Rocketing interest rates have hit mortgage borrowers but those with money in the bank are cashing in. After more than a decade of getting near zero interest they have received up to six percent a year or more from market-leading fixed-rate savings bonds.

The BoE’s monetary policy committee (MPC) froze base rates at 5.25 percent on Thursday and many analysts now reckon they won’t go any higher.

If correct, this could make now to take out a fixed-rate savings bond at the top of the market to grab an inflation-beating return for years to come.

In August, consumer price inflation fell to 6.7 percent, and the Bank of England predicts it will be down to five percent by the end of the year.

While today’s best buy savings bonds still pay less than inflation today, within a couple of months they could soon be paying notably more and savers should take advantage.

The MPC could still hike interest rates in at its last meeting of the year on November 2, but this is likely to be the top of the savings market for now, said Sarah Coles, head of personal finance at Hargreaves Lansdown. “Banks will no longer be pricing in higher interest rates which may now settle or even start to fall.”

Anyone hoping to take out a top fixed-rate bond should get their skates on, Coles said. "The very best deals may not be around much longer.”

Market leading fixed-rate bonds peaked a couple of months ago at just over six percent and have been sliding lately, a process that is likely to continue.

Right now, Tandem Bank is paying an unbeatable rate of 5.85 percent a year for five years, exclusively through the Raisin UK savings platform.

Hampshire Trust Bank, Cynergy Bank and United Trust Bank are close behind all paying 5.75 percent.

Anna Bowes, founder of savings rate tracking service Savings Champion, suggested that savers who can lock their money away for such a lengthy period should not hold back. "This opportunity mainly not last long as market-leading rates are often pulled within days after being swamped by demand.”

Three year fixed-rate bonds pay slightly more, with Hampshire offering 5.95 percent and RCI Bank UK paying 5.90 percent.

Today's highest rate of all is from National Savings & Investments, which pays 6.20 percent on its one-year fixed-rate savings bond.

Many will prefer the flexibility of a shorter lock-in period but the danger is that rates will be notably lower when these bonds expire.

Someone who locks into a five-year fixed rate bond today could get an inflation-busting rate of interest all the way through to 2028, Bowes said.

Those who want instant access to their money also have far more choice than they did before the BoE started hiking rates in December 2021, said Danni Hewson, head of financial analysis at AJ Bell. "Back then, the best easy access account paid 0.75 percent with limits on withdrawals.” 

Today, Leeds Building Society pays 5.10 percent, Paragon pays 5.05 percent and Shawbrook offers 5.02 percent.

Hewson warned that higher rates mean 2.7million savers will now pay tax on their interest and suggested those in danger should consider a tax-free cash Isa.

READ MORE: Martin Lewis urges savers to look at ‘jaw dropping’ accounts paying 6.2%

The worst thing any saver can do is leave their money in a legacy bank account getting next to nothing, said Victor Trokoudes, founder of smart money app Plum. “Brits are missing out on £17billion a year due to money languishing in low-interest accounts, while banks pocket the profits. So shop around.”

SmartSave founder Andy Mielczarek too many people being penalised for their loyalty to the big high street banks. “Lesser-known challenger banks typically offer the best rates and crucially, the first £85,000 gets exactly the same protection under the Financial Services Compensation Scheme (FSCS).” 

While there is a growing consensus that interest rates have peaked, it isn't a done deal, warned Victoria Scholar, head of investment at Interactive Investor. "Markets are unpredictable, especially today."

The BoE said inflation is expected to fall “significantly further” but is still well above its two percent target. The rising oil price could push inflation back up again.

That could force the BoE to keep base rates higher for longer, which will support savings rates, too. 

Today's high savings rates may endure well into 2024, particularly on easy access. But as far as longer term fixed-rate bonds are concerned, this may be as good as it gets.