Where can I find the best savings rates?

You’ve worked hard to build up your savings, so you’ll want to know that they are working as hard as they possibly can for you, too.

Leaving your money languishing in a low-interest-paying account could see you miss out on hundreds, if not thousands, of pounds in interest over time. For example, someone putting £20,000 of savings into an easy access savings account paying 1.6% would receive monthly returns of £26.86, or £322 over a year. If, however, they put their money in an easy access savings account with a challenger bank paying 4%, their monthly earnings would more than double to £67.90, or £815 over a year.

The lower the savings returns you earn, the greater the risk that the cost of goods will rise more quickly than the value of your savings, and your money will buy less than it used to. However, this needn’t happen, as there are currently numerous accounts offering competitive inflation-beating returns – provided you know where to look.

Kevin Mountford, co-founder at Raisin UK, said: “Every day there are still millions sitting in low to no-interest-bearing accounts, like current accounts, where inflation hits full force and the money loses value.”