Two banks have launched an attack on the savings market with a range of fixed-rate bonds, which will bring a smile to the faces of savers.

Clydesdale and Yorkshire banks have released four new bonds, which have put them at the top of the one, two, three and five-year bond tables.

The new bonds include a one-year bond with a rate of 3.6 per cent, a two-year bond paying 4 per cent, a three-year bond paying 4.3 per cent and a five-year bond with a rate of 4.7 per cent.

These are all very attractive rates for savers who've had to put up with paltry interest rates over the last few years, although none of them beat the Retail Prices Index measure of inflation, which is currently 5.6 per cent.

It's highly unusual for a bank to launch an attack on four best-buy tables like this, but the reason for Clydesdale and Yorkshire banks' sudden generosity stretches beyond simple goodwill.

Their owner, National Australia Bank (NAB), has publicly stated that it wants to increase its presence in the UK market. 'I am pouring all my energy into organic growth,' says NAB's UK chief executive David Thorburn.

Given that the UK savings market is worth £1.1 trillion, it's hardly surprising NAB wants a bigger chunk of the pie.

NAB's move hasn't gone unnoticed by other banks with Kent Reliance Building Society releasing a one-year bond with a rate of 3.6 per cent and a lower minimum investment of just £1,000 – all the Yorkshire and Clydesdale bonds have a minimum investment of £2,000.

This was written for our sister website, Moneywise