"But no, don't stick with your existing bank just to get 0.4 percent. Get the best deal on the market."

Later in the show, he said: "Here's the key. In NS&I's terms, it says it has to give you a minimum two months notice to drop the rate. So at the moment when there's so little certainty, you can go for that and you've got a guarantee of at least two months at that rate.

"Because this is the state-owned bank, it isn't under the commercial pressures others are under, and I have a suspicion it will probably keep the rate high for a decent amount of time. So you might want to look at that one."

Commenting on Income Bonds, Kay Ingram, Director of Public Policy at LEBC Group, said: "The Government backed savings are suitable for those who wish to receive a regular income from their savings, and these savers have recently received a boost due to the Treasury’s decision to maintain the variable rate of interest at 1.15 percent ( 1.16 percent AER).

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