Saffron Building Society has launched an inflation-busting 9% savings account which makes it the highest-paying regular saver on the market at the moment.
Launched on June 1, the regular saver's account is double the Bank of England's current interest rate of 4.5%.
The 9% rate is fixed for 12 months with all interest being paid at the end of the term.
However, you can only save £50 a month into the account so over the course of one year you can only put away £600.
Another catch with this particular account is that it is only available to "loyal customers" who have been with the building society since June 1, 2022.
Saffron Building Society currently has around 100,000 members across the UK across its mortgage and savings products which means only a small number are eligible for the account.
However, unlike some regular savings accounts, customers can take money out once a month and they can also close their account at any time.
If you're eligible, this account is great for those who can only save a smaller amount each month.
But if you want to put away a little more it may not be one for you.
As you can only save a maximum of £600 in this account - after one year, the interest you will make on your £600 will only be £29.25.
There are other regular saver accounts at the moment that are offering, less interest rates than Saffron BS, but still relatively high compared to other accounts on the market.
Skipton Building Society recently launched a regular savers account with an interest rate of 7.5%.
With this account you can put up to £250 each month and over the course of one year you will make £121 interest on your £3,000 savings pot.
Although you will not be able to withdraw your cash at anytime during the 12 months.
Another popular regular savers account, who until recently had the higher rate offering on the market, is First Direct who offer 7%.
Savers can put away up to £300 each month over the course of a year which could give them a savings pot of £3,600 and £135 interest on top.
Although again - you cannot withdraw your cash from this account unless you close it.
Lloyds Bank offers savers an interest rate of 6.25% on its Club Lloyds Monthly Saver - which is offered to Lloyds current account holders.
You can pay in a maximum of £400 each month and over the course of a year you could save £4,800 and make £161 in interest - again you cannot withdraw cash before the end of the 12 months.
Finally, Natwest is offering savers a rate of slightly less at 6.17% and you are allowed to access your cash in the account over the year.
However, the catch with this one - similar to Saffron - is that you can only put away a maximum of £150 a month and the interest drops to 1% if your savings pot reaches over £5,000.
If you are new to savings and put away £150 every month you will have a total savings pot of £1,800 and earn £59.83 in interest.
Full list of top rate paying regular savers accounts on the market
- Saffron Building Society - 9% - max monthly deposit: £50
- Skipton Building Society - 7.5% - max monthly deposit: £250
- First Direct - 7% - max monthly deposit: £300
- Lloyds Bank - 6.25% - max monthly deposit: £400
- Natwest - 6.17% - max monthly deposit: £150
