Good news for savers as Coventry and Santander launch top accounts

Two major savings providers have launched top accounts this week.

Santander is offering an easy-access deal at 2.75 per cent — the highest rate seen in a decade.

Coventry Building Society has a new one-year fixed bond paying 4.4 per cent. The Santander eSaver Limited edition is available online or via the bank’s mobile app and requires a minimum £1 deposit.

Coventry Building Society has a new one-year fixed bond paying 4.4% with a minimum £1 deposit and is available online, by phone, post or in branch

It will be on sale until the start of next month — unless it sells out sooner. The rate is variable. 

But you need to put a note in your diary to move your money after a year.

At this point it will be moved into Santander Everyday Saver.

The rate on this account has barely shifted since the base rate rose from 0.1 per cent to 2.25 per cent.

It pays just 0.2 per cent, one of the worst easy-access rates on offer.

Coventry’s new deal also has a minimum £1 deposit and is available online, by phone, post or in branches.

The rate is fixed until December 31 next year. Its two-year bond pays 4.7 per cent or it offers 4.85 per cent for three years.

Meanwhile, at Atom Bank, five-year rates have finally breached the 5 per cent barrier.

But experts say the extra interest you will earn is not enough to warrant tying up your money over the long term yet.