Barclays, Santander, Lloyds, NatWest customers warned 'move' money by September

People with savings accounts have been urged to move their money soon. Most analysts expect the first Bank of England base rate cut in August or September, followed by several more over the next year or two.

And it means the rates available right now may not hang around for long. Mark Hicks, a savings expert at investment firm Hargreaves Lansdown, says: “This is a window of opportunity for savers, so now is the time to clamber in and grab a decent rate before it closes.”

Lucinda O’Brien, of the comparison website money.co.uk, said: “Now is the time to act, before it’s too late.” Mr Community Bank credit union and Union Bank of India (UK), are both paying 5.22 per cent to savers according to recent bank account analysis.

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Meanwhile, Vanquis Bank is offering 5.21%; and Close Brothers Savings is paying 5.2%. It means traditional savings account holders with big names - like Barclays, Santander, NatWest, Lloyds - should consider a shift.

Sarah Coles, the head of personal finance at Hargreaves Lansdown, says: "You would need to track down another fix when it matured [and] there’s a decent chance the rates on offer by then will be significantly lower”.

"You could consider tying up any cash you don’t need for two years, and making the most of the great rates while they’re around," she added. And other experts have warned bank account holders need to be reviewing their bank accounts every 12 months anyway.

“This is a really sensible time to consider locking in a fixed rate,” Ms Coles said, as the Cost of Living crisis continues up and down the UK. She believes the Bank of England is not going to be in a hurry to cut rates, but they are likely to get progressively lower.

She said: “By the middle of next year [rates] are forecast to be 4.5%, and by the middle of 2026 they are expected to hit 4%.”