Savers who would benefit from locking away their savings for two years instead of three might want to consider Close Brothers Savings’ Two Year Fixed Rate Bond.

Ms Williams said this now receives “pole position” when compared to similar accounts.

She said: “Among the accounts receiving a rate increase from Close Brothers Savings this week is the two-year fixed rate bond. Rising by 0.05%, this has increased its appeal in the market, now paying a rate of 3.55 percent yearly.

This update sees this account secure the pole position in our top tables when compared to other bonds with similar terms, and may well tempt those with the minimum £10,000 investment requirement.”