money he was expecting the Four Access Saver account to be popular with savers looking to “take advantage of a market-leading rate while still having access to their money if they need to”.