Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Savers will be disappointed to see some top rate deals vanish from sight, but this movement in the market reiterates how imperative it is for consumers to act quickly to secure a top deal. Challenger banks and building societies continue to offer some of the best returns in the market, but it appears to be quite a challenge for them to sustain those deals in the spotlight.

“Easy access accounts remain a favourable savings account for consumers who want flexibility with their cash, and the best rate we have seen this year came from Family Building Society at 0.72%. Savers may need to act quickly to take advantage of new arrivals as just last week we saw decent offers re-introduced to the market, including a 0.71% deal from Investec Bank plc which was withdrawn earlier this month. Clearly, there is still some competition in the market, but savers may not have long to grab such lucrative offers and sitting on the fence could see them miss out.

“As the Bank of England increased base rate by 0.15% in December 2021, many savers may be expecting to see this passed onto them, but sadly this hasn’t been the case over a month later for many and, as we have seen in the past, it may not even happen at all. There are several high street banks paying less than the current base rate of 0.25%, with some paying as little as 0.01%. Indeed, it’s clear to see why switching and reviewing a savings account is so vital, especially if a saver has their money stored in a linked savings account to their main current account for convenience.

“If we do see market-leader savings rates surface, keeping a close eye on the top rate tables and signing up to rate alerts is essential to keep in tune with market volatility and to avoid the disappointment of missing out on an attractive rate. It is expected that we will see even more base rate rises in 2022, and if providers fail to pass this on, savers would be wise to reconsider their loyalty and switch.”