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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 “best buy” tables.
Last month Martin Lewis slammed banks and said it is “absolutely outrageous” they are only fully passing “rate rises on to borrowers not savers.”
Lewis said that it is “counterproductive and profiteering” and encouraging saving, takes money out of the economy to help inflation too. He added that the government “should be pushing hard to ensure banks don’t just increase margins.”
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, “It’s fantastic to see Coventry Building Society offer such competitive rates for savers.
“They may well prove a popular choice, particularly for those savers who wish to use their Isa allowance.
“Those savers comfortable to invest their cash for either one or two years will find the fixed Isas are currently market-leading.”
Daniel McDonald, senior product manager at Coventry Building Society, said, “Whether 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.
“And because we don’t 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.”
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