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OakNorth Bank has hiked the rate on one of its savings accounts to 4.33%, earning itself an "excellent" rating from analysts. The lender is offering 4.33% AER on its 24 month fixed term savings account.

You can open an account with as little as £1 and invest up to a maximum of £500,000. The money is locked away for 24 months, with compound interest paid on maturity. Caitlyn Eastell, Personal Finance Analyst at Moneyfacts, said the bank's increase puts it on a competitive footing in the savings market.

She said: "OakNorth Bank has increased the rate on its 24 month fixed term savings account and now takes a competitive position in the top charts.

"The account pays 4.33% and can be opened with as little as £1, but further additions are permitted for 14 days from account opening, which may add to its appeal."

Ms Eastell said the deal may be best suited to savers who are confident they will not need access to their cash over the next two years because withdrawals are not permitted.

She added: "Overall, this deal earns an 'Excellent' Moneyfacts product rating."

While dipping into the account isn't allowed over the two year term, you can add to it for up to 14 days from when it was opened.

You have to be at least 18 years old to open an account, which can be done online and via OakNorth's mobile app.

A joint account option is available. You can only manage OakNorth's fixed term savings account online or via the bank's app.

OakNorth's two year fixed rate account offer compares to Market Harborough Building Society's 4.65% AER fixed term bond, which tops Moneyfacts ranking.

The lender is offering the same rate on two accounts, one paying interest annually and the other monthly.

Charter Savings Bank's two year fixed rate bond offers 4.45% AER, with interest paid on the anniversary of the account's opening.

Other options include Close Brothers Savings' fixed rate two year bond, offering 4.41% AER and Hampshire Trust Bank's two year bond, with the same rate.

Kent Reliance sits just above OakNorth in Moneyfacts' ranking, on 4.35% AER. The minimum amount you can open an account with is £1,000. The most you can invest is £1million.