Coventry Building Society has announced the launch of a two new, competitive savings accounts to assist ISA savers bolstering their returns.
The financial institution has unveiled two new limited-access savings products that allow customers to make five withdrawals annually without penalties.
These new offerings comprise a flexible ISA and a standard savings account, both operating on 12-month terms.
Each account is available as of today (August 12) through multiple channels including branches, online banking, mobile applications, telephone services and postal applications.
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Coventry Building Society has launched two new accounts
| COVENTRY BUILDING SOCIETYThe key feature allows account holders to withdraw money on five occasions during the year without charges.
Should customers require additional access, they face a penalty equivalent to 50 days' worth of interest on the withdrawn sum.
The flexible ISA distinguishes itself by permitting customers to withdraw funds and subsequently return them within the same tax year without impacting their £20,000 annual ISA contribution limit.
This feature extends to any interest earned on the account.
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Savings interest rates are continuing to remain competitive | GETTY Customers can consolidate their existing ISA holdings by transferring savings from both current and previous tax years into the new product.
The interest rate for both accounts remains fixed throughout the term regardless of withdrawal frequency, offering customers 4.15 per cent.
Both products maintain identical penalty structures, charging customers who exceed their five permitted withdrawals an amount equal to 50 days of interest on the sum accessed.
Bethaney Cozens, the savings product manager at Coventry Building Society, said: "A flexible ISA eases the worry some savers have about this year's £20,000 allowance being nibbled away every time they access their account.
"Every saver will want to make the most of their tax-free savings allowances but many people also want to be able to dip into their account if they need to."
She added: "The flexibility to take money out of the 5 Access ISA and replace it before the end of the tax year without affecting the ISA allowance is a useful and reassuring feature."
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ISAs are useful tools for those looking save and avoid paying tax | GETTYCustomers can establish either account with a minimum deposit of £1, whilst the standard saver accepts balances up to £1million.
Account holders may select between annual or monthly interest payments, with the option to reinvest earnings or transfer them elsewhere.
Cozens noted: "Limited access is popular with savers at the moment because these accounts hit the sweet spot between the higher rate that comes with restricted access, yet still gives ample opportunity to access money penalty-free throughout the year."
Upon reaching maturity after twelve months, the ISA converts to an Easy Access ISA, whilst the standard saver transitions to an Easy Access Saver account.