Leaving your money languishing in a low-paying savings account or your current account means you could be missing out on valuable interest. With the cost-of-living crisis raging and inflation still in double digits, it’s more important than ever to make every penny count.

Savings interest rates have been rising off the back of 11 Bank of England base rate hikes and according to Anna Bowes, co-founder of Savings Champion, “just as I think rates can’t get any better, they do”.

Bowes says it’s been an “extraordinary month” for savings rates as the financial markets predicted that the Bank of England will need to raise the base rate to 5% in order to tame inflation – this is up from the previous prediction.

“This week saw Işbank, via the Raisin UK Cash Platform, hit the heady heights of 5% AER across a range of its bonds, from one year to seven years. That seems an odd thing to do as we have become used to seeing longer term bonds paying more than shorter term, as you are giving up access to your money for longer. But outside of these bonds from Işbank the rates on the longer term best buys are actually lower than the short-term,” Bowes says.

She adds: “This is because it is expected that after a peak of 5%, the base rate will fall again somewhat, once inflation is under control. So, although the temptation will be to choose a short-term bond paying a higher or the same rate as a longer term bond, you’ll only know with the benefit of hindsight if you should have fixed for longer.

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“If, as ex-chief economist of the Bank of England Andy Haldane predicts, inflation comes down sharply over the rest of this year, you could find yourself with a bond that is paying close to or even more than inflation for some or much of the term if you brave the longer term. Perhaps a balanced approach is called for.”

Bowes adds that the top easy access accounts “also need a shout out too” as a flurry of activity has pushed rates up to levels not seen in well over a decade.

“The top account currently available is 3.71% from the app-only Chip Instant Access Account – a rate that has been steadily increasing for both new and existing customers since its launch in January.

“The second best account is an online account from Shawbrook Bank. Issue 35 of the Easy Access Account is paying 3.65% and you don’t need a smart phone or tablet to open it – just a computer,” she said.

Easy access accounts

3.71% Chip Instant Access Account – minimum deposit £1. Apply and access via mobile app or via QR code from the Chip website.

3.65% Shawbrook Bank Easy Access Account (Issue 35) – minimum deposit £1,000. Apply online, access online or by phone.

3.55% Aldermore Double Access Account (Issue 1) – minimum deposit £1,000. Apply and access online. A maximum of two easy access withdrawals are allowed per year, additional withdrawals will see the rate drop to 0.1% for the remainder of that year.

Notice accounts

4.05% Oxbury 180 Day Notice Account (Issue 11) – minimum deposit £1,000. Apply online. Access online or via mobile app. Withdrawals are subject to 180 days’ notice only; no earlier access is allowed

4% Market Harborough 180 Day Notice Account – minimum deposit £10,000. Apply online or in branch. Withdrawals are subject to 180 days’ notice only; no earlier access is allowed.

4% Allica Bank 180 Day Notice Savings Account (Issue 1) – minimum deposit £10,000. Apply online or via mobile app. Access online, by telephone, email or via mobile app. Withdrawals are subject to 180 days’ notice only, no earlier access is allowed

One-year fixed term bonds

5% Raisin UK 1 Year Fixed Term Deposit (provided by Işbank) – minimum deposit £1,000. Apply and access online. No access within the term. This account is available exclusively through the Raisin UK Savings Marketplace.

4.85% Close Brothers 1 Year Fixed Rate Bond – minimum deposit £10,000. Apply online. No access within the term.

4.83% Allica Bank 12 Month Fixed Term Personal Savings Account (Issue 39) – minimum deposit £10,000. Apply online or via mobile app. No access within the term.

Two-year fixed term bonds

5% Raisin UK 2 Year Fixed Term Deposit (provided by Işbank) – minimum deposit £1,000. Apply online. No access within the term. Interest is paid annually back to your Raisin UK account.

4.85% DF Capital 2 Year Fixed Rate Deposit (Issue 10) – minimum deposit £1,000. Apply online. No access within the term.

4.85% Allica Bank 24 Month Fixed-Term Personal Savings Account (Issue 31) – minimum deposit £10,000. Apply online or via mobile app. No access within the term.

Three-year fixed term bonds

5% Raisin UK 3 Year Fixed Term Deposit (provided by Işbank) – minimum deposit £1,000. Apply online. No access within the term. This account is available exclusively through the Raisin UK Savings Marketplace. Interest is paid annually back to your Raisin UK account.

4.75% Vanquis 3 Year Fixed Rate Bond – minimum deposit £1,000. Apply online. No access within the term.

4.75% Close Brothers 3 Year Fixed Rate Bond – minimum deposit £10,000. Apply online. No access within the term.

Five-year fixed term bonds

5% Raisin UK 5 Year Fixed Term Deposit (provided by Işbank) – minimum deposit £1,000. Apply online. No access within the term. This account is available exclusively through the Raisin UK Savings Marketplace. Interest is paid annually back to your Raisin UK account.

4.71% United Trust Bank 5 Year Bond – minimum deposit £5,000. Apply online. No access within the term.

4.7% Tandem 5-Year Fixed Term Deposit ‒ minimum deposit £1,000. Apply online or via mobile app. No access within the term.

Easy access cash ISAs

3.45% Shawbrook Bank Easy Access Cash ISA Account (Issue 24) – minimum deposit £1,000. Apply and access online. Transfers in are allowed. This not is a flexible ISA. This is not a portfolio ISA.

3.35% Cynergy Online ISA (Issue 35) – minimum deposit £1. Apply and access online. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

3.35% Chorley Building Society Easy Access Cash ISA (three withdrawals) ‒ minimum deposit £1. Apply and access online. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

One-year fixed term cash ISAs

4.25% Castle Trust Bank 1 Year Fixed Rate e-Cash ISA – minimum deposit £1,000. Apply online, by post and telephone. Full withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

4.25% Close Brothers 1 Year Fixed Rate Cash ISA – minimum deposit £10,000. Apply online. Withdrawals on closure only, subject to an interest penalty. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

4.21% Shawbrook Bank 1 Year Fixed Rate Cash ISA Bond (Issue 71) – minimum deposit £1,000. Apply online. Withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

Two-year fixed term cash ISAs

4.35% Coventry Building Society Fixed Rate ISA (Issue 217) – minimum deposit £1. Apply online, in branch, by post or telephone. No access within the term, closure is subject to a charge equal to 120 calendar days’ interest. The maturity date is 31/05/2025. This is not a flexible ISA. This is not a portfolio ISA.

4.31% Shawbrook Bank 2 Year Fixed Rate Cash ISA Bond (Issue 70) – minimum deposit £1,000. Apply online. Withdrawals are allowed, subject to 180 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

4.31% Close Brothers 2 Year Fixed Rate Cash ISA – minimum deposit £10,000. Apply online. Withdrawals on closure only, subject to an interest penalty. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

Three-year fixed term cash ISAs

4.35% Virgin Money 3 Year Fixed Rate Cash e-ISA – minimum deposit £1. Apply online. Withdrawals are allowed, subject to 120 days’ loss of interest. The maturity date is 24/04/2026. Transfers in are allowed. This is not a flexible ISA. This is a portfolio ISA.

4.2% Leeds Building Society 3 Year Fixed Rate Cash ISA (Issue 138) – minimum deposit £100. Apply in branch, by post or online. Withdrawals are allowed, subject to 240 days’ loss of interest. The maturity date is 31/05/2026. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

4.2% Cynergy Bank 3 Year Fixed Rate Cash ISA ‒ minimum deposit £500. Apply online. Withdrawals are allowed, subject to 180 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

Five-year fixed term cash ISAs

4.2% Gatehouse Bank 5 Year Fixed Term Woodland Cash ISA ‒ minimum deposit £1,000. Withdrawals within the term will be subject to a reduction in profit of 365 days. The rate is not guaranteed, in order to comply with Sharia Law the rates listed are an expected profit rate. Expected profit is paid annually. Transfers in are accepted.

4% Progressive Building Society 5 Year Fixed Rate ISA Bond (Issue 4) – minimum deposit £500. Apply in branch or by post. Withdrawals are allowed, subject to 180 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA. This is not a portfolio ISA.

4% Secure Trust Bank 5 Year Fixed Rate Cash ISA – minimum deposit £1,000. Apply online. Withdrawals allowed on closure, subject to an early access charge of 365 days’ interest. The maturity date is 30/05/2028. Transfers in are accepted. This is not a flexible ISA. This is not a portfolio ISA.