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It's good news for savers willing to lock their money away for the certainty of a fixed rate, with available deals reaching as high as 5 per cent.

This rate is offered by the banking and investment provider Investec on a three-year fixed rate bond.

But if you don't want to squirrel your money away for so long, you can find one-year fixes that sit near that level.

Challenger bank Oaknorth is offering a best-buy one-year fix at 4.86 per cent.

These savings accounts aren't tax-free Isas, so any interest you earn over your personal savings allowance will be taxed.

Higher-rate taxpayers with £10,000 in Investec's fix would breach their £500 personal savings allowance each year.

Isas – or individual savings accounts – let you save up to £20,000 a year tax free and rates on these are also strong. The current best-buy easy-access Isa from Hargreaves Lansdown* offers 4.52 per cent. 

The investment platform Trading 212* offers 4.51 per cent on its cash Isa, which includes a 0.91 per cent 12-month boost. Be sure to compare your options for a better rate after the year's up.

You can get a higher Isa rate if you're willing to fix, with RCI Bank offering a two-year fix at 4.80 per cent.

The rates scrutineer Moneyfacts says that savings rates across all savings accounts – including easy-access accounts and Isas – sit at 3.59 per cent. This is the highest level since May 2025.

Securing the top rate instead of settling for an average one could lead to hundreds of pounds in extra interest.

'For the first time since 2024, the market-leading fixed bond now pays a 5 per cent return,' said Caitlyn Eastell, a personal finance analyst at Moneyfacts.

'For someone with £20,000 to save, fixing at 5 per cent for three years could mean securing around £3,000 in interest, compared with around £2,240 earned based on the current average new savings rate,' she added.

Fixing means that you can't access your money for the duration of the term but some accounts give you more flexibility than others in an emergency.

If you think you might need to access your funds for any reason, you should check whether they'd be easy to get to.

Investec's three-year fix doesn't allow you to withdraw money or close your account before the fixed term ends – and there's no 14-day cooling off period if you change your mind.

Oaknorth's one-year fix also doesn't let you withdraw money but the bank says it may permit this if you're experiencing financial difficulties.

Some of the top fixed-rate Isas are slightly more lenient.

Tandem Bank is offering a one-year fixed-rate Isa at 4.67 per cent and if you wanted to access the money, you'd need to close the account and pay a penalty of 90 days' interest.

RCI Bank allows you to withdraw money on its 4.80 per cent two-year fixed-rate Isa before the end of the term, subject to a charge of 180 days' interest.

Remember that earnings within savings accounts that have no Isa wrapper are taxable.

Basic rate taxpayers get a personal savings allowance of £1,000, while higher-rate taxpayers get £500. Additional rate taxpayers have no allowance at all.

If you're an employee, HMRC collects tax on interest by adjusting your tax code.

If you're self-employed, you'll need to declare the interest on your tax return.