Do you still have a savings account with one of the traditional banks or building societies? You could be better off by moving your nest-egg to one of the newer challenger banks, reckons Anna Bowes of Savingschampion.co.uk.

"They have dominated the best-buy tables and changed the savings landscape in recent years – and that trend looks set to continue," she says. "With 90 per cent of the top fixed rates offered by challenger banks, savers would be wise to look to this new breed of provider."

Of the best-buy fixed-rate bonds, 22 out of 25 are now offered by challenger banks, Savingschampion points out. Yesterday Vanquis Bank, for instance, increased some rates to leave it in the top five best buys across one to five-year terms.

"For savers relying on the high street, the difference is stark and getting it wrong can cost you dearly," Ms Bowes warns.

Lloyds bank, for instance, offers a paltry 0.8 per cent gross/AER fixed for one year. Or if you lock your savings in for three years with the high-street giant, you'll get a rate of just 1.2 per cent. "That's 50 per cent less than the very best from a challenger bank," Ms Bowes points out.