Yorkshire Building Society is offering customers a variable rate of 4.85 per cent through it Loyalty Six Access ISA.
Previously, the building society offered a non-ISA savings account which paid account holders an interest rate of 5.10 per cent.
However, the building society’s ISA is now paying a variable rate starting at 4.85 per cent on balances up to £20,000 and 4.75 per cent over £20,000.
This comes as many high street banks and building societies, including Nationwide and Santander, have slashed the savings rate attached to their accounts.
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The building society is offering a new issue of its popular ISA account
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Through Yorkshire Building Society’s latest offering, customers can deposit between £1 and £20,000 per tax year as well as allowing previous years' balances to be transferred in.
Furthermore, the savings account permits money to be withdrawn up to six times throughout the year without penalty, and if closing the account.
The Loyalty Six Access Saver ISA is available to Yorkshire Building Society members who are either savers or have a mortgage with the lender.
On top of this, the building society launched a Double Access ISA which pays a competitive variable interest rate of up to 4.70 per cent.
Customers are able to access their savings on two days a year without penalty, as well as to close the account if required, with the minimum balance being £1.
As well as this, Yorkshire Building Society is now offering new fixed rate accounts, including a two-year fixed rate cash ISA account which pays an interest rate of four per cent tax free.
Included in the latest product launch is a five-year cash ISA which has a fixed interest rate of 3.50 per cent.
Both of the new fixed rate accounts mature on April 30 of each year, according to the building society.
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The Bank of England base rate is at a 15-year high of 5.25 per cent GB NEWSChris Irwin, the director of savings at Yorkshire Building Society, outlined why the financial institution is updating its savings offering now.
He said: “As we approach the end of the financial year it is a traditional time for savers to take the final opportunity to top up their annual ISA limit and to start thinking about their financial plans for the year ahead.
“We’ve supported generations of people and millions of members to save for important moments in life so we’re really proud that we can launch another member reward account.
“We paid rates 41 per cent higher than the market average last year, and the new Loyalty Six Access Saver ISA further demonstrates our investment in our members and also allows them to benefit from a competitive return on their money for a year, whilst allowing access to their funds at multiple times throughout the year.”