Coventry Building Society has launched a new savings account offering three charge-free withdrawals per year.
The new Triple Access Saver (Online) currently boasts a market-leading interest rate of 5.20 per cent.
It’s available to both new and existing Coventry Building Society customers.
Account holders can choose if they’d like the interest to be paid annually on the anniversary of opening the account or monthly, at the end of the last day of each month.
Coventry Building Society customers can only have one of these accounts at any time
The interest can be added to the account or paid away, the building society said.
Savers can make three withdrawals per year based on the account opening date, although subsequent withdrawals will trigger a fee.
Should they make a fourth and any further withdrawals after that, there will be a charge equal to 50 days’ interest on the amount withdrawn.
The account can only be opened and operated online, except to make deposits.
Customers can only have one of these accounts at any time.
The account can be opened with £1 and savers can put up to £250,000 into the account.
Bethaney Cozens, Savings Product Manager at Coventry Building Society, said: “Our range of limited access saver products have been extremely popular with our members, offering fantastic value while having some flexibility to occasionally dip into their savings and access their money.