Coventry Building Society has launched a new online Triple Access Saver account offering a top-paying 5.2 percent.

Savers can open an account with a deposit of just £1 and can save up to £250,000 in the account.

A person can make three withdrawals every 12 months from the day the account is opened without any charges.

Any further withdrawals will get a charge equivalent to 50 days’ interest. Interest can be paid monthly or annually, which can be added to the account itself or paid into another 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.

“Earlier this week, we launched a brand new online Four Access ISA at a market-leading rate, ideal for those looking for a home for their ISA allowance.

“And today, we’ve launched another top rate limited access account which is a great option for those savers who have already reached their full ISA allowance for this tax year.

“Our new Triple Access Saver can be opened online with just £1 and has a substantial maximum balance, making it an ideal account for non-ISA savings.”

Two other providers are also offering 5.2 percent on an easy access account, including Chorley Building Society with its North West Easy Access Saver (One withdrawal) and Ulster Bank with its Loyalty Saver.

Coventry Building Society’s newly launched Four Access ISA (Online) is currently paying 4.9 percent.

The account allows four withdrawals each 12 months from the day the account is opened.

The ISA can be opened with a deposit of £1 and a person can deposit up to £20,000 a year, in accordance with the ISA allowance.

There have been reports the Government is considering increasing the ISA allowance with an additional amount, for savings invested in companies on the London Stock Exchange.

Government officials are also said to be looking at creating a new type of ISA that would allow cash and stocks and shares to be held in the same account.

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