Savers can now get 5.52% AER/gross on the 1 Year Fixed Rate Saver from SmartSave, upped on its previous rate of 5.43% just last week.

However, you need a hefty minimum deposit of £10,000 to open the account, which you can only do online.

As you’d expect from a fixed saver, there’s no access to your cash within the term. You must deposit funds within 14 days of opening the savings account, with no further contributions allowed after this period.

Interest is paid on maturity, meaning on £10,000 locked away for the year, you’d earn £552 in interest. The maximum amount you can save is £85,000 – the same limit as the Financial Services Compensation Scheme (FSCS).

If you’re a higher rate taxpayer, be mindful of the Personal Savings Allowance which lets you earn £500 a year in savings interest tax-free. If you earn more than this, you’ll pay tax at your marginal rate.

According to Savings Champion data, Allica Bank offers a slightly lower 5.51% AER/gross on its 12 Month Fixed-Term Personal Savings Account (Issue 43). Again, it requires a minimum £10,000 deposit, but can be opened online or via app.

For those with a lower deposit amount, the OakNorth Bank 12 Months Fixed Term Savings Account pays 5.42% AER/gross on a minimum £1. It can be opened and managed online or via phone. Withdrawals and early access aren’t allowed.

If you’re looking for a decent rate on your cash but want access to it, then Coventry Building Society and The West Brom continue to lead the best buy tables, paying 4% AER/gross on their respective instant access accounts. Both accounts require £1 to open.

Related: How to get 9% interest without tying up your savings for years