Sneaky banks and building societies have been launching easy-access savings rates that look good on paper, but are bolstered by temporary bonuses and limited by endless terms and conditions.

So it was refreshing to see one this week offering a genuinely competitive rate without the catches.

Hampshire Trust Bank has launched its Online Saver Issue 35 paying 4.24 per cent. 

Unlike rival deals, the rate isn’t propped up by a bonus and there is no limit on withdrawals. 

That is even higher than the 4.15 per cent it paid this time last year, despite the Bank of England base rate standing at 3.75 per cent and not 4.25 per cent.

The account can be opened online with £1 – but savers may need to move quickly. Smaller and newer banks often launch market-leading accounts to pull in deposits before quietly withdrawing them days later.

Secure Trust has also launched an easy-access account paying 4.21 per cent, up from 3.75 per cent on its previous version.

Savings with both banks are protected by the Financial Services Compensation Scheme up to £120,000.

Some of the best deals disappear almost as soon as they arrive. Spring offered a table-topping 4.3 per cent easy-access deal last month, but the account remained on sale for only ten days. Other accounts come with catches in the small print. 

Cynergy Bank has increased the rate on its Online Easy Access account for new customers from 4.05 per cent to 4.23 per cent, but that includes a temporary 2 percentage point bonus for one year.

Principality Building Society pays 4.25 per cent on its Online Bonus 5 Access account, though savers are restricted to five withdrawals a year and the deal includes a 1.95 percentage point bonus for 12 months.

Anyone taking one of these bonus deals should make a diary note to move their money before the bonus expires and the rate tumbles.

Meanwhile, Coventry Building Society has launched a new easy-access account paying 4.15 per cent but limiting savers to four withdrawals a year.

Its similar account this time last year paid 4.5 per cent. That older version now pays just 3.75 per cent, so loyal savers could earn far more simply by switching to the latest issue.

Now is the time to check exactly what your easy-access account pays. And if your provider’s best easy‑access deal pays less than base rate, it may be time to move your money elsewhere.