Re-launch of Coventry Building Society’s 50 Plus Esave account

Commenting on the re-launch of Coventry Building Society’s 50 Plus Esave account, Sean Gardner, Chief Executive of MoneyExpert.com, said: “The 50+ market has seen some much-hyped current account activity recently but the savings side has been pretty dull. The new 6.4% offering from Coventry Building Society, way above the 4.74% average for these accounts, offers some much needed spice and is guaranteed for a year from opening.”

“It’s certainly up there in terms of its rate – only Northern Rock can do better, and you have to ask for how much longer the nationalised bank will offer that rate?

“Further base reductions may well be on the way, and these inevitably have a knock-on effect for savings accounts. Coventry Building Society’s account stands out, though, guaranteeing its rate for 12 months. Because of that it’s definitely worth considering.

“After the 6.4 per cent rate runs out it drops to the Bank of England base rate for six months. So after then customers might want to think about moving.”