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 continuing and inflation still roaring high, it’s more important than ever to make every penny count.

Savings interest rates have been rising off the back of 12 consecutive Bank of England base rate hikes and according to Anna Bowes, co-founder of Savings Champion, the good news could continue as another rise is expected later this month.

Bowes said: “It’s been another extraordinary month for increasing savings rates and there has been a huge flurry of activity. Markets are now expecting the base rate to peak at over 5% later this year – higher than previously thought. This sentiment has led to the launch of some new rate-busting accounts – the highest in well over a decade.”

She added that fixed term bond rates are at a 14-year high, with the best one-year now paying 5.26%, while the top five-year bond pays 5.35%.

Meanwhile, easy access rates have also continued to rise for both new and existing customers, with savers able to earn up to 3.88% AER. However, this top paying account only allows two penalty free withdrawals a year.

“The top unrestricted account is not far behind though; Secure Trust Bank is paying 3.85% AER on its Access Account Issue 7,” Bowes said.

“ISAs too have seen a really strong month – with the top rates across the board rising. And although the gross top bond rates are higher than the ISA rates, if you now pay tax on your savings, you can definitely earn more in the ISA,” Bowes added.

She explained that savers “don’t need a lot of cash” to breach the Personal Savings Allowance.

“If you were to put money into the top one-year bond, a deposit of £19,012 would see you breach the basic rate allowance of £1,000 – just £9,506 if you are a higher rate taxpayer. And with yet another base rate increase expected next month, there is bound to be more to come. The good news for savers is ongoing,” she said.

Below Savings Champion lists all the top paying accounts from easy access savings to fixed bonds, notice accounts to ISAs:

Easy access accounts

3.88% Principality BS Online Double Access (Issue 2) – minimum deposit £1. Apply and access online. Two withdrawals permitted per calendar year – with closure counting as a withdrawal.

3.85% Secure Trust Bank Access Account (Issue 7) – minimum deposit £1,000. Apply online. Access online or by telephone.

3.85% 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 result in the rate dropping to 1% for the remainder of that year.

3.85% The West Brom BS Double Access Account (Issue 2) – minimum deposit £1. Apply in branch or by post. Access in branch, by post or telephone. Rate includes a conditional bonus, subject to a maximum of two easy access withdrawals per account year. Additional withdrawals will result in a lower rate of 2.20% AER for the remainder of the account year.

3.82% Chip Instant Access Account – minimum deposit £1. Apply and access via mobile app or via QR code from the Chip website.

Notice accounts

4.40% Hampshire Trust Bank 120 Day Notice Account (Issue 7) – minimum deposit £1. Apply online. Access online, by post or telephone. Withdrawals are subject to 120 days’ notice only; no earlier access is allowed.

4.33% The Family BS Capital 120 (Issue 1) – minimum deposit £1,000. Apply and access online. Withdrawals are subject to 120 days’ notice only; no earlier access is allowed.

4.31% Cynergy Bank Online Notice Saver 120 Day Notice (Issue 4) – minimum deposit £500. Apply and access online. Withdrawals are subject to 120 days’ notice only; no earlier access is allowed.

4.30% Hampshire Trust Bank 95 Day Notice Account (Issue 13) – minimum deposit £1. Apply online. Access online, by post or telephone. Withdrawals are subject to 95 days’ notice only; no earlier access is allowed.

4.30% United Trust Bank 200 Day Notice Account (Issue 2) – minimum deposit £5,000. Apply and access online. Withdrawals are subject to 200 days’ notice only; no earlier access is allowed.

One-year fixed term bonds

5.26% Smart Save 1 Year Fixed Rate Saver – minimum deposit £10,000. Apply online. No access within the term.

5.25% Raisin UK 1 Year Fixed Term Deposit (provided by National Bank of Egypt UK ltd) – minimum deposit £1,000. Apply online. No access within the term. This account is available exclusively through the Raisin UK Savings Marketplace.

5.16% Shawbrook Bank 1 Year Fixed Rate Bond (Issue 91) – minimum deposit £1,000. Apply online. No access within the term.

Two-year fixed term bonds

5.26% Smart Save 2 Year Fixed Rate Saver – minimum deposit £10,000. Apply online. No access within the term.

5.25% Raisin UK 2 Year Fixed Term Deposit (provided by Tandem) – minimum deposit £1,000. Apply online. No access within the term. This account is available exclusively through the Raisin UK Savings Marketplace.

5.25% OakNorth Bank 24 Months Fixed Term Savings Account – minimum deposit £1. Apply online. No access within the term.

Three-year fixed term bonds

5.30% Raisin UK 3 Year Fixed Term Deposit (provided by Tandem) – minimum deposit £1,000. Apply online. No access within the term. This account is available exclusively through the Raisin UK Savings Marketplace.

5.30% OakNorth Bank 36 Months Fixed Term Savings Account – minimum deposit £1. Apply online. No access within the term.

5.28% OakNorth Bank 30 Months Fixed Term Savings Account – minimum deposit £1. Apply online. No access within the term.

Five-year fixed term bonds

5.35% Raisin UK 5 Year Fixed Term Deposit (provided by Tandem) – minimum deposit £1,000. Apply online. No access within the term. This account is available exclusively through the Raisin UK Savings Marketplace.

5.15% United Trust Bank 5 Year Bond – minimum deposit £5,000. Apply online. No access within the term.

5.10% Atom Bank 5 Year Fixed Saver ‒ minimum deposit £50. Apply via mobile app. No access within the term.

Easy access cash ISAs

4% Teachers BS Cash ISA Notice 120 (Issue 1) – minimum deposit £1,000. Apply via post. Access online or by post. Withdrawals subject to 120 days’ notice or loss or interest. Transfers in are allowed. This is not a flexible ISA.

3.75% Virgin Money Easy Access Cash ISA Exclusive (Issue ) – minimum deposit £0. Apply in branch or online. Access in branch, online, via post, telephone or mobile banking. This account is open to customers with a current account from Virgin Money, Clydesdale Bank or Yorkshire Bank (apart from Essential Current Account or any account opened with Northern Rock) . Transfers in are allowed. This is a flexible ISA.

3.65% Paragon Triple Access ISA (Issue 13) ‒ minimum deposit £1. Apply and access online. Transfers in are allowed. This is a flexible ISA and a portfolio ISA. If more than three withdrawals are made in a 12-month period, the rate will drop to 0.75% from the date of the fourth withdrawal.

3.65% Skipton BS 60 Day Notice Cash ISA (Issue 1) ‒ minimum deposit £1. Apply and access in branch, by post or telephone. Withdrawals are allowed, subject to 60 days’ notice only; no earlier access is allowed. Transfers in are permitted. This is a flexible ISA.

3.65% Charter Savings Bank Easy Access Cash ISA (Issue 36) ‒ minimum deposit £5,000. Apply and access online. Transfers in are allowed. This is not a flexible ISA. This is a portfolio ISA.

One-year fixed term cash ISAs

4.54% OakNorth Bank 12 Month Fixed Rate Cash ISA – minimum deposit £1. Apply online or via mobile app. Withdrawals are allowed, subject to 90 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA.

4.53% Shawbrook Bank 1 Year Fixed Rate Cash ISA Bond (Issue 74) – 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.

4.52% United Bank UK 1 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply online. Apply in branch, online, by post or via mobile app. Access on closure or full transfer out only, subject to 90 days’ loss of interest. Transfers in accepted.

Two-year fixed term cash ISAs

4.66% OakNorth Bank 24 Month Fixed Rate Cash ISA – minimum deposit £1. Apply online or via mobile app. Withdrawals are allowed, subject to 180 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA.

4.65% United Bank UK 2 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply in branch, online, by post or via mobile app. Access on closure or full transfer out only, subject to 180 days loss of interest. Transfers in accepted.

4.65% 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.

Three-year fixed term cash ISAs

4.63% OakNorth Bank 36 Month Fixed Rate Cash ISA – minimum deposit £1. Apply online or via mobile app. Withdrawals are allowed, subject to 270 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA.

4.62% Virgin Money 3 Year Fixed Rate Cash e-ISA (Issue 588) – minimum deposit £1. Apply online. Withdrawals are allowed, subject to 120 days’ loss of interest. The maturity date is 24/05/2026. Transfers in are allowed. This is not a flexible ISA.

4.60% United Trust Bank Cash ISA 3 Year Bond – minimum deposit £5,000. Apply online. Withdrawals on closure only, subject to an interest penalty. Transfers in are allowed. This is not a flexible ISA.

Five-year fixed term cash ISAs

4.60% The West Brom BS WebSave 5 Year Fixed Rate ISA – minimum deposit £1,000. Apply online. The maturity date is 30/06/2028. Withdrawals on closure only, subject to 360 days’ loss of interest. Transfers in are allowed. This is not a flexible ISA.

4.35% United Bank UK 5 Year Fixed Rate Cash ISA – minimum deposit £2,000. Apply in branch, online, by post or via mobile app. Access on closure or full transfer out only, subject to 365 days loss of interest. Transfers in accepted.

4.30% United Trust Bank Cash ISA 5 Year Bond – minimum deposit £5,000. Apply online. Withdrawals on closure only, subject to an interest penalty. Transfers in are allowed. This is not a flexible ISA.