Nationwide Building Society members may want to check over their accounts and see if they can get a better rate on their savings.

One way customers with the building society can build up a savings habit while getting a good rate in their savings is with the group’s Flex Regular Saver. This is a type of account where you can put in a capped amount each month, and you get a high interest rate.

Speaking to the Treasury Committee, Stephen Noakes, head of retail at Nationwide, said: “If you think about regular saver products, which are encouraging that day-to-day saving, typically, it is a save of up to £200 a month at an interest rate of 6.5%.”

He said it is the “right thing to do” to offer accounts like this as they encourage people to build their savings over time.

He also said that in some cases, these funds are being moved away from a current account “which is probably paying zero interest or a very low interest”.

The Flex Regular Saver pays a variable rate of 6.5 percent over a 12-month term. You can pay in up to £200 a month, meaning you can earn up to £84.50 in interest over the 12 months, if the interest rate stays the same.

Top-paying savings accounts

These are the top-paying regular saver accounts at the time of writing:

You can currently get rates of above 4.5 percent with the top-paying savings accounts. Mr Noakes also told the committee that people accumulating even a small pot of savings can help them be much more financially resilient.

He said: “Even a small buffer makes a big difference to their resilience. It is critical to start developing that savings behaviour.

“In the steps to saving, which the research also talked about, that is a pathway to potentially getting into home ownership and beyond. It is absolutely important that we do that.”