Finally - 5%ish savings, student loan c osts DOUBLE, Is solar worth it?, £19bn uncla imed benefits, 20GB Sim £4/mth

Finally... Top savings near 5% for lump sums. Yet many of your accounts are pants - paying under 1%
Check today, ditch & switch!

Martin: "Savings rates are at their highest level for 14 years. No surprise after 11 consecutive UK base rate rises. And another is highly touted this Thursday - it's predicted to jump from 4.25% to 4.5% - some of which is likely already factored in to the current rates.
"Yet millions of people have money in savings and cash ISAs, earning far less than 1% - with banks taking advantage of customer inertia. Stop 'em ripping you off. Check yours now.
"You may be able to get quintuple the interest in minutes as the top savings fixes now pay nearly 5% (in fact, briefly they hit 5% but only via a short-lived deal on a special savings platform) and top easy-access near 4%. The cash ISA versions of each pay a little less. Just look at how rates have moved in the last few years...

"It's worth noting that the top easy-access accounts have closed the gap on the top fixed deals. Whereas back in November fixes paid nearly double easy-access, now it's just a third more.
"This likely indicates that the City feels interest rates are peaking - as while top easy-access rates tend to move more with current UK rates, fixes look to future rates. The closing gap may indicate alignment.
"Of course in reality, with inflation at over 10%, all savings are currently losings, as your money's purchasing power is shrinking. But that's why it is so important to maximise every penny of interest, to mitigate the loss. Yet so many people are failing to do this.
"Below the team will run you through the current best buys. And with some turbulence with banks at the moment, especially in the US, it's worth noting all accounts have the full £85,000 UK safe savings protection. For more on this, see my 8 rules for safe savings from a couple of weeks ago."

Easy-access savings are the simplest form of savings, where you can put money in and take it out when you want.
- Pros: Flexibility. Access to your cash whenever it's needed, and you can ditch at speed if the rate's no longer competitive.
- Cons: Lower rates than top fixes. And they're all AER variable, which means rates can and do change, so you need to monitor them.

Is it worth fixing now? Martin: "I thought I'd answer this. With the Bank of England predicted to raise rates on Thu, in theory you may want to wait to see if things tweak up. But the last few times this has happened, there's been little/no movement as fixes tend to move more with government gilt rates than the UK base rate (oversimplifying, gilt rates sort-of factor in future rate rises).
"In fact, as the City prediction for interest rates this time next year has now dropped to 4.3%, there's actually also a risk fix rates may drop relatively soon. Plus delaying means you're earning less meanwhile, so it looks (I've no crystal ball) much of a muchness. Therefore, if you can lock money away and earn more doing it, it's worth considering."
Beware a fixed-rate interest tax trap. If you have a fix, the interest crystallises for tax when you can access it, so some may want it paid monthly so they can spread out the interest over years, rather than get it in one lump which may push you up a tax bracket. Others may want it all paid at the end as, for example, you're retiring and may be a lower taxpayer then. For more, see our fixing: a taxing question help.

The top cash ISA rates are up. Good news for the millions with money in these tax-free savings accounts, or who need to open them. So let's start with Martin's clarion call...

'Everyone with a cash ISA check what they earn now - even if they're fixed. Don't think they're locked in, millions can transfer them and up the rate.'

Who are ISAs best for? The personal savings allowance (PSA) means you get a tax-free amount of interest earnable in ANY savings...
- Basic (20%) taxpayers can earn £1,000/yr of interest tax-free.
- Higher (40%) taxpayers cam earn £500/yr of interest tax-free.
- Top (45%) taxpayers don't get a PSA.
Remember, that's the INTEREST you can earn - so you need a lot of savings to generate it. For years of very low rates, few paid tax on savings interest. At one point, you needed around £250,000 in top easy-access savings to generate it. But now rates have risen...

Already have cash ISAs? Transfer to a top payer. If your existing cash ISA earns less, most of the above allow you to transfer them in. To do this, just apply for a new cash ISA, and as part of the application you'll be asked if you want to transfer your existing cash ISA over (don't just withdraw cash to move it, then it loses its 'cash ISA' status).
Locked in to a poorly-paying fixed cash ISA? Cash ISAs, even fixes, can't lock you in - they must allow you to withdraw money, though can charge an interest penalty for doing so. Many who locked in a year or more ago are on terrible rates and should pay the penalty to move. Our Should I ditch my fixed ISA? calc checks the maths works for you.
Carol did and emailed: "Thank you Martin for your tip on fixed ISAs. Mine paid 1.5%, but only had 8 months left, so I didn't think it'd be worth paying the switch penalty. However, I found an ISA at 3.65% maturing in 10 months. Even with the short term, I'll be about £1,000 better off."

There are a few specialist savings options some can take which pay more. So here's my checklist of other things to look at...

1. Are you on UNIVERSAL CREDIT or Tax Credits? You may be eligible for an unbeatable 50% Help to Save bonus. Amarjit emailed: "Me and my husband got a Help to Save account 4 years ago and got our maximum £1,200 bonus. So £2,400 together on top of £4,800. Big thanks."

2. Do you have existing expensive DEBT? Paying off debt is usually more lucrative than saving. See our Should I pay off my debt? guide, the Should I overpay my mortgage? guide, and use our Mortgage Overpayment Calculator.
3. Are you a wannabe FIRST-TIME BUYER aged 18 to 39? There's a whopping 25% bonus possible via top Lifetime ISAs. It worked for Amy, who emailed: "I opened a Lifetime ISA when they were relatively new (after hearing about it through Martin) and paid in the maximum for 6 years. I bought my first home in 2022 with a £6,000 bonus, so a £30,000 deposit instead of £24,000. Thank you Martin!"
4. Save regularly each month? Earn 7% in top regular savings.
5. There's nowt wrong with investing either. With investing, you aim for higher returns, but accept the risk you could lose some or all of your initial investment. We don't talk much about it, not because we're against it, just because it's not our area of expertise.
For many, over the longer run, investing is the right call. For an introduction, see Stocks & shares ISAs, but you'll need more specialised websites for help on what to invest in.