Savings rates are expected to go up following the 0.25 percentage point rise in Bank of England base rate to 0.5% last week.
But savers could have to wait until the start of next month to know what their new rate is.
Some new banks and building societies have already announced new rates on their ordinary easy-access accounts and cash Isas.
The top rate is the 1.31% from Paragon’s Limited Edition Easy Access (Issue 4). Birmingham Midshires and RCI Bank both pay 1.3% on their easy access savers. You need to move your money after a year in the Birmingham Midshires account as the rate includes a big bonus for the first 12 months after which it drops to a miserly 0.05%.
Remember in the RCI Bank account your money comes under the French compensation scheme which gives you up to €100,000 (around £88,000) if the bank goes bust rather than the UK scheme.
Neither RCI nor Birmingham Midshires have announced any increase in their rate following last week’s base rate rise.
The top one-year fixed-rate bond comes Atom Bank at 1.95% or, in the high street, 1.6% from Kent Reliance or 1.4% from Skipton Building Society. For two years both Axis Bank and Atom Bank pay a top 2.05%
On tax-free cash Isas, the best easy-access rate comes from Coventry Building Society which will raise its rate to 1.3% from the start of next month. Sainsbury’s Bank, which has not yet announced any increase, pays 1.06%.
Savings accounts to beat inflation
To beat inflation compromises need to be made as all of the small number of regular savings accounts that pay more than inflation require savers to have a current account with the provider.
Moneywise keeps tabs on the savings market has found there are accounts that currently beat inflation.
This article was written for our sister magazine Money Observer.