The saver’s dilemma: open an account now, or hope for even higher rates?

Rates to make you smile: investing in a series of accounts that lock money away for different periods may be the best strategy. Photograph: Roman Lacheev/Alamy

Rising interest rates mean savers are being offered the best returns in years, with some of the latest deals at more than 6%. After a flurry of activity last week, Anna Bowes, co-founder of website Savings Champion, says fixed-rate deals are more competitive than ever before.

“There’s a group of providers that keep leapfrogging each other in the best-buy tables – it’s only by small amounts, but it’s pushing up rates every time,” she says. “One account that launched and looked great was pushed out of the top five an hour later.”