Commenting on the products, Kevin Mountford, savings expert and co-founder of Raisin.co.uk, told Express.co.uk: “The news that BLME has increased expected profit rates to four percent and above is great news for UK savers.

“Shariah-based savings accounts have long offered higher than usual rates to attract UK deposits and offer a great alternative to stagnant high-street rates.

“Though many offer accounts based on shariah principles, accounts from BLME are all FSCS protected, meaning consumer money is safe in the same way as any other UK savings account.

“Rates are continuing to increase on a daily basis, which is great news for savers, but so is inflation. With so many accounts now offering four percent minimum, it really is the right time to switch and start earning more for your money.”