Currently the largest digital bank, with more than seven million customers, Monzo said the new offering was developed directly with customer feedback.

There is no minimum deposit, and the new instant access product adds to the bank’s other in-app budgeting features which include a range of other “Savings Pots” and a “Salary Sorter”.

“Developed with customers, it’s designed to give everyone the flexibility to grow their money and access it whenever they need to,” Monzo CEO TS Anil said.

“We’re excited to get this into the hands of customers who we know are using Monzo’s powerful saving and budgeting features more than ever to make the most of every penny.”

Monzo’s mission is to make money work for everyone, and Anil noted that, “amid the cost of the crisis our ambition is to make money work even harder”.

The bank already had easy access and fixed term options on its app, with up to 3.55 per cent interest on its 12 month fixed option.

Its new instant access interest rate sits competitively among other fintechs, including Chase, which upped its easy access savings to 3 per cent this week, Kroo, which offers 3.03 per cent on its current account, and Chip, which offers 3.05 per cent instant access.