Savers are being urged to act quickly to lock in as returns fall month-on-month. Research by Moneyfactscompare shows interest rates are on a downward trend following the Base Rate cut in February, with easy access accounts now averaging 2.84%. However, data from the Bank of England shows as much as £300billion is sitting in UK current or savings accounts earning no interest whatsoever.

Rachel Springall, finance expert at Moneyfacts, said: "Whichever account savers choose, it's imperative they review their pots as, worryingly, £300billion is sitting in UK current or savings accounts earning no interest whatsoever. Savers must ensure they choose a deal which pays a competitive rate of interest but also provides a real return against the eroding impact of inflation, which is expected to rise this year."

Some providers are offering up to 8% interest on savings accounts, and up to 5.25% on Cash ISAs. Here is a list of the savings accounts offering the highest interest rates at the time of writing, according to Moneyfacts data.

Here are the top 10 easy-access savings accounts this week:

• Revolut Ultra - 5% AER / gross
• Monument Bank - 4.75% AER / 4.65% gross
• Principality Building Society - 4.7% AER/ gross
• West Brom - 4.65% AER / gross
• Vida Savings - 4.63% AER / gross
• Atom Bank - 4.6% AER / 4.51% gross
• Sidekick Money - 4.59% AER
• Chip - 4.58% AER / gross
• Charter Savings Bank - 4.57% AER / 4.48% gross
• Kent Reliance - 4.56% AER / gross

Here are the top 10 regular savings accounts this week:

• Principality BS - 8% AER / 7.85% gross
• First direct - 7% AER/ gross
• The Co-operative Bank - 7% AER/gross
• Nationwide BS - 6.50% AER/gross
• Vernon Building Society - 6.50% AER/ gross
• Lloyds Bank - 6.25% AER/gross
• NatWest - 6.17% AER / 6% gross
• Royal Bank of Scotland - 6.17% AER / 6% gross
• Market Harborough BS - 6% AER/gross
• TSB Bank - 6% AER/gross

Here are the top three savings accounts with a one, two and three-year fixed rate this week:

One-year fixes:

• Close Brothers Savings - 4.58% AER / gross
• Smartsave - 4.56% / gross
• Zopa - 4.55% / 4.45% gross

Two-year fixes:

• Birmingham Bank - 4.53% AER / gross
• Oxbury Bank - 4.53% AER / gross
• Hodge Bank - 4.64% AER / gross

Three-year fixes:

• Birmingham Bank - 4.63% AER / gross
• Oxbury Bank - 4.63% AER/ gross
• Close Brothers Savings - 4.52% AER / gross

Here are the top 10 easy access cash ISAs this week:

• Chip - 5.25% AER / gross
• Moneybox - 4.77% AER / gross
• Monument Bank - 4.76% AER / 4.66% gross
• Plum - 4.76% AER
• Trading 212 - 4.76% AER
• Principality BS - 4.70% AER
• Kent Reliance - 4.56% AER/ gross
• Charter Savings Bank - 4.55% AER / 4.46% gross
• Family Building Society - 4.55% AER / gross
• Tembo - 4.55% AER

Here are the top 10 Cash ISAs with a one-year fixed rate this week:

• Vida Savings - 4.46% AER
• Close Brothers Savings - 4.45% AER / gross
• Hampshire Trust Bank - 4.41% AER
• OakNorth Bank - 4.41% AER
• UBL UK - 4.41% AER
• Charter Savings Bank - 4.4% AER / gross
• Hodge Bank - 4.4% AER / gross
• Zopa - 4.4% AER
• Castle Trust Bank - 4.39% AER
• Kent Reliance - 4.39% AER / gross.