An estimated net £39.5bn flowed into fixed rate savings accounts in the period between 2 January and 9 April as savers responded to higher rates.

Paragon Bank analysed CACI’s weekly data, which compiles adult savings account data from 26 providers.

The bank’s findings showed the net flow of money into fixed rate accounts – deposits plus interest credited, minus withdrawals – totalled £39.5bn for the period.

Net flows into ISA fixed rate accounts stood at £19.8bn, with £19.7bn flowing into non-ISA fixed rate variants, Paragon revealed. Conversely, instant access accounts experienced a near £30bn net outflow during the same period.

Savings director at Paragon, Derek Sprawling, said: “The rates offered on fixed savings accounts have increased consistently since the middle of last year and savers have responded by directing their money towards these accounts.”

He added: “It was also interesting to see fixed rate ISAs beat the non-ISA variant in terms of popularity. ISA popularity has been dented since the personal savings allowance was introduced, but the improved rates on offer across the market mean that more people want to shield money from the taxman this year.”

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