"However, it doesn’t mean we should give up trying to make the most of our savings, because you can still get 50 times the interest just by moving from your high street easy access savings account paying 0.01 percent to one with a newer online bank.

"This should be the home for your emergency savings of three to six months’ worth of essential expenses (or one to three years for those in retirement).

"We should also be bucking the trend towards leaving all our savings in easy access, especially now that fixed rate savings accounts, fixed for one, two or three years, have become more competitive in recent weeks.

"Smaller and newer banks have needed to top up their assets and attract more funds at roughly the same time, so we’re seeing them jostle for the top of the price comparison tables.

"This won’t last forever, so it’s worth taking advantage of these rates while you can."

The personal finance analyst also pointed out investment may be an option for some, although it's crucial to be aware with investing, capital is at risk.

"For money we plan to hold for five to ten years or more, it’s worth considering investment," she said.

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