For this week’s guide, Anna Bowes, savings expert from The Private Office, looks at how the savings market has fared this month.

Despite the Bank of England cutting rates twice since January, this week an easy access account with the highest paying interest rate we’ve seen all year was launched.

Chase Bank unveiled its saver account with a boosted rate, paying 5%. The catch is you need to have a current account with the bank to open it and the rate includes a 12-month fixed bonus of 2.25% AER. 

The underlying 2.75% rate is linked to the base rate, tracking 1.5% below. 

Here’s a look at the other top easy access deals on the market… 

If you can afford to lock some of your savings away, it’s worth looking at fixed-rate bonds, which Bowes says are proving “resilient”. 

The top one-year rate is Cynergy Bnk, paying 4.5% – the highest interest since mid-May. 

In the two-year table, the overall top rates have dropped slightly, but if you are willing to give up access to your cash for even longer, the rates in the three and five-year categories have gone up. 

“In the longer-term tables, there has also been small but overall positive movement, most notably if you are happy to tie up your money for five years,” Bowes says. 

“The top three-year bonds with JN Bank and Birmingham Bank are both offering 4.45% – at the beginning of June, Birmingham Bank was on its own paying this rate, so it’s good to see JN Bank keeping the competition alive.

“But, over five years, the news is even more positive, as Birmingham Bank has upped its offering to 4.47% AER, although pipping the next best with Hampshire Trust Bank by just 0.01%.” 

“Whilst the new better rates are only marginally higher, it does mean that savers have more options than ever to choose from that still beat inflation – especially if we see inflation fall in the next few months and years.” 

Here’s a look at the best rates… 

There have been similar movements in the fixed-rate cash ISA market, with a flurry of increases meaning you can get a rate of 4.21% across two, three and five-year terms. 

“Once again, there are plenty of inflation-beating accounts to choose from for those who have not yet used this year’s ISA allowance, or who are looking to switch from a poorer-paying ISA account,” Bowes adds. 

Here are the top-paying fixed-rate cash ISAs… 

But it has been a different story for easy access cash ISAs, where rates have been cut. 

Bowes says it’s a “lull that we have been expecting” given the base rate cuts made this year. 

“That said, the top easy access ISA is still 4.85% with Plum, which has been the case for the last couple of weeks,” she adds. 

Here’s a look at the top rates…