Two challenger banks have increased the rates on offer on their savings accounts making them best buys.

GB Bank has upped the rate on its one-year fix to 4.7 per cent making it the best buy in the This is Money independent savings tables.

The account can be opened with £1,000 up to a maximum of £100,000 with money held in GB Bank covered under the Financial Services Compensation Scheme to the tune of £120,000.

The account can be opened online and on its app. It is also offering to the top two-year fix, again paying 4.7 per cent.

Meanwhile, the best fixed-rate overall now comes from Oxbury Bank. It has a three-year fix paying 4.71 per cent. Again, it can be opened online, requires £1,000 and is covered under FSCS.

The higher rates come as deals across the board continue to nudge upwards. There are now six accounts paying more than 4.6 per cent over 12 months in our fixed-rate tables.

For those looking for a tax-free fix, the top cash Isa deals include Charter Savings Bank offering 4.54 per cent over a year and 4.57 per cent over two years, while Skipton Building Society pays 4.56 per cent over 18 months.

GB Bank is a specialist London-based bank founded in 2017 and gaining a full banking licence in 2022.

It focuses on providing property development loans to SMEs and regional developers with money brought in from savings accounts.

Oxbury Bank, founded five years ago, is a specialist bank dedicated to the agricultural and rural economy.

Based in Chester, it uses money from savings to provide tailored lending to British farmers and food producers.

Revolut has today launched a savings challenge, which will see participants be entered into a prize draw – as long they meet weekly goals.

Customers choose a set weekly savings goal between £10 and £50 and Revolut says it automatically moves the funds into a dedicated account.

Users who maintain their 'savings streak' by completing all weekly deposits in a month qualify for a £10,000 monthly draw – and those who continue their streak for at least 50 out of 52 weeks are entered for a chance to win a £100,000 jackpot.

To join the challenge, customers open the Revolut app, navigate to the 'savings' tab and choose savings challenge. Participants must sign up to the challenge by 31 May to take part.

However, the account only pays 3 per cent interest or 4 per cent for those with Ultra, which costs £55 per month.

In comparison, Premium Bonds - which come with two £1million top prizes every month - has an underlying rate of 3.3 per cent.