However, the Loyalty Regular Saver is only available to people who either save or have a mortgage with Yorkshire Building Society or Chelsea Building Society, and have been a member since January 2020.

Savers can deposit between £10 and £500 per month into the account. Paying £500 a month into the account would earn a total of £113.87 in interest, paid at the end of the year.

Accounts can be opened in branch or via the post – but they can be managed online.

After 12 months the account will mature into an off-sale maturity account, Six Access Saver, which currently pays 0.30%.

The Loyalty Regular Saver is a best buy according to Moneyfacts. The next best regular saver is from Cambridge Building Society which pays 3%. But as with Yorkshire Building Society, you need a mortgage or savings with the society to be eligible.

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Regular savings accounts require savers to pay in a set amount each month, up to a pre-determined maximum, and normally run for 12 months during which your money is tied up.

Tina Hughes, director of savings at Yorkshire Building Society, said “Our founding purpose as a building society is to help people build financial resilience so we’re committed to exploring ways that can help our members reach their financial goals or save for the future.

“Regular savings accounts are one way we can encourage our members to establish healthy savings habits. It’s also no secret that savers are having a tough time at the moment with unfavourable market conditions, so we’re really proud that this new account, which comes with a highly competitive interest rate and a generous monthly deposit limit is another example of how we reward the loyalty of our valued savers.”