Derbyshire launches highest-paying easy access savings in 20 months

The mutual has increased the bonus rate on its NetSaver Issue 1 account by 0.07 of a percentage point to 2.25%, taking the overall annual rate to 3.25% on deposits from £1. The bonus last until November 2012.

Existing Derbyshire NetSaver Issue 1 customers will see their rate rise from 3.18% to 3.25% today.

The last time there was a higher rate on an easy access savings account was in January 2010 when Coventry Building Society's 1st Class Postal Issue 3 account paid 3.3%, according to data provider Moneyfacts.

The Derbyshire deal replaces Nottingham Building Society's eSaver issue 2 at the top of the tree. It pays 3.2% on a minimum £500 deposit, including a 1.45% bonus until August 2012.

Savers can earn up to 4.6% if they are prepared to lock their cash away for up to five years.