One group that largely benefits from this increase is savers, and some accounts are currently offering the best rates recorded in over a decade.

As the UK is forecast to be heading towards a recession by the end of the year, the Bank of England has been increasing its base interest rates to make borrowing more expensive and savings more rewarding.

However, as inflation is predicted to peak at 13 percent in October, interest rates are only expected to increase further.

Currently, HSBC’s Online Bonus Saver offers Britons variable interest rates of up to 1.30 percent for any month people don't make a withdrawal.

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