She is urging savers to shop around for a better deal, as this savings rate is 225 times more interest than today's lowest easy access savings account, Barclays Everyday Saver. As inflation rockets to nine percent, savers must fight for the best return on their money.

Anna Bowes, co-founder of savings rate tracking service Savings Champion, says that after years in the doldrums, savings rates are finally beginning to rise.

This follows four successive Bank of England base rate hikes since December, which have lifted rates from 0.1 percent to one per cent today.

Lots of smaller banks and building societies are responding by increasing their savings rates, but the big high street banks have been slow to respond.

HSBC, Lloyds and NatWest still pay just 0.1 percent on easy access, while Barclays Everyday Saver continues to pay 0.01 percent.

Incredibly, £418 billion of savers’ money continues to languish in savings accounts paying less than 0.1 percent, according to new research from Paragon Bank.

Yet Bowes has flagged up a market leading one-year-old fixed-rate bond from Kent Reliance that pays 2.25 percent.

Bowes told Express.co.uk that even though savings rates are rising, inflation is now three or four times even the best rates on the market.

“To mitigate the effects, savers need to do whatever they can to squeeze as much interest as possible from their hard-earned savings.”

Now is a great time to review the savings accounts you hold and switch if they are uncompetitive, especially if you have cash with a high street bank, she said.

“The best easy access account is the Chase Saver Account, which pays 1.50 percent on balances up to £250,000.

READ MORE: This 1.5% easy access account pays 150 times more than Barclays

Alternatively, instead of this exclusive deal, you can buy direct from Kent Reliance, but this pays a slightly lower rate of 2.05 percent. 

The interest rate increases to 2.35 percent if you are willing to fix for two years.

Savers now face a tough choice when deciding how long to tie up their money for.

While fixed-rate bonds pay more if you can lock your money up for three or five years, this can backfire, Bowes said. "You may kick yourself for locking in too soon if the Bank of England continues to increase base rates, as savings rates will also climb.”

It is a knife-edge decision, though. “All the time you are waiting until the next best rate comes along, you will be earning less where you are in the meantime," Bowes added.

The best all-round response may be to split your savings between a number of accounts.