Savings changed in 2020, as the Government’s nationwide lockdown forced people to work from home. Those able to managed to put away money they might otherwise have used for the commute, pricey lunches or the odd night out. But they can do more than stockpile money, as the right account will also gather interest.

RCI Bank fixed-term savings

Banks without a high time-limited rate will reward people with higher sustained savings.

RCI bank offers the highest via its fixed-term savings account, which boasts an Annual Equivalent Rate (AER) of 0.75.

RCI fixes the interest rate for three years, but people can’t close their account or make a withdrawal until the end of the term.

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NS&I bonds

National Savings and Investment (N&I) is a Treasury-backed service which allows people to buy savings bonds.

Of all of the accounts, NS&I bonds could grant the most interest, but there is no guarantee.

The chances of winning the top £1 million prize are fewer than one in 50 billion, and only one in 34,000 people could secure a modest one-off increase of £25.

Without winning, NS&I accounts offer an interest rate of zero percent.