‘We’ve hit peak interest rates’: 4.6% savings account won’t last as banks pull top deals | Personal Finance | Finance

Paragon, Shawbrook and Close Brothers have launched new Isas paying 4.28 percent.

These were still available on Friday but there is no guarantee they will still be around next week, Bowes cautions.

Leeds Building Society offers a three year fixed-rate cash Isa paying a market-leading 4.20 percent.

Last week, Paragon and UBL launched market-leading three-year fixed rates offering 4.25 percent but these were pulled within days. “It was a case of blink and you missed them.”

Providers continue to offer better rates outside of the tax-free Isa wrapper, with Smart Save and Oxbury Bank’s one-year fixed-rate bonds paying 4.53 percent and 4.54 percent respectively.

The same two banks top the two-year tables too, both paying 4.58 percent.

Cynergy Bank and Close Brothers are in joint top place over three years paying 4.57 percent.

Over five years, Tandem and Monument lead the way with 4.60 percent, after United Trust Bank pulled its 4.65 percent rate.

Everywhere you look, savings rates are falling and this process looks set to accelerate as inflation falls.

The message is clear, Bowes says: “As savers cut rates and close down their cash Isas, get them while you can.”