Cashpoint

Rates have risen on all types of savings product in the past month – the first time that’s happened since 2011. Industry expert Moneyfacts said, for example, a typical no-notice account now pays 0.52%.

An average no-notice ISA is 0.82%, a one-year fixed rates bond 1.32%, and a one-year ISA 1.23%.

Moneyfacts tracks seven categories in total. Charlotte Nelson, one of its finance experts, said bigger banks were dragging their feet. Instead, it is smaller providers pushing up the averages.

Coventry Building Society’s (0800 121 8899) limited access savers pays 1.4% (three penalty-free withdrawals), while BM Savings’ (birmingham midshires.co.uk) internet saver pays 1.35%. Virgin Money (uk.virginmoney. com) pays 1.35% on its online ISA (two penalty-free withdrawals) and Shariacompliant Al Rayan Bank’s (0808 301 6398) instant access ISA offers 1.35%.

If you’re prepared to lock your cash away for a year, Paragon Bank’s (paragonbank.co.uk) ISA pays 2.02%, while Coventry pays 1.5%.