Easy access savings rates have delivered the most disappointing rates of the year – with an average rate of just 0.47 per cent.

The average return on a five year fixed rate bonds is 2.03%, and the average one-year bond offers 1.17%. Despite the rises, rates are still struggling to tread water. Non one standard savings rate keeps pace with inflation at 3.1%.

Hargreaves Lansdown personal finance analyst Sarah Coles said: “It’s not worth holding your breath and hoping for better rates, you need to get moving. The key is to stop thinking about all your cash savings as a lump sum to stick in a bank account and forget. The best rates are available to those who turn their cash savings into a portfolio, and then ensure each slice of the portfolio is working as hard as possible.

“You ideally need three to six months’ worth of expenses in easy access accounts, where you can earn up to 1.36% in an easy access savings account or up to 5% (on the first £2,500) in a high interest current account. Then, if you are saving for a goal in a year’s time, you can consider regular savings accounts, which can offer up to 5%. For one to five years, you can look into the relevant fixed rate bond – where you can earn up to 2.06% over two years and 2.51% over five years.”

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