Nationwide building society is launching a brand new savings account today (June 7th), which will give consumers more choice.
The firm is launching the Flexclusive Saver account, which has been set up to reward Nationwide customers who use the Flexaccount as their main current account.
It is a variable-rate seven-day notice savings account that will pay interest at least 1.75 per cent above the Bank of England base rate until January 1st 2013.
This will mean that customers with a balance of above £1,000 in their savings account will receive interest of at least 2.25 per cent.
The account is a branch-only account that is available to Nationwide Flexaccount holders who have paid more than £750 into the account for the last three months.
Robin Bailey, Nationwide's director of savings, said: "What Flexclusive Saver highlights is the benefits of having Nationwide's FlexAccount as your main current account.
"As a mutual, the society is committed to providing the best possible value to those members who choose to have a deeper relationship with us."
He added that as the account tracks the Bank of England base rate, consumers can be reassured that the interest rates will remain competitive over a long period of time.
Brits looking to switch savings account in the hope of finding a better deal will now have more choice and may want to use MoneyExpert.com to see which accounts are available and the benefits of each one.
A recent survey by Halifax found that women of all ages realise the importance of paying money into a savings account on a regular basis.
It was found that 89 per cent of females believe it is important to make a financial safety net, with 52 per cent doing so to ensure they have financial independence.