Market-leading savings deals paying 4.75 per cent fixed and 3.15 per cent for instant access have been launched this week.

The new top rates compare with the 1 per cent or less paid on most accounts and a base rate that is still at a record low of 0.5 per cent.

Close Brothers, a London-based bank, is offering a three-year fixed-rate account paying 4.75 per cent, with a two-year version paying a fixed 4.5 per cent. The minimum investment for these Premium Gold accounts is £10,000 and interest is paid annually. However, no early access is permitted. Applications must be made by July 3 but the bank warned that the offers could be withdrawn early.

For savers wanting instant access, Birmingham Midshires’ new 3.15 per cent Telephone Extra account offers the highest rate, according to Defaqto, the research company. The rate includes a bonus of 2.65 per cent for one year and is available on balances as low as £1.

David Black, banking consultant at Defaqto, said the higher rates showed that savers could still earn good returns if they were prepared to move their cash.

Competition has recently been intense among fixed-rate bonds, with a spate of new deals paying 4 per cent-plus. Experts suggest savers consider two-year bonds. These offer higher rates than one-year deals, but without much longer tie-ins.

Among one-year bonds, Chesham Building Society this week launched a 3.95 per cent rate, but only for balances of at least £25,000.