But while quick access accounts may offer lower rates, these can allow greater flexibility and typically permit free and simple withdrawals at any time when obligatory.
Ms O’Brien said: “That form of flexibility could possibly be very useful in the present climate, where switching accounts continuously could possibly be useful.”
She added that it could possibly be “clever” to diversify funds to get one of the best of each worlds.
Ms O’Brien explained: “Keep an emergency fund in an easy-access account to make sure easy last-minute withdrawals if needed while moving the remaining to the top-rated fixed-rate savings account to best profit from high interest in your savings.”
Personal finance analyst at Bestinvest, Alice Haine, described those with savings languishing in accounts offering lower rates of interest as “missing out”, warning people should act “sooner” to secure one of the best deals while they’re there. That is on account of market analysts forecasting that savings rates of interest could have reached their peak.
Ms Haine said: “One other rate rise could push rates up higher, particularly if banks get competitive in an effort to draw recent customers. Nonetheless, with inflation expected to drop significantly by the top of this 12 months and rates of interest near or at the height, the earlier savers act the higher to make sure they secure one of the best deals while they’re still live.”
