is offering a 4.85% interest rate - the highest available across limited access accounts.

Described as "unbeatable", the new 4 Access Saver account accepts deposits ranging from just £1 up to a maximum of £250,000. Customers can open and manage their account via branch, post, telephone, online or through its app.

Members of Coventry Building Society have the option to receive payments either monthly or yearly with the new account, and can makeup to four free withdrawals each year. If savers wish to withdraw beyond this limit, a charge equivalent to 50 days interest will be applied to the amount withdrawn. The building society has confirmed that the interest rate of 4.85% will remain unchanged even if extra withdrawals are made.

Bethaney Cozens, saving products manager at Coventry Building Society, explained the benefits of the new savings account. She said: "Our new 4 Access Saver will give savers the best of both worlds - an unbeatable 4.85% rate and the flexibility to access savings up to four times a year without charge," as reported by GBNews.

She added: "Unlike other limited access accounts on the market, our rate won't reduce with additional withdrawals. There are no restrictions on how people choose to manage their account - whether online, via our app, over the phone, by post or a more personal experience in branch."

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As reports, the announcement has arrived just ahead of the Bank of England's (BoE) Monetary Policy Committee meeting, where . Currently, the BoE’s interest rate has significantly dropped to 4.75%, with experts forecasting potential reductions multiple times over the year.

Over recent years, UK savers reaped the benefits from the interest rates rising to 5.25% as part of an initiative to combat inflation, enjoying higher returns. Yet, the tide may be turning, according to analysts, which could bring smiles to the faces of debt borrowers and mortgage holders.

Jasmin Ehlert, the head of bank analytics at Raisin, anticipates a reduction in the BoE interest rate to 4.5% tomorrow. She explained: "This would mark the third cut in this cycle, following a steady rate in December. While cutting rates too quickly presents risks due to inflationary pressures and strong wage growth, the unexpectedly low inflation data for December should provide enough justification for this move."

"Additionally, concerns about economic stagnation and growing trade tensions, especially with the US, could further weaken growth, making the case for a rate cut even stronger."