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

Some, but not all, providers have raised the rates they pay on fixed rate bonds following the deepening crisis in the eurozone, increasing the gap between the best and worst payers. For example the top two-year deals include 4.25 per cent before tax (3.6 per cent after tax) from Close Brothers Savings on £10,000 or more, or 4.01 per cent (3.21 per cent) from Cahoot, the internet bank owned by Santander.

But Lloyds TSB still offers just 2.7 per cent (2.16 per cent) on its current two-year deal. Savers picking this offer rather than the top payer will lose out heavily on interest over the two year period – £310 before tax for each £10,000 in the account.

On three-year deals the top rate comes from Yorkshire and Clydesdale banks at 4.3 per cent (3.44 per cent) while Halifax is now offering a four-year fixed rate bond at the same rate if you are willing to run your account over the internet. Kent Reliance’s new deal pays 4.7 per cent (3.76 per cent) for five years.

Savers also need to be wary of the pitfalls on variable rate accounts. Consumer champion Which? reports that the number of accounts paying just 0.1 per cent or less has increased by 23 per cent over the past year, leaving millions of savers earning next to nothing on their nest eggs.

The top internet-based easy access deal comes from Coventry Building Society’s Poppy Online Saver at 3.15 per cent (2.52 per cent) including a 1.15 (0.92) percentage point bonus for a year. However, you are limited to only four free withdrawals from the account each year.

Santander Esaver 4 pays a lower 3.1 per cent (2.48 per cent) but there are no limits on the number of withdrawals you make. But the account comes with a huge 2.08 (2.6) point bonus payable for the first year. After that your rate drops to just 0.5 (0.4 per cent).

Northern Rock’s Everyday Online Access pays 2.75 per cent (2.2 per cent) with no bonus and no withdrawal restrictions. Last week the government announced that it is selling Northern Rock plc to Virgin Money. The sale is expected to be completed on 1 January 2012, pending EU merger clearance and approval by the Financial Services Authority.