Mr Riley explained: “We remain committed to supporting savers, which is why we have increased rates on all our off-sale savings accounts.

“In recent months, our average deposit rate has been at least 70 percent higher than the market average, demonstrating our mutual difference.

“Helping people develop a savings habit, particularly at this time, is core to the ethos of a building society.

“For this reason, one of our biggest increases was made to our regular savings accounts, which we hope will encourage those that can put money away to do so.”

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