Coventry Building Society has updated and unveiled their most popular scheme, today.

The First Class Postal Plan has been released as a second issue, which is offering a competitive rate of interest for their savers, and easy access.

The account gives a yearly rate of 3.00 per cent gross, but also includes a 1.00 per cent gross bonus for the first year of investment, after which returns to its standard rate of 2.00 per cent gross.

A deposit of at least £1,000 is required to open the account, with the limit set at £250,000 and additional deposits have to be over £1,000.

Savers can withdraw four times from the account penalty free each year, and the minimum allow to be removed from the plan is £1,000, only by cheque.

Rachel Haworth, Head of Marketing & Communications for the Coventry, says: "The success of the first issue of First Class Postal proves that there is considerable demand for accounts that give a combination of a competitive return and easy access."

Among other providers, Citibank is the only competitor in the market, they offer 3.10 per cent gross for the first 12 months and only £1 is needed to open the account.

However this offer only applies to new customers and after the first year the standard rate of interest drops to 1.00 per cent gross.