Loyal savers who have stayed with a high street bank for a while may be able to get a better rate elsewhere.
Kevin Mountford, co-founder of Raisin UK, said many smaller banks and challenger banks are offering rates above five percent or even six percent as the base interest rates continues to climb.
He told Express.co.uk: “By searching for the best deals, savers can earn a significant amount of money. In the past, easy access accounts or ISAs were considered a secure option for guaranteed returns.
“However, fixed-term savings accounts now offer higher rates and a guaranteed amount of interest upon maturity.
“Finally, after more than a decade, consumers can earn interest rates above five percent on short, mid, and long-term savings accounts.”
He said savers can get “greater benefits” if they lock away their money for a longer period, and now is a good time to do it as rates will eventually go down.
The expert said: “Short-term or ‘micro-fix’ accounts with three, six, or nine-month terms can also help you earn hundreds of pounds before the winter ends as an alternative to an easy access account.”
Mr Mountford added: “You could earn hundreds more in interest – and it won’t cost you a thing.
“Just like you would switch your energy or broadband provider, why not do the same for your money?
“Currently, the best offers for one-year fixed-term deals are over six percent, but they won’t last forever.
“So if you come across a good deal, it’s best to act now and secure it before it’s too late.”
He said people considering going for a fixed rate account should consider how long they will be locking away the money for.
People will not be able to access the funds in case of an emergency so individuals will need to account for this.
He added: “There are various terms available ranging from as short as three months to as long as seven years.
“This means that everyone has an option to maximise their savings in the current high market.”
For the latest personal finance news, follow us on Twitter at @ExpressMoney_.
