Sylvia Morris

Interest rates have been on hold at 0.5 per cent for nearly three years. But banks and building societies continue to move their rates up and down.

Savers have to act quickly to pick up the top deals of 3 per cent before tax (2.4 per cent after tax) or more on easy access accounts.

Banks and building societies have been launching new accounts paying 3 per cent or more, which also give you access to your money at any time.

New bank Shawbrook has launched a top-paying 18-month fixed-rate bond at 3.9 per cent before tax (3.12 per cent after tax) and a 30-month bond paying 4.35 per cent (3.48 per cent).

Cheshire, Derbyshire and Dunfermline – all part of Nationwide – have kicked off the new year with a new regular savings plan paying 5 per cent before tax (4 per cent after 20 per cent tax) for a year.

Savers need to be careful that they pick the top fixed-rate deal on offer, as providers frequently change the rates they are prepared to pay for money over a fixed term.

Banks are continuing to battle it out for savers' money, with some raising the rate they will pay on easy access accounts.

Sainsbury’s Bank has launched an easy access account paying 2.5 per cent before tax (2 per cent after tax).

Northern Rock has launched one, two and three-year cash Isas that savers manage online.

Savers need to ensure they earn the top rates on offer if they decide to tie their money up in a fixed rate bond.