I might by no means advise anybody to make use of the Big 5 banks for financial savings. But these are the brand new accounts with unbelievable charges which have modified my thoughts. You should get them earlier than it is too late: SYLVIA MORRIS

Normally I’d shun the big banks when it comes to my savings.

However, HSBC, Nationwide and Santander have all launched accounts in recent days that are worth opening.

My pick is Santander, which is offering a one-, two-, three- and five-year fixed-rate cash Isa paying 4.5 pc.

The big banks are fighting to grab a share of some of the cash in fixed-rate Isas that are about to mature. Banks are so keen to entice savers that some are also offering cash rewards if you switch.

Santander is handing out e-vouchers of between £50 and £400, and Barclays of £50 to £600. Lloyds, too, will pay you £150 for each £25,000 you transfer.

HSBC has a 4.5 pc one year fixed Isa, but it’s limited to those who have their current account with the bank. Nationwide has lifted its rate to 4.35 pc for one year – available in its branches and online. Barclays has upped its rate to 4.2 pc and Lloyds 4.5 pc (but only for Premier current account holders).

There are a host of hoops you need to jump through to qualify for a payout when opening these new Isas, and some banks require you to open a current account (picture posed by model)

But there are a host of hoops you need to jump through to qualify for a payout and some banks require you to open a current account. For example, with Santander you get a £50 voucher if you transfer between £10,000 and £25,000. But if your transfer comes from two different Isas, both under £10,000 – say £6,000 from one and £9,000 from the other – you don’t get the voucher.

The top one-year cash Isa rate comes from Investec paying 4.52 pc. Santander pays the top two-year rate at 4.5 pc then Nationwide at 4.4 pc.

On taxable fixed-rate bonds, MBNA (part of the Lloyds) pays 4.66 pc for one year, while the top two-year rate comes from Close Brothers at 4.63 pc. West Bromwich BS pays 4.61 pc for 18 months.

Fixed rate bond and Isa rates have soared during the last couple of weeks. Rates have been rising due to competition during the peak of the Isa season at the start of the new tax year earlier this month, and the expectation the Bank of England base rate will rise soon.

The very best rates don’t stay around for long so grab them while you can. You can take out as many cash Isa with as many providers as you want in the current tax year and earn tax-free interest.

Just remember that if you do move any from your current provider to ask your new one to arrange the transfer – otherwise you can lose the Isa wrapper that gives you tax free interest.

A base rate tracking Isa is my choice

Here’s a new easy access cash Isa that I like for its simplicity.

It’s where I am transferring my easy-access Isa money, which I like to keep close at hand – then I can forget about it for a year with a diary note to move it in 12 months’ time.

It’s the Newcastle Building Society Base Rate Tracker Isa. You can open it with £1 and it is flexible – so you can take money out and replace it later in the tax year without it counting towards your Isa allowance.

It pays 4.15 pc but tracks the Bank of England base rate until May next year, which is 3.75 pc.

As it is widely expected that this will rise, I know I will benefit quickly with the rate rise passed on within five working days. 

With other accounts you can be short-changed because providers pass on less than base rate and they can take weeks to do it.