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Blue Reward customers can get a variable rate of 5.12% on balances up to £5,000. Savers can open the account with a deposit of £1 and can set up a standing order to gradually increase their savings pot.
Customers may want to note that the interest rate drops to 0.15% for balances over the £5,000 limit.
A person who deposited £1,000 into the account would see after 12 months the balance increase to £1,051.16.
If a saver invests £5,000 in their Rainy Day Saver, the amount will increase to £5,250.17 after one year.
The Rainy Day Saver Account is the latest exclusive benefit available to Barclays Blue Rewards members.
READ MORE: From early retirement to “full financial security” at age 70: how much is enough for retirement?
The Blue Rewards program is a program to reward customers with cash rewards every month.
Customers get more rewards for having or opening other accounts or services with the bank.
Other existing benefits include monthly cash rewards on products such as mortgages, insurance and loans, as well as access to the Blue Rewards Saver account.
David Kelly, Head of Savings at Barclays, said: “Clients are looking for ways to build up their savings, and the Barclays Rainy Day Saver helps them create an instant-access emergency fund with an all-in rate for balances. up to £5,000.
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“The Barclays Blue Rewards program is designed to help people grow their money through access to exclusive savings products.
“It comes on top of Barclays’ highly competitive Fixed Rate Bonds and ISA Options, which are available to everyone, helping customers save more.”
The Rainy Day Saver comes with a monthly fee of £5 and savers must also pay at least £800 per month.
The account can be managed using the app, online banking, over the phone or by visiting a Barclays branch.
READ MORE: State pension payments to hit £200-a-week but rate hike of 1.4million ‘is less clear cut’
Analysts have predicted that interest rates could hit 6% over the next few months, with the Bank of England base rate currently at 2.25%.
The central bank has raised policy rates several times over the past few months to combat soaring inflation, which is expected to continue to rise.
The Bank of England is expected to add another 75 basis points to borrowing costs at its November 3 meeting.
Goldman Sachs analysts said: “We are not yet convinced that the BoE will be able – or willing – to react with enough force on key rates to support the currency in the short term.”
A new report from Moneyfacts.co.uk showed the average five-year fixed rate mortgage in the market hit 6% for the first time in 12 years.
The typical five-year fixed rate mortgage on Thursday was 6.02%, after jumping 5.97% last Wednesday.
The last time the five-year average fixed rate mortgages were at 6% was in February 2010, when the rate was 6%.
The average two-year fixed-rate mortgage stands at 6.11%, after crossing the 6% mark on Wednesday for the first time since November 2008.
