The bank offers three core savings account types with deposits ranging from £1,000 to £250,000, giving savers the option of monthly or annual interest repayments on all accounts.

Charter Court Financial Services, which also owns Precise Mortgages and Exact Mortgage Experts, announced plans to launch the savings proposition in January, but at the time confirmed it had no plans to distribute mortgages through the new bank.

Ian Lonergan CEO of Charter Savings Bank said savings generated from Charter Savings Bank would be used to grow the Precise Mortgages business. 

Account options include:

• Easy Access variable rate of 1.25% AER

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• 95 Day Notice variable rate of 1.75% AER

• A full range of Fixed Rate Bonds (one, two, three, four and five years) ranging from 1.80% AER up to 2.50% AER, allowing customers to lock away their funds while knowing what interest they will receive.

Lonergan said it hoped to offer transparent savings options for customers who were struggling to achieve their financial goals.

“We know a significant number of savers are struggling to achieve good returns on their savings in today’s economic climate, but we are confident that our accounts will provide a better deal for customers,” he said.