The WeBSave 60 Day Notice Account pays a fixed rate of 5.25% and withdrawals are permitted subject to serving a 60 day notice period.

The product launch follows the West Brom’s recent announcement that it was increasing rates across all other variable savings accounts by up to 0.25%.

Gareth Madeley, Senior Product Manager at the West Brom, said: “We regularly review our product range to ensure savers are getting the most from their money.

“We know people often face a difficult choice between locking their money away for a year or two to get a higher rate or leaving it in an easy access account where rates are typically lower. Notice accounts can be a great compromise as they allow savers to take advantage of higher rates while also having the freedom of accessing their money with advance notice should they need it.”

The WeBSave 60 Day Notice Account can be opened and managed online with as little as £1.