Savers are being urged to take advantage of high-interest offers on cash accounts as the base rate looks set to remain at 0.5 per cent until well into next year.

The average instant access savings account now pays under 1 per cent, with about a quarter of accounts below 0.1 per cent, according to Moneyfacts, the comparison service. However, the highest-paying deals are offering record premiums to the base rate to attract funds.

The top variable-rate accounts pay above 3 per cent, while fixed-rate savers can earn 3.95 per cent over one year or 5 per cent-plus for four years or longer.

Ulster Bank, part of Royal Bank of Scotland, the majority state-owned bank, this week launched an instant access account paying 3.6 per cent – a quarter point above the next-best variable rate. The bank’s Pathway account is open to UK residents with a minimum £10,000 deposit and can be operated by telephone or over the internet. The rate includes a 1 per cent bonus for the first six months. Analysts say that savers should then look to move their cash to maintain a competitive return.

David Black, banking consultant at Defaqto, the research firm, said: “It’s the same old story [for accounts with bonuses]: use it for six months, then jump.”

Kevin Mountford, head of savings at Moneysupermarket.com, said the launch is one of number of year-end offers from smaller banks and building societies.

With some providers withdrawing market-beating offers after only a few days, analysts say that savers should move quickly if they want to open accounts.

Yesterday, Buckinghamshire Building Society re-opened its Chiltern Gold Mine regular savings account with a market-leading rate of 5.1 per cent, but warned that the deal could be withdrawn “at any time”. The one-year fixed-rate account only accepts deposits of up to £250 a month.

While the low deposit limits on regular savings accounts can be offputting, individuals can get around the cap by opening a series of accounts with different providers, say analysts.

Abbey offers an offshore regular savings account paying an eyecatching 12 per cent on up to £2,500 per month. However, its one-year deal is only available to its offshore current account holders. Monthly savings are limited to a fifth of funds going into the current account, and accountholders must have a £50,000 minimum balance across Abbey International products.

Elsewhere, savers may be able to pocket commission rebates to boost the returns on some high-paying accounts. Most accounts do not pay commission to advisers and intermediaries. But, where they do, savers may be offered some of this commission as a cashback.

For example, Moneybackmortgages.com, a discount loan broker, is offering a 0.25 per cent cashback to savers opening an Investec High 5 account through the intermediary. The account pays the average of the five highest savings rates in the market, currently 3.36 per cent. The cashback – limited to £75 maximum – could boost this return to 3.61 per cent. High 5 requires a balance of at least £25,000 and withdrawals are at three months’ notice.

A £20 cashback is available for opening Alliance & Leicester’s Online Saver Issue 6 account, currently paying 3 per cent, through reward websites such as Topcashback.co.uk and Quidco.com. The cashback is payable on opening balances of £1,000 or more.

With the base rate expected to stay low for at least a year, analysts said it is also worth considering fixed-rate savings deals.

National Savings & Investments’ recently launched Guaranteed Growth Bond paying 3.95 per cent at maturity remains the leading one-year deal. A similar bond paying monthly interest is also available at 3.85 per cent.

The AA’s 4.35 per cent is the top rate over two years on a conventional fixed-rate bond. A two-year return of 4.5 per cent is on offer from the Islamic Bank of Britain, based in Birmingham, which is open to non-Muslims.

However, because the bank operates under sharia principles, the 4.5 per cent is a “target profit rate” rather than interest so the return is not guaranteed in the same way as a fixed-rate bond.

IBB said that, if there was a reduction, savers could withdraw cash without penalty, earning 4.5 per cent up to that point.