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Savers hoping to secure a decent fixed rate should hurry, as banks and building societies are expected to cut the rates on their top-paying accounts in line with last month's drop in the Bank of England base rate.
Banks and building societies usually incorporate each monthly base-rate change into their products by the end of the same month, meaning most providers will be dropping their rates within the next week - by which time there may well have been another cut in the base rate. The Bank of England reduced the rate from 5 per cent to 4.5 per cent last month, and most experts expect it to fall by the same amount again this week.
'You should take advantage of good fixed rates while you can,' says Andrew Hagger of price comparison site Moneynet.co.uk. 'If the base rate does come down again this week, the knock-on effect is that savings rates will drop even further by the end of November and early December. So if you've got some money that you don't need to access, it's worth picking one of the high-paying fixed-rate accounts that are still around. There are still some good deals.'
For savers willing to put money into foreign banks, rates of 7 per cent or more are achievable. Indian bank ICICI dropped the rate on its 12-month HiSave bond from 7.2 per cent to 7.1 per cent at the end of last week, while the Anglo Irish one-year bond is paying 7.05 per cent interest on a minimum deposit of £500 and its nine-month bond pays 7 per cent, also from £500.
If you feel more comfortable saving with a UK institution, the Coventry building society has just launched its one-year Poppy Bond, paying 6.25 per cent from £500 - and when you open the bond, the Coventry will make a donation to the Poppy Appeal on your behalf.
Birmingham Midshires is paying 6.85 per cent on its six-month bond, on a minimum deposit of £1, while over-fifties could take advantage of Saga's fixed-rate six-month bond, which pays 6.9 per cent on £1 or more.
Michelle Slade, from price comparison website Moneyfacts.co.uk, says: 'Some people may feel that they don't want to be tied in to long-term bonds because they don't know what the financial market will be like six months on. These shorter-term deals still let you get a good rate and get access to your money sooner.'
Leeds building society is, however, offering savers the opportunity to lock away their money in a bond, but retain access to 25 per cent of the balance without any notice or penalties. The account pays 5.25 per cent interest on balances under £49,999. Slade says: 'This isn't a market-leading rate but it's not bad if you consider that you've got the possibility to access some of it, which is a good function in case you need to dip in for any unexpected emergencies.'
But if access to your money is a real priority, then you should consider a simple easy-access savings account rather than a bond in the first place. Slade recommends Stroud and Swindon building society's easy-access postal account, paying 5.9 per cent on a minimum opening deposit of £1,000, and West Bromwich building society's Stratus no-notice account, paying 6.56 per cent from £1,000.
Hagger says: 'Everyone needs a rainy-day fund that you can get into if the washing machine breaks down or you need to get the car fixed. You should look at internet accounts that let you transfer money into your current account relatively quickly if you need the money in an emergency.'
For internet accounts, he recommends Intelligent Finance's i-saver, paying 6.4 per cent from an opening balance of £1, or Birmingham Midshires' e-saver, which is offering 6.33 per cent on balances of more than £1.
But if you're trying to build up your savings from scratch, Hagger says you should start by filling up your Isa. 'Make the most of your tax-free benefits first, and then look to other easy-access savings accounts,' says Hagger. 'You have to start somewhere with savings, and even though £25 a month doesn't sound like very much, by the end of the year you will have saved £300. The best thing to do is set up a direct debit so that your money goes straight into your Isa on the day that you get paid, so that you're not tempted to spend it.'
Alliance & Leicester's 'easy Isa', Birmingham Midshire's 'direct Isa' and the Principality building society's 'e-Isa' are all paying 6 per cent interest on minimum opening balances of £1.
Are your savings safe?
The Financial Services Compensation Scheme [FSCS] will cover you for up to £50,000 of savings held with any bank or building society that has its own banking licence.
If you have savings over £50,000 with the same provider, or with banks that share a banking licence, you should consider spreading your money around to keep your balance below the £50,000 mark.
To check which providers are considered part of the same bank for compensation purposes, visit our savings checker online at guardian.co.uk/money.
• Win £1,000 to save or invest. All you have to do is use our online search to find a financial adviser near where you live. To find out more, and enter the competition, visit guardian.co.uk/money
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