April's shock inflation figure has rattled the savings market. Before it was published, banks and building societies had been trimming the rates on their fixed-rate bonds.

They were working on the assumption that consumer price growth would fall as summer approached and the Bank of England would freeze interest rates then start cutting them.

Banks didn't want to commit to paying high long-term interest rates at a time when base rates were falling rather than rising.

When it emerged that inflation was stubbornly high at 8.7 percent, the whole attitude changed

Now instead of cutting rates, banks and building societies are hiking them instead, giving savers access to some incredible deals.

We're not talking about the big high street banks here, they rarely trouble the best buy tables these days.

But smaller, leaner, hungrier challenger banks are falling over themselves to offer savers better and better deals.

Some of the best rates on now available on one-year fixed rate savings bonds, which pay a guaranteed rate interest rate for 12 months, if you can lock away your money in that time.

A host of bonds now pay more than five percent a year, and it now looks like an opportunity that's too good to miss.

Lately, some of the best rates have been offered by via savings platform Raisin UK, which arranges a string of exclusive deals with various banks and building societies.

Many of these are unfamiliar names but they are as safe as any other savings account, because the first £85,000 of savers’ money is fully protected under the Financial Services Compensation Scheme (FSCS).

Little-known challenger Al-Rayan Bank now leads the field paying 5.30 percent on a minimum of £5,000 and maximum £85,000.

Al-Rayan Bank’s accounts are open to all but operate by Islamic banking principles which means you get an “expected profit rate” rather than guaranteed interest, which won't be for everybody.

Yet it is closely followed by the National Bank of Egypt which pays 5.25 percent over one year, also via the Raisin platform.

This is a traditional savings account. The minimum deposit is slightly higher at £10,000, the maximum is £85,000 giving full FSCS protection.

Away from Raisin, Shawbrook Bank is the winner paying 5.16 percent with a much lower minimum opening amount of £1,000 (the maximum is £2million, if you're feeling flush).

Another challenger, OakNorth Bank, pays 5.07 percent on balances between £1 and £500,000.

While these rates only last for a year, they are highly tempting. 

To match them, you would have to go back to before the financial crisis in 2007, more than 15 years ago.

Anna Bowes, co-founder of savings rate tracking service SavingsChampion.co.uk, said fixed-term bond rates are influenced by two factors. “What the markets expect the base rate to do and competition between banks."

She said there has been a huge flurry of activity lately with a host of new rate-busting accounts launched.

With yet another base rate increase expected this month, there is more to come. Bowes can't quite believe her eyes as savings rates hit levels unthinkable just 18 months ago.

"The good news is ongoing and hardly a day passes without a new fixed-rate bond launch," Bowes added.

READ MORE: Tesco Bank offers competitive 4.45% interest rate on fixed cash ISA

For those who can tie up their money for longer, OakNorth Bank pays 5.25 percent a year for two years, rising to 5.28 percent over 30 months.

There is plenty of competition in the three-year fixed-rate bond market, with OakNorth, Tandem Bank (via Raisin) and United Trust Bank all paying 5.30 percent a year.

As ever, the best rates are available online. Those who want branch access or a telephone-based account must accept less.

Just a few months ago, the Bank of England was forecasting that inflation would fall sharply next year, but that no longer looks so likely.

As a result, five-year fixed rate bonds have rocketed past five percent.

However, Tandem's best buy pays 5.35 percent a year for five years (again, via Raisin).

It is followed by United Trust Bank paying 5.20 percent a year over five years, and Hampshire Trust Bank with five percent.

History shows that the best long-term returns come from the stock market, but lately performance has been mixed and investors are wary.

The gap between savings accounts and stock market returns aren't as wide as they were when interest rates were near zero and markets were booming, before inflation took its grip.

Savers can get a much better return from cash today, but without the risk of equities. The only shame is that returns are still below the inflation rate.