Competition between savings providers is lifting rates and widening choice for UK savers, with some accounts offering returns well above the Bank of England’s 3.75% base rate. The article says people earning little or no interest on cash held in current or savings accounts should consider switching promptly, as leading deals may be temporary and often include introductory bonuses.

Moneyfacts recorded 1,385 savings accounts paying more than the base rate this month, the highest number for over six years and more than half of all live products assessed on a £5,000 balance. Revolut is offering new customers 5% instant-access interest until 4 December on balances up to £25,000, while Chase pays 4.5% for new customers including a 12-month bonus; one-year fixed bonds from Marcus and Atom Bank pay 4.9% and 4.8% respectively, and regular savings accounts can offer up to 8%.