Yorkshire Building Society has launched a new Regular Saver account offering an "excellent" eight per cent interest rate.
However, finance experts are sounding the alarm that a "flow of cuts" could hit bank accounts "in the coming weeks".
This savings product from the building society allows customers to deposit up to £50 per month.
Savers can investing the maximum amount each month which could accumulate £626.01 after a year at the current interest rate.
Notably, Yorkshire's new Regular Saver account can only be funded with new deposits, preventing transfers from existing Yorkshire Building Society accounts.
Furthermore, withdrawals from the account are limited to three days per year, plus account closure.
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The building society is continuing to offer high interest rates despite recent actions from the Bank of Englandd
YORKSHIRE BUILDING SOCIETYCaitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, said: "Yorkshire Building Society has launched its new £50 Regular eSaver this week, which pays a market-leading eight percent.
"The account grabs the joint-top position for its sector and may attract savers who are looking to build a healthy savings habit, as this offer allows them to put away up to £50 per month.
"It would also be wise for savers to consider withdrawals carefully, as earlier access is only permitted on three days plus account closure per year."
Despite the account's limitations, the account remains competitive in the current market.
Other notable offerings include Principality Building Society's eight per cent AER account with a six-month term and £200 monthly deposit limit.
Furthermore, first direct's seven per cent AER account with a 12-month fixed term and £25-£300 monthly deposit range.
However, savers should be aware that these attractive rates may not last long, according to Moneyfacts' finance expert Rachel Springall.
Springall said: "It has now been a month since the Bank of England base rate cut, which was the first drop in over four years. Any cuts to base rate can typically impact variable savings rates, but providers will also review rates on accounts that guarantee returns."
"It is also worth noting that time is a key factor in the flow of cuts within the savings market, and each institution will no doubt be monitoring their peers' moves in the coming weeks."
Savers have benefited from the Bank of England's decision to raise the base to a 16-year high of 5.25 per cent.
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First direct is also offering one of the best rates on the market with an account offering seven per cent
PAThis was slashed to five per cent over the summer wit another rate cut expected to take place by the end of year.
As financial institutions continue to adjust their offerings in response to market conditions, such competitive rates may become increasingly scarce.
Springall warns the savings market is likely to see changes in the coming weeks with high interest rate accounts likely to be withdrawn from the market.
The next Bank of England interest rate announcement will take place on September 19, 2024.
