As interest rates have plummeted amid the coronavirus pandemic, savers have been urged to act fast when it comes to bagging the top deals.

However, savers are missing out on best buy rates as they worry they won’t be able to fund the accounts at the time of application.

But, a number of top savings accounts let customers open the product and then fund them later – as much as 45 days after a successful application – giving applicants time to shift finances around to ensure they can meet the criteria.

James Blower, founder of The Savings Guru, gives the example of OakNorth Bank which tends to change its pricing very regularly so a new rate which takes it to the top of the best buy tables is unlikely to last more than three or four days.

Blower said: “Smaller banks offering good rates don’t have the balance sheets to sustain the inflows that come with the best rates so will only spend short periods of time at the top of the best buy tables.

“One way to partly counter this is to apply for the account straight away and take advantage of the funding window. Most banks offer 14 days to fund their accounts.

“I often see savers miss out on good rates because they don’t have the money ready in time whereas savers should secure the product and rate first and use the funding window to get access to their money and switch.”

Some providers are much more generous with their funding window, Blower added:

• JN Bank – 28 days (Caribbean Bank authorised in the UK offers 0.55% on its easy access account)
• Habib Zurich – 30 days (offers 0.85% on its one-year fixed rate bond)
• Gatehouse Bank – 45 days (offers 0.75% on its easy access account)

However, once you check the funding window, make sure you add money to the account in time. If you don’t fund it within the savings window, the account will be closed.

There won’t be an impact on your credit score if this happens.

Blower added: “Another point is to consider low minimum balance accounts. For example, UBL have the best paying notice account – 1% for 35 days’ notice but it can be opened with just £1. So, a saver can open that account with £1, secure the rate, and put in more at a later time.”