Coventry Building Society Unveils Market-Leading 4.85% Savings Rate
If you’re on the hunt for a savings account with an incredible return, Coventry Building Society has just launched a game-changer. Their new 4 Access Saver account offers a market-leading 4.85% interest rate , making it one of the most competitive options currently available for UK savers.
This new account is designed to give savers the best of both worlds— high returns and flexibility . You can open it with as little as £1 , with a maximum deposit limit of £250,000 . Whether you prefer managing your account online, via the app, over the phone, by post, or in-branch, Coventry has made it accessible through multiple channels.
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One of the standout features of this account is its limited-access structure , allowing up to four fee-free withdrawals per year . If you need to withdraw beyond this limit, a charge will apply—equivalent to 50 days' interest on the withdrawn amount. However, Coventry has assured customers that the 4.85% rate remains unchanged , even if additional withdrawals are made. This is a major advantage over many other savings accounts, which tend to reduce interest rates when withdrawals exceed a certain threshold.
Bethaney Cozens,
Savings Product Manager at Coventry Building Society
, emphasized the account’s unique appeal, stating:
"Our new 4 Access Saver will give savers the best of both worlds—an unbeatable 4.85% rate and the flexibility to access savings up to four times a year without charge."
This launch comes at a critical time, just ahead of the Bank of England’s next Monetary Policy Committee meeting , where discussions around interest rate changes will take place. Currently, the Bank of England’s base rate stands at 4.75% , but analysts predict multiple cuts throughout 2025. This means that now could be the perfect time to lock in a high savings rate before potential reductions in the coming months .
Financial experts, including Jasmin Ehlert, Head of Bank Analytics at Raisin , have predicted a 25 basis point cut in the base rate to 4.5% , with further reductions expected by the end of the year. If these forecasts are correct, it could significantly impact the savings market , making high-interest accounts like Coventry’s even more valuable.
For UK savers, the message is clear: take advantage of competitive savings rates while they last . With the potential for base rate cuts on the horizon, securing a market-leading return of 4.85% could be a smart financial move. Whether you're looking for flexibility or strong returns, Coventry Building Society’s latest offering stands out as one of the best savings accounts currently available.
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