The average rate paid on a one-year savings account has hit 5%, the highest level seen since November 2008, while easy-access accounts are close behind at 4.63%.

Successive base rate rises have seen providers upping rates across the board and savers are spoilt for choice.

Yet the majority of market-leading accounts come from challenger banks despite criticism towards the big high street banks that they have been slow to pass on rate rises.

Here we look at the best rates on offer this week, with figures from Moneyfacts.

The best savings accounts of the week

The current top spot is the Shawbrook Bank Easy Access Issue 36 account, paying 4.63% on a minimum of £1,000 which can be opened online and also managed by phone.

Second-place for easy access accounts goes to the Aldermore Double Access Account Issue 1 account, paying 4.60% on a minimum of £1,000. If more than two withdrawals are made the interest rate drops.

If you’re prepared to fix your savings for a year, the best one-year account is the Atom Bank 1 Year Fixed Saver paying 6.50% on a minimum of £5, which can be opened and managed via the bank’s app. Narrowly behind is the Cynergy Bank Fixed Rate Bond paying 6.04% on a minimum of £1,000.

Fixing your money for longer will see a slight increase in the interest paid but the amounts are very similar. The Cynergy Bank Fixed Rate Bond pays 6.06% on a minimum of £1,000 while the Hampshire Trust Bank 2 Year Bond (Issue 83) pays 6.05% and can be opened with £50.

The best easy access cash ISAs

The market-leader this week is the Paragon Bank Double Access Cash ISA – Issue 1 which pays 4.35% interest on a minimum of £1,000. It can be opened and managed online but there is a catch. Although it’s an easy access ISA if you make more than two withdrawals the interest rate will drop.

The next-best are as follows:

1. Shawbrook Bank’s Easy Access Cash ISA – Issue 25: paying 4.33% on a minimum of £1,000 this account can be opened online and also managed on the phone.
2. Charter Savings Bank’s Easy Access Cash ISA – Issue 39: paying 4.30% on a minimum of £5,000 this account can be opened and managed online.
3. Marcus by Goldman Sachs® Cash ISA: also paying 4.30% you can open this account with £1 but it has an introductory bonus to watch out for.

The best notice cash ISAs

Notice accounts can give a little more flexibility over the amount of time you need to lock money away for.

The best this week is the Loughborough BS 180 Day Notice Cash ISA which pays 5% but it has a high minimum investment of £20,000. The building society also has a 120-day notice ISA which pays 4.75% on a minimum of £3,000.

If you want earlier access to your money, the Aldermore 30 Day Notice Cash ISA Issue 12 pays 4.25% on a minimum of £1,000 while the Furness BS 60 Day Notice Cash ISA (Issue 1) pays 4.10 with the same minimum opening amount.

The best fixed rate cash ISAs

This week’s top place for a one-year cash ISA goes to the Paragon Bank 1 Year Fixed Rate Cash ISA paying 5.75% on a minimum of £500. Earlier access to your money is allowed but results in a 90-day loss of interest penalty. It can be opened and managed online or by post.

The next-best are the following:

1. Shawbrook Bank’s 1 Year Fixed Rate Cash ISA Bond Issue 79: paying 5.71% you can open this account online with a minimum of £1,000 and it can also be managed on the phone. Early access results in a 90-day loss of interest penalty.
2. Virgin Money 1 Year Fixed Rate Cash E-ISA Issue 611: also paying 5.71%, this account can be opened with £1 online. Early access will result in a 60-day loss of interest penalty.
3. NatWest 2 Year Fixed Rate ISA Issue 327: paying 5.90% you can open this account with £1,000 online, via the bank’s app, or on the phone. Withdrawals are allowed until 1.9.23 at 3:30pm, after this time early access results in the account being closed and a charge or the lower or the amount of interest earned or a 90-day loss of interest charge.
4. West Brom BS’s 2 Year Fixed Rate ISA: paying 5.65% you can open this account with £1 in person or by post. Early access will result in a 150-day loss of interest penalty.