Britons could get pension savings boost worth £1,000 in new deal: 'Perfect for retirees!'

This comes amid widespread competitiveness between high street banks and building societies to offer competitive deals.

Interest rates have been raised across savings accounts following recent actions by the Bank of England.

However, other incentives are being put forward to potential customers by banks to entice more customers.

Among the savings providers doing this is Raisin UK with its latest deal.

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What is Raisin UK's deal?

Customers need to have opened a two-year or longer fixed-rate bond with the bank with a minimum deposit of £50,000 between July 15 and September 17 to get the bonus amount.

It is possible for customers to split these funds across multiple eligible different savings accounts but the amount deposited into them has to be £50,000.

How much someone can get as a bonus is dependent on how much people have saved.

The more someone deposits, the greater their deposit could be with the maximum amount being £1,000.

Here is a full list of the bonus amounts people can get depending on how much they save, according to Raisin UK:

• £50,000 - £99,999.99 = £100 bonus
• £100,000 - £199,999.99 = £300 bonus
• £200,000 - £249,999.99 = £400 bonus.
• £250,000 - £unlimited = £1,000 bonus.

Who is eligible for a Raisin UK savings account?

• Britons need to be a UK resident aged 18 or over
• Britons need to have either a UK bank or Building Society account to fund their application
• Britons need to have a valid mobile phone number and email address
• Britons need to have a National Insurance Number.

This new deal from Raisin UK comes as figures from the provider have Britons have an average pension pot of £195,058 at the age of 66.

According to the bank, pensioners should be able to use the savings bonus to bolster their retirement pot even further.

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Statistics from the Financial Conduct Authority (FCA) revealed around 56 per cent of all pension pots accessed were cashed out in full.

This is in comparison to 36 per cent of pots that were in some sort of drawdown and eight per cent that were used to purchase an annuity.

Experts have warned that there has been a falling number of retirees who have a defined benefit pension plan to fall back on in retirement.

As such, Raisin UK is reminding the public to find ways to boost their pension savings as soon as possible.