UK-based Coventry Building Society society has announced that it will be relaxing the age limit of its Sixty-Plus eSave account to 50 years.

The newly titled 50 Plus eSave account will pay 6.40% AER/gross pa, which is fixed for 12 months from the date of individual account opening. The Coventry’s 50 Plus eSave allows unlimited penalty free access. The account can be opened and operated online, with a minimum investment of GBP1 and a maximum limit of GBP250,000.

Rachel Haworth, head of marketing at the Coventry, said: We are pleased to enhance our savings range for the older generation by now offering this account to the over 50s. This is a natural extension to our well established and popular Sixty-Plus range. Many savers have asked for this and we are confident that the account will be well received.

The account allows customers to access their money whenever they want. At a time when many commentators expect interest rates to fall, customers will also benefit from the added security of the fixed rate. The account will be available for a limited period only and I would urge savers to take up this opportunity without delay.