![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/23\/590x\/secondary\/Saving-4980447.jpg?r=1695799662347\")
<\/p>\n<\/p>\n
Coventry Building Society has launched a market-leading easy-access cash ISA paying a ‘top rate’ if 4.90 percent interest.<\/p>\n
The savings account is available for both new and existing customers.<\/p>\n
It allows four withdrawals every 12 months starting from the day the account is opened.<\/p>\n
Subsequent withdrawals\u00a0face a charge equal to 50 days’ interest.<\/p>\n
This tax-free account can be opened with a minimum of \u00a31 and savers can\u00a0deposit up to \u00a320,000 for the current tax-year.<\/p>\n
READ MORE: <\/strong> \u2018I save \u00a3720 a year despite cost of living due to my air fryer’<\/strong><\/p>\n Bethaney Cozens, savings product manager at Coventry Building Society, said:\u00a0<\/strong>\u201cThe tax bills many savers are now facing has encouraged the take up of ISAs.<\/p>\n \u201cWe\u2019ve opened almost as many new ISAs so far this year than the last two years combined, as ISAs have become an increasingly popular option for members wanting to maximise their tax-free savings allowances in a higher interest rate environment.<\/p>\n \u201cOur new Four Access ISA Online offers members a market-leading rate while having flexibility to access their money four times each year for free, and is a great option for savers looking for a home for this year\u2019s ISA allowance.\u201d<\/p>\n Don’t miss… <\/strong> We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n The account offers annual or monthly interest, which can be added to the account or paid into a nominated account.<\/p>\n Savers can get an\u00a0annual variable interest of 4.90 percent tax-free p.a.\/AER or monthly variable interest paid at 4.79 percent tax-free p.a., 4.90 per cent AER.<\/p>\n ISA transfers from this and previous tax years\u2019 ISA allowances will be accepted.<\/p>\n This is a\u00a0flexible ISA, meaning if someone withdrew from the account, they can redeposit that money within the same tax year without impacting their \u00a320,000 per year ISA allowance.<\/p>\n The moneysavingexpert website has listed this account as\u00a0 one of the “top easy-access cash ISA” paying “the top rate”.\u00a0<\/p>\n Cash ISAs saw record-breaking inflows of more than \u00a33million in July, the Bank of England’s Money and Credit report revealed last month.<\/p>\n The sharp rise in savings rates has meant many savers could face the prospect of exceeding their annual Personal savings Allowance and being taxed on their interest income. Therefore, more savers have been sheltering money in tax free ISAs again to keep tax liabilities to a minimum.<\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/23\/590x\/secondary\/Savings-accounts-4980446.jpg?r=1695799662397\")
<\/p>\n
World economy on brink as top banker sends dire warning over interest rate hike[INSIGHT] <\/strong>
HSBC announces cut mortgage rates[ANALYSIS] <\/strong>
Bank increases interest rate on fixed ISA to ‘excellent’ 5.7%[LATEST] <\/strong><\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/23\/590x\/secondary\/interest-rates-4980445.jpg?r=1695799662445\")
<\/p>\n