Savers are being urged to move quickly to lock in interest rates now as returns fall month-on-month.

Research by Moneyfactscompare shows savings interest rates are on a downward trend following the second Base Rate cut in November 2024, with one-year fixes now averaging 4.08%.

However, data from the Bank of England shows as much as £252 billion is sitting in UK current or accounts, earning no interest whatsoever.

Rachel Springall, finance expert at Moneyfacts said: "It will be up to consumers to make time to move their hard-earned cash into an account which not just pays interest, but also provides a real return against the eroding impact of inflation, which is expected to stay above 2% for some time yet."

Here is a list of the savings accounts offering the highest interest rates at the time of writing, according to Moneyfacts data.

Here are the top 10 easy-access savings accounts this week:

• Chase - 5% AER / 4.89% gross
• Atom Bank - 4.85% AER / 4.75% gross
• Chip - 4.85% AER
• Monument Bank - 4.75% AER / 4.65% gross
• Sidekick Money - 4.75% AER
• Ulster Bank - 4.75% AER / gross
• Chip - 4.7% AER
• Close Brothers Savings - 4.7% AER / gross
• Principality Building Society - 4.7% AER/ gross
• Chetwood Bank - 4.66% AER / 4.56% gross

Here are the top 10 regular savings accounts this week:

• Principality BS - 8% AER / 7.85% gross
• First direct - 7% AER/ gross
• The Co-operative Bank - 7% AER/gross
• Nationwide BS - 6.50% AER/gross
• Vernon Building Society - 6.50% AER/ gross
• Lloyds Bank - 6.25% AER/gross
• NatWest - 6.17% AER / 6% gross
• Royal Bank of Scotland - 6.17% AER / 6% gross
• Market Harborough BS - 6% AER/gross
• TSB Bank - 6% AER/gross

Here are the top three savings accounts with a one, two and three-year fixed rate this week:

One-year fixes:

• Vida Savings - 4.77% / gross
• Family Building Society - 4.76% / 4.66% gross
• Close Brothers - 4.75% AER / gross

Two-year fixes:

• Close Brothers Savings 4.7% AER / gross
• Zenith Bank - 4.65% AER / gross
• Hodge Bank - 4.64% AER / gross

Three-year fixes:

• Birmingham Bank - 4.63% AER / gross
• Oxbury Bank - 4.62% AER/ gross
• Close Brothers Savings - 4.61% AER / gross

Here are the top 10 easy-access cash ISAs this week:

• Trading 212 - 5.16% AER / gross
• Chip - 5.15% AER / gross
• Moneybox - 5.11% AER / gross
• Plum - 5.01% AER
• Tembo - 4.80% AER
• Monument Bank - 4.76% AER / 4.66% gross
• Principality BS - 4.70% AER
• Charter Savings Bank - 4.57% AER / 4.48% gross
• Kent Reliance - 4.56% AER/ gross
• Coventry Building Society - 4.55% AER

Here are the top 10 Cash ISAs with a one-year fixed rate this week:

• Close Brothers Savings - 4.55% AER / gross
• Kent Reliance - 4.52% AER / gross
• Secure Trust Bank - 4.52% AER / gross
• Charter Savings Bank - 4.50% AER / gross
• United Trust Bank - 4.50% AER
• Hodge Bank - 4.49% AER / gross
• Cynergy Bank - 4.45% AER / gross
• Vida Savings - 4.45% AER
• UBL UK - 4.41% AER / gross
• Aldermore - 4.40% AER / gross.