Matthew Carter, the head of Savings at Coventry Building Society, outlined why the financial institution is expanding its savings account range with higher interest rates.

Mr Carter explained: “Savers are looking for good value, whether that means locking their money away, retaining some opportunity to access it or having the freedom to take money out whenever they need.

“That’s why we’re increasing our product range, giving our members even more choice and good returns on all their savings.

“Fixed rate accounts are a popular choice with savers looking for higher rates of interest as well as those who want a guaranteed rate for a set period.”

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