cahoot is launching a new 5.25 per cent best-buy rate savings account next week, it has been announced. The new Bonus Savings Account, due to be launched on September 30th, will offer a 5.25 per cent gross savings interest rate for the first six months.

For the next three months it will offer a savings interest rate of 4.75 per cent and then 4.50 per cent for the remainder of the year.

These savings interest rates will be available on balances of between £15,000 and £100,000.

Following the recent cut in the base rate, most savers have suffered a drop in interest and could be forgiven for thinking that they will face a tough time this winter, said John Goddard, managing director of cahoot.

Mr Goddard also said that cahoot is bucking the trend of reducing savings interest rates.

This is one of the most generous rates available. For serious savers with fairly large balances this new rate offers very attractive returns, without locking your money in an account for a minimum period of time, he explained

The savings account provider claims there are no catches, penalties or restrictions on how much savings account holders can withdraw.

There is also no minimum amount that savers are required to deposit in the savings account.