Savers warned it’s ‘imperative’ to act now – have you reviewed your account recently? | Personal Finance | Finance

In fact, Ms Springall continued: “Some have passed on just 0.09 percent. There are still easy access accounts out there paying less than the base rate so it’s imperative savers compare and switch, especially if they have not reviewed their accounts in the past couple of months.”

Historic trends suggest no guarantee that savers will benefit from a rate rise, but it does suggest a movement in the top rate tables, which are dominated by challenger banks and building societies, according to Ms Springall.

She continued: “Considering the more unfamiliar brands is incredibly important, and there is little reason to overlook them if they have the same protections in place as a well-known brand.

“Amid a cost of living crisis, making regular monthly savings may not be a priority for some, but it’s important consumers have enough money to fall back on to cover any emergencies.”