Nationwide has joined the increasingly competitive market battle for customers' cash by offering an account paying 8% interest.
The new offer is a regular savings account, available for a year exclusively to its current account customers.
People who switch from another bank, meanwhile, are also being enticed with a £200 payment.
Savers can deposit up to £200 per month, said the building society, and make four withdrawals a year without penalty, after which the rate on the account drops to 2.15%.
Rates on saving accounts have started to rise again after the government-backed NS&I recently issued one-year fixed savings bonds paying 6.2% and forcing its rivals to respond.
Santander initially launched and then pulled an easy access account that paid 5.2% up to £250,000 after being swamped by the demand.
Even NatWest, one of the laggards on the savings front, is now offering a one-year fixed-rate account paying 5.56%, and 5.6% for balances above £100,000 while it now offers a regular savings account that pays 6%.
Rachel Springall, a finance expert at Moneyfacts, told the Guardian: “There has been a positive uplift in savings rates overall, thanks to competition and back-to-back Bank of England base rate rises, but not every consumer may be seeing the benefits. Indeed, less than a third of the savings market pays above base rate.”