Icesave has also issued a new edition of its six-month Fixed Rate Savings Account at 6.86 per cent AER. This is a 0.1 per cent increase on the previous edition’s 6.76 per cent rate.

This will mean that interest rates on Icesave products range between 6.05 per cent and 6.86 per cent AER, continuing to be well above base rate and significantly ahead of Icesave’s long-term interest rate guarantees.

Mark Sismey-Durrant, managing director of Icesave, says, ‘The Icesave customer promise is that we will be consistently competitive. This means making sure that we always offer amongst the best rates in the market, as well as remaining committed to our pioneering stance of long-term guarantees that our rates will continue to be well above base rate and significantly ahead of our customer guarantee.’