A new bank has entered the market this week bringing a “competitive” fixed savings account paying 4.77% interest with it.

Vida Bank, formerly known as Vida Homeloans, has recently gained its full banking licence after previously operating as a specialist mortgage lender.

Its first and only savings product so far is the One Year Fixed Rate Bond, and it’s taking a place in the top rate tables according to a savings expert.

Rachel Springall, finance expert at Moneyfactscompare.co.uk, said:…