Lloyds Bank offers 5.25% interest with regular saver account

Now the best rates have gone down, with the current best offers including Shawbrook Bank paying a fixed rate of 4.3 percent on its one-year bond, while RCI Bank pays 4.6 percent a year fixed for five years.

Ms Bowes said: “If you are looking to boost the interest you earn and are happy to tie up your cash, now could be a good time to do it.”

Interest rates on variable savings accounts have also slowed, with Nationwide offering 2.5 percent while RCI pays 2.45 percent.

Ms Bowes said: “If the BoE does hike base rates again as anticipated, they may rise a little more.”