To open the account, people must be 18 or over and a UK resident.

They will need proof of ID documents such as a driver’s licence or UK passport.

Additionally, they will require proof of address which could come in the form of a utility bill or bank statement.

The rate of 1.25 percent on savings pots includes an underlying rate of interest of 0.20 percent variable, and a fixed bonus rate of 1.05 percent lasting for 12 months.