Savers can choose from a few different options of accounts paying 5.85% including a one or three-year account.

But things are moving quickly in this market. It’s just over a month since savings rates breached the 5% mark and at the speed at which rates are rising, they may hit 6% soon.

However, with high street banks still lagging behind, it is largely the challenger banks who are upping rates and offering savers better deals.

Here we take a look at the best rates of the week, with data from Moneyfacts.

This week’s best savings accounts

Top of the charts this week is a One Year Fixed Rate Bond from Close Brothers Savings paying 5.85% which can be opened with £10,000. It needs to be opened online and can be managed online, by post, or on the phone.

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It’s closely followed by the HBZ Fixed Rate eDeposit account from Habib Bank Zurich paying 5.80% on a minimum of £5,000. It can be opened online and also managed by post or phone.

Oxbury Bank also has a Personal 1 Year Bond Account – Issue 31 paying 5.80% on a minimum of £1,000 which can be opened online and also managed through its app.

For savers who can put their money away slightly longer, there’s the Hampshire Trust Bank’s 18 Month Bond (Issue 26) paying 5.81% on a minimum of £1. It can be opened online and also managed by post or phone.

Close Brothers is also the market leader for two and three-year accounts, paying 5.85% on a minimum of £10,000 with both. Recognise Bank’s 3 Year Fixed Rate Account – Issue 1 is in the joint top spot for three-year accounts paying 5.85% on a minimum of £1,000. All of these three can be opened online then managed by post or phone.

The best easy-access cash ISAs

The best rate for easy-access ISAs comes from Cynergy Bank with its Online ISA (Issue 38) paying 3.85%. It can be opened online with £1 and managed online.

The next-best rates are the following:

1. Shawbrook Bank’s Easy Access Cash ISA – Issue 24: paying 3.78% this account can be opened with £1,000. It can be opened online and also managed by post.
2. Paragon Bank’s Triple Access Cash ISA – Issue 13: paying 3.76% the interest rate on this online account which can be opened with £1 drops after three withdrawals.
3. Leeds BS’s Limited Issue Online Access ISA (Issue 61): paying 3.75% on a minimum of £1,000 this account is opened and managed online.

The best notice ISAs

There’s a range of notice ISAs to choose from, depending on how long you want to put your cash away for.

The highest-paying is the Loughborough BS 180 Day Notice Cash ISA which pays 4.70% but has a minimum deposit of £20,000. It can be opened and managed by post or in a branch.

The next-best rates are the following:

1. Teachers BS’s Cash ISA Notice 120 (Issue 1): paying 4% this ISA can be opened with £1,000 online or by post and also managed by phone.
2. Darlington BS’s 90 Day Notice Cash ISA: this pays the highest rate of 3.65% for a 90-day notice ISA and can be opened with £10,000 in a branch or by post and managed online too.
3. Skipton BS’s 60 Day Notice Cash ISA Issue 1: also paying 3.65% this 60-day notice account can be opened with £1 in a branch, by post, or by phone.

The best fixed-rate ISAs

Today’s market leader for one-year fixed-rate ISAs is the UBL UK 1 Year Fixed Rate Cash ISA paying 5%. It can be opened with £2,000 and interest is paid away on maturity of the account. It can be opened and managed online, in person, by post, or via the bank’s app.

The next-best are the following:

1. OakNorth Bank’s Fixed Rate Cash ISA: paying 4.96% on a minimum of £1 this account can be opened and managed online or via the bank’s app.
2. Close Brothers Savings’s 2 Year Fixed Rate Cash ISA: paying 5.10% on a minimum of £10,000 this account can be opened online or by post and also managed on the phone. Earlier access is allowed but would result in the account closing and a 150-day loss of interest. Interest is paid yearly.
3. Furness BS’s 2 Year Fixed Rate ISA: also paying 5.10% this ISA can be opened with £1,000 online, in a branch, or on the phone.
4. Furness BS’s 3 Year Fixed Rate ISA: for three-year accounts, Furness is also in the top spot with this ISA paying 5.15%. It can be opened online, in a branch or by post with £1,000. Interest is paid when the account matures. Earlier access is allowed but results in closure of the account and a 180-day loss of interest penalty.

The best notice savings accounts

The highest-paying notice savings account comes from Bank of London and The Middle East with its 90 Day Notice Account (Issue 5). It pays 5.09% interest on a minimum of £10,000 and can be opened and managed online.

For accounts with a shorter term, FirstSave’s 30 Day Notice Account (May23) pays 4% with a minimum opening deposit of £100. It can be opened online and also managed by post or phone.

The next-best is the RCI Bank UK’s E-Volve Savings 14 Day Notice Account paying 3.95% on a minimum of £1,000. It can be opened online and also managed on the app.