Supermarket bank Tusa has developed a 4 per cent demand deposit account for amounts over £5,000. The "Open Account" is available to new and existing Tusa customers and offers immediate access to the saver's money.

If the amount falls below £5,000, interest is reduced to 1 per cent. Using their Tusa cashcard, customers may lodge funds into any of the eight Tusa outlets or at checkouts in the 17 Superquinn shops.

Inflation, which reduces the value of savings and investment, is currently 5.2 per cent.

Tusa recently raised its 20-year variable mortgage rate to 5 per cent.