There are still decent rates available that pay way above inflation, despite the slowly cutting .

At the time of writing, the top cash pays more than most standard easy-access savings accounts. An ISA is a type of savings account where any interest you earn is always tax-free - but you can only deposit up to £20,000 into an ISA every year. If you're putting into an account that isn't an ISA, then you may end up paying tax if you earn more than your personal savings allowance in interest on your savings.

The personal savings allowance is £1,000 every tax year for basic-rate taxpayers and £500 for higher-rate taxpayers, while additional rate taxpayers don't get an allowance at all. You would only need to start worrying about this if you have a high level of savings that you're putting away.

When choosing a savings account, always make sure you are covered by the Financial Service Compensation Scheme (FSCS) which protects up to £85,000 of your money if a provider goes bust. Here are the top savings rates at the time of writing - do keep in mind that rates can change on a daily basis. has warned that "rates are on their way back down" after the Bank of England cut its base rate from a high of 5.25% to its current level of 4.75% over a series of meetings. In comparison, inflation is .

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Easy-access savings accounts typically allow you to make withdrawals whenever you want - although some providers do limit how many withdrawals you can make in a set period of time. Always read the terms and conditions first before you open a new savings account.

• Chip - 4.85% (maximum of three withdrawals a year) or 4.7% (unlimited withdrawals)


• Atom - 4.85% (rate falls to 3.25% in every month you withdraw)


• Chetwood Bank - 4.66% (maximum of one withdrawal per day)

If you're a Santander Edge current account holder, you can beat the above rates by opening its linked Edge Saver account, which pays 6% but only on up to £4,000. This rate includes a 1.5% bonus for 12 months. Monument Bank also offers 4.52% interest through the savings marketplace Raisin. New customers to Chase can technically get a boosted rate of 5% for a limited time.

Chase offers a saving rate that tracks 1.25% below the current Bank of England rate, although this is changing to 1.5% below on February 19. This means its standard rate will drop from 3.5% to 3.25%. Newbies that sign up now, get an additional bonus rate of 1.5%, which gives you a rate of 5% until its standard rate drops. After this, the rate with the boost included would be 4.75%, unless the Bank of England announces another rate cut on February 6.

With a regular savings accounts, you're normally required to deposit a small amount - in return, the rates are better. However, you'll need to read the terms and conditions carefully. For example, some won't allow withdrawals, while others may limit how many withdrawals you can make, or they cap how much you can save. Some need you to have a current account or another product with the provider already. In most cases, the rates are fixed for 12 months - although some are variable.

• First Direct - 7% fixed for one year


• Co-operative Bank - 7% variable for one year


• Skipton Building Society - 7% fixed for one year


• Nationwide - 6.5% variable for one year


• Lloyds Bank - 6.25% fixed for one year


• NatWest/RBS - 6.17% variable on up to £5,000

Like the name suggests, these accounts require you to give notice when you want to withdraw your money. The top-paying notice accounts right now are:

• OakNorth Bank (via Prosper) - 4.95% (95 day notice)


• OakNorth Bank - 4.91% (95 day notice - tracks 0.16% above Bank of England base rate)


• Oxbury Bank - 4.9% (90 day notice - tracks 0.15% above Bank of England base rate)

Fixed-rate accounts don't normally allow you to withdraw your money until the end of the term - so these aren't ideal for households who may need to access their cash.

• Santander International (via Prosper) - 5% (three month fix)


• Zenith Bank - 4.8% (six month fix)


• Vida Savings - 4.77% (one year fixed)


• Atom Bank - 4.7% (two year fixed)


• SmartSave - 4.62% (three year fixed)


• SmartSave - 4.78% (five year fixed)

ISA stands for Individual Savings Account. Each year, you can deposit £20,000 into an ISA and you don't pay tax on the interest. The rates on these savings products have been improving in recent years, although you can still get better rates elsewhere.

The top-paying easy-access ISAs right now are:

• Trading212 - 5.05%


• Plum - 5.01% (maximum of three penalty-free withdrawals per year)


• Moneybox - 5% (maximum of three penalty-free withdrawals per year)

The top-paying fixed-rate ISAs right now are:

• United Trust Bank - 4.54% (one year fixed)


• Kent Reliance - 4.44% (two year fixed)


• United Trust Bank - 4.4% (three year fixed)


• Secure Trust Bank - 4.21% (five year fixed)

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