However, she warned that the flurry was unlikely to continue, and savers still needed to make sure they shopped around.
Ms Bowes said: “This boost for savers is likely to be short lived. The fact is, savers still need to keep a close eye on the rates they are earning over the long term.”
She also pointed out that several of the accounts have conditions, such as high minimum balances.
Mel Kenny of Radcliffe & Newlands in London commented: “Far higher inflation is coming – we just don’t know when. If you use the bulk of your savings in order to lock into a higher interest rate, then the risks are unfortunately high. Those who are less well off are likely to be penalised the most.”
Top four inflation-beating savings accounts
Provider | Account Name | Minimum | Gross Rate | AER | Bonus | TFR IN? | Access | Notes |
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First Direct | Cash ISA | £40,000 | 2.96% | 3.00% | N/A | Y | On/Post/Tel | Easy Access, must hold 1st account (current account) TIERED - £1+ 0.50%, £5K+ 1.19%, £10K+ 1.69%, £20K+ 2.18%, £40K+ 2.96% |
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Coventry | ISA Reward | £1 | 2.50% | 2.50% | N/A | Y | Online/Tel | Easy Access, only available to existing customers who held an ISA at the end of 4/2/2013 |
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Nationwide | Flexclusive ISA (Issue 3) | £1 | 2.50% | 2.50% | 1% until 30/11/14 | N | Online/branch | Easy access, must have/open FlexAccount (current account) |
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Clydesdale/Yorkshire Bank | Cash ISA - 40 Day Notice | £24,000 | 2.50% | 2.50% | N/A | Y | Branch/Post | 40 days notice only. TIERED - £1+ 1.50%, £9K + 2%, £24k+ 2.50% |
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