Coventry launches best buy instant access savings account

Building society's new online account pays 3.15% in the first year.

Coventry Building Society has launched a market-leading instant access savings account paying 3.15% AER interest.

The Online Saver account, which as the name suggests can only be opened and managed online, pays a 1.15% bonus in the first year.

It can be opened with just a £1 deposit and you can invest up to £250,000. You can make four penalty-withdrawals each year. If you make any additional withdrawals, you’ll lose 50 days’ interest.

However, note that once the 1.15% bonus has been paid at the end of the first year, this account is likely to not be very competitive.

The new Coventry account trumps Santander’s eSaver Issue 4, which pays 3.10%, in terms of interest. However, you can make as many withdrawals as you like from the Santander account.

Here are the latest best buy instant access savings accounts with minimum deposits of up to £1,000 that you can manage over the internet or phone:

Be aware that, like the Coventry account, most of these accounts have an introductory bonus component to their interest rates, which expire after one year.

It’s a good idea to regularly review your savings accounts to see if you’re making as much of your money as you can. You can compare savings accounts in our savings comparison centre.

More on the latest savings rates:
The UK’s best Cash ISAs
The worst savings accounts
The savings accounts that beat inflation