Saffron Building Society has launched a new limited edition savings account with an inflation rate of nine per cent.
The Members' Month Loyalty Saver is an exclusive savings account designed to reward its loyal customers who have been a member since June 1, 2022.
Customers who are eligible can keep a minimum of £1 in their account to get the interest rate.
However, the nine per cent rate - which is fixed for 12 months - will be paid at the end of the term and only £50 per month can be saved into it.
Customers who are eligible can keep a minimum of £1 in their account to get the interest rate
PexelsUnlike some regular savings accounts, customers can take money out once a month and the account can be closed at any time.
Colin Field, chief executive officer at Saffron Building Society said: "We have introduced this chart-topping product to coincide with the launch of our first Members' Month.
"The Members' Month Loyalty Saver has been developed to show big support to our small savers.
"Members are the heart and soul of the society and we are delighted to have this opportunity to reward, surprise, and delight them."
Despite its inflation-beating interest rate, the maximum limit is low by the standards of most regular savings accounts - a total of £600 over the 12 month fixed term.
This means savers will only have earned £29.25 by the end of the 12 months.
Saffron Building Society currently serves around 100,000 members across the UK, but many will likely feel restricted by the £50 maximum monthly limit.
Other regular savings accounts are much more generous when it comes to how much savers can pay in each month.
While both Lloyds Bank and First Direct regular savings account also give customers the potential to benefit from much more interest
PA
Skipton Building Society pays 7.5 per cent and allows for savers to put in up to £250 each month for a year.
While both Lloyds Bank and First Direct regular savings account also give customers the potential to benefit from much more interest, because they allow for higher monthly deposits, despite the lower headline rate on offer.
James Blower, founder of the website, The Savings Guru says: "It’s a lovely headline rate but the fact it is capped at £50 a month means that savers putting in the max will only get £29.25 of interest, which for many may not be worth the hassle of setting it up.
"If you are a Saffron member, on a low income, it’s a decent way of getting a nice emergency fund going and worth doing but otherwise it’s probably not more than a nice thank you for existing members."
