Saffron Building Society has announced the launch of its new limited edition savings account which offers an inflation-busting nine percent interest rate.

The account in question is the financial institution’s Members’ Month Loyalty Saver which has been created to mark the building society’s first annual Members Month.

This particular product is now available for existing customers as of June 1, 2023 but only for a limited time.

Its nine percent interest rate is double the current Bank of England base, which is sitting at 4.5 percent, and beats the UK’s CPI inflation rate of 8.9 percent.

According to Saffron, this savings account is the best one currently on the market.

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As part of its Members Month, customers of the building society will be offered a range of events and opportunities.

The celebrations will last throughout the month of June from the 1st to the 30th and is open to members.

It should be noted that this savings account is available exclusively to Saffron Building Society members.

Furthermore, the financial institution’s savings product can be opened with a minimum deposit of £1.

The account can be opened with monthly payments not exceeding £50, which can either be paid via single or multiple deposits.

As well as this, customers are permitted by the building society to withdraw from the savings account once per month.

Any interest acquired by savers will be paid when the account matures after 12 months.

Those interested in taking out the Members’ Month Loyalty Saver can apply online or visit a branch.

Colin Field, the 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.”

Speaking to Express.co.uk,  Moneyfactscompare.co.uk’s finance expert Rachel Springall broke down what this most recent interest rate hike means for savers.

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She noted that the last time the UK had a regular savings account pay nine percent or more would be in February 2011 at 10 percent, based on MoneyFacts’ figures.

Ms Springall said: “One way to get into the habit of saving monthly would be to commit to a regular savings account, as these are designed for consumers to make frequent deposits.

“They are more rigid than easy access accounts and harsh penalties can be applied if payments are missed or withdrawals are made, so they are most suitable for sa need a strict savings plan and who wish to avoid dipping into their cash early.

“Savers will need to compare regular savings accounts carefully, as some are only available to current account customers or even local customers.”

“The rates being offered on these accounts can seem high, but it is important to remember that interest is calculated differently to a standard savings account.”