Barclays is offering savers over 5% on new savings account

It’s been less than a month since Barclays launched a new instant access savings account offering its Blue Rewards customers over five percent. Blue Rewards customers can benefit from a rate of 5.12 percent AER (five percent gross) per year variable for balances up to £5,000.Britons can open an account with £1 – if they want to save regularly they can set up a standing order.If someone deposited £1,000 into the account, after 12 months their balance would be £1,051.16.If a saver invested £5,000 in their Rainy Day Saver, the amount would grow to £5,250.17 after a year.Once the balance exceeds £5,000, the interest earned will drop down to 0.15 percent gross/AER.READ MORE: Family astounded after OVO Energy bill shot up to ‘impossible’ £1,300 a month Barclays have a new savings account for savers (Image: GETTY)The Rainy Day Saver account is the latest exclusive benefit available to Barclays Blue Rewards members.The Blue Rewards scheme is a programme to reward customers by giving them cash rewards each month.When people earn cash rewards, Barclays will pay the money into their Rewards Wallet, which they can access and manage easily in Online Banking or the Barclays app.Customers get more rewards for having or opening other accounts or services with the bank.DON’T MISSPIP claimants could get extra cash, benefits and discounts – are you eligible? [ANALYSIS]Martin Lewis explains how people aged 45 to 70 could boost state pension by £5,800 [VIDEO]Full list of people who will get the DWP Christmas cash boost – are you eligible? [ANALYSIS] As the cost of living crisis continues, any extra cash could be vital for families on low incomes (Image: EXPRESS)Barclays isn’t the only savings provider to increase its interest rates this month.Britons are urged to look around for the best deals that fit best for them.Nationwide, for example, currently offers the highest interest rate for its FlexDirect current account holders.It pays five percent AER on balances up to £1,500 in the first year (0.25 percent after that).It requires a minimum of £1,000 to be paid in each month – people could fulfil this by getting their wages paid into this account if they earn at least £12,000 per year after tax and other deductions.