has boosted the interest rate on its easy access account to a competitive 4.65% gross/AER, earning it an "excellent" rating from Moneyfacts.

The Four Access Saver (Issue 2) is available to savers with a minimum deposit of just £1 and offers the flexibility of monthly interest payments - a useful feature for those looking to supplement their income. However, withdrawals are limited. Customers can make up to four each year without penalty, but exceeding that number will see the fall sharply to 2.15% gross/AER. Caitlyn Eastell, spokesperson at Moneyfactscompare, said the deal "takes a competitive position when compared against its peers" and "pays an attractive 4.65% gross/AER yearly."

She noted that while the account is accessible, "savers should keep in mind that if they make five or more withdrawals, the rate drops significantly." Ultimately, she said: "The deal earns an Excellent Moneyfacts product rating."

Up to £1million can be invested, and the account can only be opened and managed online.

While West Brom may be offering a competitive deal, it isn't currently topping the table. Revolut's Ultra account, which comes with a £45 monthly fee, takes the lead with an Annual Equivalent Rate (AER) of 5%. Up to £200,000 can be invested, interest is paid daily, and there are no restrictions on withdrawals.

For those looking for a fee-free account, Chip's Easy Access Saver offers a 4.76% AER. The rate includes a 1.16% bonus for 12 months. No minimum deposit is required to launch the account and interest can be paid monthly. However, up to three withdrawals are permitted per year, which may not be ideal for those looking for flexibility.

For savers looking for an account with no withdrawal limitations, JP Morgan's Chase offers a 4.75% AER. The rate includes a 1.69% bonus for six months, and savers can launch the account with just £1. Interest is paid monthly, and there are no restrictions on withdrawals.

Following the Bank of England's latest Base Rate cut on Thursday, savers are being urged to look "beyond the high street" to secure better-paying accounts while interest rates are still high.

Sally Conway, savings expert at Shawbrook Bank, said: "With the Bank of England cutting , savers may feel the pinch, but this doesn't mean it's time to settle for less.

"In fact, with rates lowering across the board, now more than ever it pays to look beyond the high street. Specialist providers often offer some of the best rates available yet remain one of the best kept secrets in savings.

"Our research shows that one in eight savers have already encouraged others to switch from traditional providers to specialist banks for better returns. Now's the time to be proactive. Don't let your savings get left behind - explore your options and make sure your money's working harder, especially when inflation is still a concern."