It's now possible to find a number of fixed-rate bonds paying five percent or more over terms ranging from one to five years.

These are the kind of rates we haven't seen since before the financial crisis, more than 15 years ago.

Today's stubbornly high inflation and rising interest rates are nothing to celebrate, as they are only making the cost-of-living crisis worse.

Yet they also make it even more important for savers to generate the maximum possible return on their money, to protect its value from inflation.

Inflation remained stubbornly high in April at 8.7 percent and this could force the BoE to hike interest rates several more times, possible to six percent or even more, before prices are checked.

The next hike is likely to arrive on June 22, which is when the BoE’s rate-setting monetary policy committee (MPC) next meets.

Instant access savings rates are on the up with app-based account Chip paying 3.82 percent and Shawbrook Bank returning 3.75 percent.

As is so often the case, the best rates are paid by smaller “challenger” banks looking to establish themselves by winning new business, rather than Barclays, Lloyds, HSBC and NatWest.

The high street giants have just been slammed by consumer champion Which? for shortchanging savers by hundreds of pounds a year with unjustifiably low savings rates.

There is nothing new in that, sadly. I've been moaning about it for years with little to show for it.

Challenger banks offer the best returns on fixed-rate bonds, too, with Raisin UK launching new deals paying up to 5.25 percent.

Raisin is a savings platform, which means it offers members access to a range of market-leading savings accounts, with ease of switching between them.

It has just launched a one-year bond from the National Bank of Egypt paying a market-leading 5.25 percent, which would turn the minimum required deposit of £10,000 into £10,525 over 12 months.

Last May, the average fixed-rate bond paid just 1.32 per cent, said Lucinda O’Brien, personal finance expert at Money.co.uk Savings. “Today's best buy rates are much higher so move your money if it is earning little or no interest.” 

For those who want a shorter term, National Bank of Egypt pays 4.78 percent fixed for nine months or 4.55 percent for six months, both via Raisin.

Many savers will never have heard of the National Bank of Egypt, and may be understandably wary.

However, this savings account enjoys full protection under the UK's Financial Services Compensation Scheme (FSCS).

This is underpinned by the government, and means that savers’ deposits are protected up to £85,000 per account (£170,000 for joint accounts) if the bank goes bust.

In line with the FSCS limit, £85,000 is the maximum deposit size with the National Bank of Egypt.

As with most fixed-term deposit accounts, withdrawals are not permitted before the maturity date, so savers must be happy to lock their money away for a year.

As challenger banks battle for business, other accounts are likely to spring up offering even better rates. But today, no savings account can beat this 5.25 percent deal, except for a handful of regular savings accounts including this one.

READ MORE: Building society launches new cash ISA with 'very competitive' interest rate

It is closely followed by Shawbrook Bank, which pays 5.06 percent over one year, and Hampshire Trust Bank, which pays five percent.

As with so many market-leading accounts, both must be opened online, although they can be managed by telephone thereafter.

Paragon Bank offers a one-year fixed-rate bond that can be opened by post, but the rate is lower at 4.75 percent a year.

Saver who are willing to tie up their money for two years can get a slightly higher rate of 5.15 percent from Hampshire Trust Bank and also Investec Bank, with the latter via Raisin.

Again, both must be opened online, but can be managed by phone or post as well. 

While interest rates are expected to climb still higher this year, analysts anticipate they will start to drop in 2024 and beyond.

As a result, fixed-rate savings bonds offer slightly lower rates over five years, with Hampshire Trust Bank paying a fixed rate of five percent a year.

Isbank and Tandem Bank also pay five percent a year over five years, both via Raisin.

The advantage of five-year bonds is that savers could still be benefiting from today's higher returns all the way to 2028. With luck, inflation and interest rates will have plunged long before then.

At least, I hope they will. These things are almost impossible to predict with any certainty today, so savers have to stay on their toes.