The challenger has launched a one-year bond paying 2.15%, the highest rate since December 2015, outdoing its nearest rival Atom Bank, which pays 2.05%.

It has also unveiled a two-year bond at 2.25%, 0.05% more than the next best buy from Birmingham Midshires, which pays 2.20%.

The Wyelands accounts can only be opened and operated online and both have a minimum opening balance of £5,000.

If you have smaller amounts to deposit, Atom Bank requires a minimum of £50 to open its one-year product, while Birmingham Midshires will let you open a two-year bond with just £1.

Anna Bowes, co-founder of advice site, Savings Champion, said: “Competition between best buy fixed rate bond providers has been particularly fierce in recent times – in fact with this bold increase from Wyelands Bank, the best buy one and two-year fixed rate bonds have increased by over 50% over the last couple of years and we haven’t seen a one-year bond at this rate since December 2015.

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“Of course we don’t know how long they will be available for and, as fixed rate bonds are often priced independently and/or in advance of a base rate raise, we don’t know how long this competition will continue. So those looking to tie their funds up for the short-term should probably take advantage while they can.”