Al Rayan Bank is now paying 6.01% AER expected profit rate (EPR) on its one-year fixed rate bond, while Charter Savings Bank is offering 6% AER interest.

Savers need a minimum of £5,000 to open either account.

The Al Rayan one-year bond can be opened via the bank’s app, online or by phone, and no withdrawals can be made until the end of the term. Profit is calculated monthly and can either be paid quarterly to a nominated account, or reinvested into the lump sum and paid upon maturity. When paid to a nominated account the EPR is 5.88%, when reinvested into the lump sum the EPR is 6.01%.

As well as a one-year bond at 6% AER, Charter Savings Bank is also offering a market-leading rate of 6.10% AER on its two-year bond. Charter Savings Bank bonds can only be opened online.

Once your account is opened, you have up to 14 days to make deposits up to a maximum of £1m. Interest is calculated daily at the interest rate at the end of that day and is paid annually on the anniversary of your initial deposit.

Someone saving £5,000 in a one-year bond at 6% AER with Charter Savings Bank would earn £300 interest in a year. Savers need to act quickly to secure this rate as the account is limited issue and can be withdrawn from sale at any time without notice.

The best rates for one-year fixed rate bonds stood at 5.86% earlier this week, with savers needing to lock their money away for a minimum of four years to secure a rate of 6%.

Savings Champion data showed that the best-paying four- and five-year bonds from JN Bank are still paying 6% which is less than the 6.10% paid on Charter Savings Bank’s two-year bond.

Katie Brain, consumer banking expert at Defaqto, said: “Fixed rate savings have hit 6% with JN Bank launching four and five-year fixed rates, and Charter Savings offering 6% for one year and 6.10% for two years, which is great news for savers.

“It really is worth shopping around to find the best rates, which may not be from a name you have heard of before, as it is the new challenger banks that are offering the best rates, not the high street banks.”

Fixed rate bonds require you to keep your money in the account until this matures, meaning that if you have an emergency and need the money it may not be available or it may reduce or remove any interest earned.

In recent months, savers have faced a dilemma over whether to fix their savings rate or wait for better rates to come along. Those who waited have been rewarded after the base rate increased to 5% last week.

Brits have less money to save

However, although increasing savings rates is great news for people with cash savings, figures from the Bank of England show that people have less money to save.

Households withdrew a net £4.6bn from banks and building societies last month – the highest level on record since this data started being captured in 1997.

Dean Butler, managing director for retail at Standard Life, said: “UK households have been battered by spiralling prices and rising interest rates for over a year now, and it’s worrying but not surprising to see customers withdraw the record amount of savings in May.

“Savings levels were already an issue, with 34% of adults having either no savings, or less than £1,000, in a savings account and there’s a real risk of more people falling into dependence on credit as the situation continues.”

Related: How to get 9% interest without tying up your savings for years