Skipton Building Society is now offering savers 7.5% interest on regular savings accounts, the highest on this type of account for nearly a decade.
However, only current Skipton savings and/or mortgage customers can access the account, and the interest rate is only available for a year.
Interest is paid after a year, at which point the money will be moved back into a Skipton easy-access account.
Customers can deposit the equivalent of up to £250 a month for a year, or £3,000, meaning by the time the account closes, a saver would make £121.
But where does Skipton rank next to interest rates offered by other high-street lenders?
Based on interest earned on £3,000 in savings after one year, Tandem Bank’s one-year fixed account would pay out £154, while Barclay’s ‘Rainy Day’ easy-access would offer a return of £153.
Hanley Economic Building Society also offers its customers greater returns of £135, although all the above are based on the assumption a saver makes a £3,000 lump sum deposit.
However, Skipton offers a greater return than Halifax’s regular saver, which would pay out £89 on £3,000 worth of savings after one year.