Coventry Building Society launches best easy access savings account

(Image credit: Getty images)

published 14 July 2023

A new top dog has emerged in the easy access savings space.

As savers look to stem the impact of inflation on cash holdings, Coventry Building Society has launched a new easy access account offering a market-beating rate of 4.50%.

The average easy-access rate is 2.58%, according to Moneyfacts.

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The new offering from the lender tops our list of best easy access savings accounts. It’s even better than some of the one-year fixes on offer from high street lenders.

Easy access savings

Coventry Building Society’s Four Access Saver is available to both new and existing savers and can be opened online with only £1. You can deposit up to £250,000 but it is worth remembering that only £85,000 is protected under the Financial Services Compensation Scheme (FSCS) - perhaps take a look at National Savings and Investments (NS&I)’s Premium Bonds if you’ve got more to invest and are concerned about the safety of your money.

But the account isn’t as easy to access as some other accounts. As the name suggests, you can only access the account four times within 12 months. Withdrawals beyond this limit are subject to a charge equal to 50 days' interest.

Daniel McDonald, senior savings product manager at Coventry Building Society, said: “We're expecting our new 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.”

“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 and are able to withdraw their savings up to four times a year without charge.”

Can you beat inflation?

Savers have been up against it in trying to beat inflation. Despite rising rates and the new offering from Coventry Building Society, no provider currently offers an easy access account that beats inflation.

But you can now earn 6.1% on one-year fixed savings accounts – the best rate seen in 14 years, while a two-year fixed savings account can net you 6.15%.

But could you be putting your cash to better use? Amid high inflation, investing your money could help you generate real returns. According to the Barclays Equity Gilt Study, UK shares have beaten cash in 90% of five-year periods since 1899.

So, if you’re happy to take some risk with your money you can invest it. But if you’re wanting to have some more control over your money while somewhat hedging against inflation, then a leading easy access account could fit the bill.

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Tom is a journalist and writer with an interest in sustainability, economic policy and pensions, looking into how personal finances can be used to make a positive impact. He graduated from Goldsmiths, University of London, with a BA in journalism before moving to a financial content agency.

His work has appeared in titles Investment Week and Money Marketing, as well as social media copy for Reuters and Bloomberg in addition to corporate content for financial giants including Mercer, State Street Global Advisors and the PLSA. He has also written for the Financial Times Group.

When not working out of the Future’s Cardiff office, Tom can be found exploring the hills and coasts of South Wales but is sometimes east of the border supporting Bristol Rovers.