For those who are eligible for the five percent offering, however, the building society has explained further details.

People will earn interest from the day they pay funds into their account until the day before the account matures.

The interest rate is fixed, meaning Britons will know exactly what they are getting at the end of the term.

The account can also be managed by post, by phone or in branch, and deposits can be made at any time as long as they do not exceed the limit.