Cash point

The savings market has had six months where there have been more rate rises than cuts – June saw 125 rises, versus 21 cuts.

Data from Moneyfacts shows fixed-rate bonds are where the recovery is strongest with rates rising since the start of the year.

Despite inflation falling slightly to 2.6% there are still no accounts that match or beat them.

The best buys, from providers protected by the Financial Services Compensation Scheme, include one-year fixed bonds at 1.85% from Paragon Bank and 1.76% from OakNorth Bank and Wesleyan Bank. For two-year fixes, Paragon offers the highest rate at 2.05% with OakNorth paying 2.01%.

National Savings & Investments pays 2.2% on its three-year fix and Paragon Bank pays 2.1%.

If you’re prepared to lock cash away for five years you can get 2.45% from Paragon and 2.42% from Vanquis Bank.