Bank Savings Rates Soar to Six-Year High Amid Cost of Living Pressures

More than 1,300 savings accounts in the UK are now offering rates above the Bank of England's 3.75% base rate, a six-year high.

This is according to new figures from Moneyfacts, which show that these accounts make up more than half of all savings products currently on the market.

The comparison is based on interest paid on a £5,000 balance, and it's good news for savers looking to get a better return on their cash, especially with the cost of living continuing to put pressure on household budgets.

Rachel Springall, a finance expert at Moneyfacts, notes that 'things are looking promising - the choice is really good but it's all about being proactive and switching, and making the most of the products while they are there.'