Coventry Building Society has unveiled new saving deals which includes a one year fixed rate Isa at 5.30% and a two year rate at 5.40%.
Providers have been called out for saving rates which are lagging far behind mortgage rates and Moneyfactscompare.co.uk described these deals as its โbest buyโ tables.
Last month Martin Lewis slammed banks and said it is โabsolutely outrageousโ they are only fully passing โrate rises on to borrowers not savers.โ
Lewis said that it is โcounterproductive and profiteeringโ and encouraging saving, takes money out of the economy to help inflation too. He added that the government โshould be pushing hard to ensure banks donโt just increase margins.โ
Moneyfactscompare.co.uk said that Coventry Junior Isa also leads as their best buys at a rate of 4.70% whilst their limited access saver account will increase from 7 July to 4.30% from 3.55%.
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said, โItโs fantastic to see Coventry Building Society offer such competitive rates for savers.
โThey may well prove a popular choice, particularly for those savers who wish to use their Isa allowance.
โThose savers comfortable to invest their cash for either one or two years will find the fixed Isas are currently market-leading.โ
Daniel McDonald, senior product manager at Coventry Building Society, said, โWhether our members are saving in variable or fixed accounts, we continually review our savings range and try to make interest rate decisions as quickly as possible.
โAnd because we donโt give new savers better rates than our existing members on like-for-like products, the rates for our long-time savers are at least as good as the competitive rates we offer on the market today.โ
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