Fixed rate account

NS&I has refreshed its range of fixed-term 'British Savings Bonds' by adding a two-year and a five-year option, alongside its existing three-year bond. However, you can still earn more from the top-paying accounts elsewhere.

You should open a fixed savings account NOW in case rates are cut, MoneySavingExpert.com founder Martin Lewis has warned. His message comes as the Bank of England voted to maintain the current base rate at 5.25% following 14 consecutive rises.

If you're one of over 300,000 savers holding NS&I's 'Guaranteed Growth Bonds', you could be missing out on £100s in interest if your bonds have auto-renewed. That's because, until this week, the interest rate you're moved to hadn't risen in line with recent rate rises elsewhere on the market. So check your rate now, as you only have 30 days from renewal to cancel and switch.

Martin Lewis explains, for the first time, that how much you put into Premium Bonds has a huge impact on what you'll get back. The MoneySavingExpert.com founder also analyses whether Premium Bonds are worth it in his latest video briefing from the latest series of The Martin Lewis Money Show. Watch the clip below and read on to find out more.