Leeds launched the 2.5 per cent bond, which pays 0.5 percentage points above the current rate of inflation, in early June.

The society said the product had exceeded its funding allocation so would be withdrawn at close of business on 31 July but would not confirm how many people had opened accounts or how much money it had taken in.

Matt Bartle, Leeds’ director of products, said: “Some commentators questioned whether savers would want to tie up their money for 10 years, but we always see strong demand for long term fixed rate products when we’re able to offer them.”

The 10-year bond has a minimum opening balance of £10,000, interest is paid monthly, and it matures on 30 September 2029. No withdrawals are permitted.

Should you grab one while you can?

This is the only 10-year bond on the market so if you want to tie your money up for the long-term, you have just one week left to do so.

But locking your money away for a decade isn’t guaranteed to be the right course of action.

While 2.5 per cent currently exceeds inflation, it’s impossible to guess what will happen over the next decade.

In fact, James Blower, founder of the Savings Guru, says savers with such a long-time horizon should explore alternative products altogether.

He said: “I’d definitely recommend that savers do not rush to open the 10-year bond before it closes. That might seem a strange thing for someone who champions savings to say. For anything over a 5-year time horizon I’d recommend considering other investment classes, which historically have performed much better over that timeframe.”

Other long-term alternatives

However, if you want a longer term guaranteed savings return, you can earn more than the Leeds deal by tying your money up for a shorter time.

PCF Bank is paying a fixed rate of 2.75 per cent on its 7-year product, although interest is not paid monthly.

RCI Bank has a 5-year bond, which pays 2.60 per cent, and it also has a 2.36 per cent 3-year bond, which Blower said might be appealing for savers who believe we are moving into an upwards moving interest rate environment.

Some Islamic Banks also have deals paying more than Leeds. For example, BLME is paying an expected profit rate of 2.85 per cent AER on its 7 Years Premier Deposit Account – but again this account doesn’t pay a monthly interest.