Digital bank Chase has released a savings account which offers customers a rate of 1.5pc a year, far ahead of other leading easy-access accounts. 

Savers can deposit up to £250,000 into the account with no penalties for accessing their money. However, it is restricted to people who already have a current account with the provider.

According to Savers Friend, a comparison website, the top-paying easy-access account was previously the Virgin Money M Saver, which pays 1pc. But much like the Chase account it is only available to customers with a linked current account. The highest open-to-all rate is the Aldermore Double Access account, which pays 0.95pc.

Andrew Hagger, of the analyst Moneycomms, said the new rate was “head and shoulders” above its peers, but added that the account was “clearly a carrot to drive new current account openings”. 

While Mr Hagger said he expected the new account to be swamped with applications, he warned it would not be suitable for all savers, even though it had no minimum income requirement. 

“The account is run via a smartphone and also the bank doesn’t currently offer joint accounts, so it’s not an offer that will work for everyone,” he said. 

Despite new account offering higher rates, savers still face a bleak outlook as the best available rates have remained well below inflation, which reached a 30-year high of 6.2pc in February and is expected to peak at 8pc in April.