Danni Hewson, AJ Bell financial analyst, broke down what those with savings accounts can expect in the near future.

The financial expert explained: “Savers are expected to get another boost from today’s rate rise.

“But only if they seek out the best rates instead of leaving their cash languishing in their current account or in old savings accounts that haven’t moved with the times.

“This time last year the top easy access account was paying just 0.71 percent. Today it’s three percent, and the top two-year fixed rate account has gone from 1.62 percent to a healthy 4.45 percent.”

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