When the Bank of England raised interest rates to 2.25 percent, many banks raised interest rates on savings accounts. With bills mounting, any extra cash could be vital for low-income families.
CBS has issued three fixed-rate bonds with savings rates of up to 4.85 percent.
They offer a one-year payment of 4.40 percent, locked in until December 31, 2023.
In addition, until December 31, 2024, Britons can benefit from a two-year fixed bond that pays 4.70 percent fixed.
Finally, they have topped up their three-year fixed bond and are now paying 4.85 percent fixed until December 31, 2025.
READ MORE: Inheritance tax: How Brits can ‘significantly’ reduce their bill as tax revenues soar
All three fixed bonds can be opened online, over the phone, by post or in a branch for a minimum of £1.
Savers can invest up to £250,000 and choose a term that suits them best.
Someone who puts £20,000 into Coventry’s one-year contract on October 31 will have earned £1,030 in interest by the time the deal closes on December 31 next year.
Matthew Carter, Head of Savings at the Coventry Building Society, said: “We are expanding our product range by launching highly competitive savings accounts to give savers even more choice.
DO NOT MISS
“Our new range of fixed rate bonds offers some of the best interest rates on the market and is ideal for those looking for a good return on their savings over the short, medium or longer term.”
Savers looking for a good return on their savings may be interested in the Coventry Building Society’s range of fixed rate bonds.
Its fixed rate bonds offer some of the best interest rates in the market following the Bank of England’s most recent interest rate hike in September.
Santander has also increased the interest rate on its savings and ISA accounts.
READ MORE Britons urged spending ’30 minutes’ regulating pensions as it could save £13,000 in retirement
Interest is paid on balances up to £250,000.
Someone with a deposit of £10,000 in this account would earn £275 in interest after a year.
This edition will be available until November 1st, 2022, unless sold out sooner.
Anna Bowes, co-founder of Savings Champion says: “It’s really interesting to see some of the big banks and building societies back in the Best Buy charts.
“Santander already had a good standing in Isa’s fixed rate charts, but this new, easy-access account that pays 2.75 percent is head and shoulders ahead of the next best – and you don’t have to be an existing or current account customer to open it.” become eligible. Also, the maximum balance is £250,000.”