Coventry Building Society has catapulted itself to the top of the best buy tables with the new Coventry First market-leading current account.
The new product pays 5.10 per cent on all balances up to £250,000, the best current account rate available on the high street and up to 50 times what some providers pay.
The First takes the recent trend for customer friendly simplicity to its obvious conclusion, and means that savers can achieve a great rate on their money without having to regularly transfer it.
The rate, which is calculated to remain at least 0.60 above the Bank of England base rate, is only guaranteed for the first year however. It requires a minimum monthly investment of £1,000.
Unlike many other “simple” products, the First does not have to be managed online and includes branch or telephone banking.
“Coventry First is a major development for the current account market,” said David Stewart of Coventry.
“The high rate of interest is paid on all balances, unlike some current accounts where it is restricted to the first few thousand pounds.
“With no hidden catches, Coventry First offers the best of both worlds enabling customers to effectively manage their finances in one place,” he added.
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