Barclays, Lloyds, NatWest, HSBC and Santander customers sent £223 message and told 'remember'

Experts have told households now is the best time to shop around for the best savings accounts - as they could pocket hundreds of pounds extra. Accounts with the best interest rates are being highlighted by money experts, with money to be made for those with savings.

Savers are being told there has never been a better time to shift their savings to an account which will pay out handsome sums in interest. Experts say the best rates are with the likes of Mizrahi Tefahot Bank, Close Brothers and Chase, with the rise of online banks offering households many more options.

People are being advised to shop around for the best deals but are reminded always to read and understand any terms and conditions fully before signing up. Many people stick with the same savings account, with a poor interest rate, for years.

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Switching to a higher interest account could bag the someone £233 extra each year on average on £10,000 savings - and more for the more savings they have. Customers with the big banks like Barclays, Lloyds, NatWest, HSBC and Santander may be able to find better deals. There may also be better accounts with their existing banks they are unaware of.

Money.co.uk’s savings expert Lucinda O’Brien said: "Remember, inflation now stands at 2% and the top deals are above 5%, which gives your money more purchasing power. This means there has never been a better time to move your money if it’s currently sitting in an account earning little interest.

"For example, Mizrahi Tefahot Bank via Raisin UK currently has the top interest rate for a one-year fixed-rate bond at 5.25% and this can be opened with £1,000. If you’re happy to lock away your money for longer, then Close Brothers Savings has a two-year fixed rate at 5.06% but you’ll need a minimum opening balance of £10,000.

"For more flexible savings, Chase’s instant access boosted rate at 5.10% is still available to new and existing customers - but you will need a Chase current account to access this savings account. Cash ISAs also remain competitive with Plum’s easy access ISA at 5.17% and this can be opened with just £100.

"Plus, Cynergy Bank’s one-year fixed-rate cash ISA may look slightly lower compared to normal fixed-rate bonds at 4.94%, but you only need £500 to open it and it comes with the tax-free benefit.”