A market-leading savings account sold out in less than three days this week as savers rushed to get the best return they could on their deposits.

Skipton building society said thousands had applied for its online bonus saver account, which offered a rate of 1.2%, including a 0.5% bonus for the first 12 months.

Although low by historical standards, the rate put the account top of the best-buy tables and caught the eye of savers who have seen returns on some high street accounts fall to only 0.01%.

Savers who missed out can get a rate of 1.27% from OakNorth bank if they are willing to tie up their cash for 18 months, after it increased its rates on fixed-term accounts.

Eleanor Williams, a finance expert at Moneyfacts.co.uk, said the rate put it in the website’s top 10. Deposits start at only £1 and Williams said: “Some investors may be pleased to note, though, that further additions are available within 14 days of account opening.”

Skipton’s account, which was launched on 15 September, had to be withdrawn two and a half days later after the society was deluged by customers.

Maitham Mohsin, the society’s head of savings, said: “The huge demand for, and success of, Skipton’s online bonus saver shows that people are hungry for great-value savings accounts in today’s low-interest environment.”