The credit crunch continues to be a boon for savers with the Halifax today launching a 10% fixed rate savings account. The drawback is that savers can only deposit up to £500 (or as little as £25) each month by standing order for a guaranteed rate of 10% for only the first year.

However, Halifax's Regular Saver account, unlike other accounts available in the market, does not have to be linked to a current account.

An additional 2% interest rate is available to savers who deposit and maintain a further £5000 in a nominated Halifax savings account. For example, the Guaranteed Saver account offers a variable rate of 5.25% with four transactions per year.

Halifax's Regular Saver account, which can be opened online or at a Halifax branch, is available for a limited six week period, until Sunday 20 July. It is open to new and existing customers, one account per adult.

If the account is closed early or a withdrawal is made, the rate of interest will revert to the Halifax Web Saver without card rate (currently 4.45%) for the period of investment.

Each year the capital and interest are swept into one of six nominated accounts. The regular saver account remains open and deposits can continue to be made.