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Progressive Building Society is offering customers a regular savings account with a 7 per cent AER.

Savers can deposit up to £300 into the account each month within its 12-month term.

This totals £3,600 annually, a major boost for what is a flexible account.

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Customers can access their pot once per day without facing a penalty and the Rainy Day Saver Account can be opened and managed online with a minimum deposit of just £1.

Savers must be 18 and over and UK residents to launch the account, which is available to both new and existing customers.

Based on the current interest rate, a £3,600 deposit is estimated to earn £137.68 over 12 months, bringing the total balance to £3,737.68.

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