Earning as high an interest rate as possible on your money is always the ideal situation, but it becomes even more important when inflation is running high, as it is in the UK right now.

The value of cash is eaten away by inflation, so one way to protect your overall wealth is to make sure your savings are earning a greater rate whenever possible – right now, that means at least 3.5 per cent.

Thankfully, that’s very much achievable at the moment whether you want to lock cash away at a fixed rate for a specified length of time, or even if you need easy and quick access to funds but still want it to be earning more money for you.

However, with the Bank of England expected to cut interest rates once more when they meet in August, it’s vital you check out where your money is right now and make sure that you’re getting a good deal.

If not, here’s our round-up of the best savings accounts at present – though always remember to ask your bank or building society if they have even higher rates available, as some banks offer specific deals for regular savers only available to existing customers. Rates are correct at the time of publishing, and all brands mentioned are FSCS protected.

Best cash ISA accounts

You may have seen the news recently that cash ISA limits are to be cut soon. There’s no confirmation on what level they will go to, so at present, you can still put £20,000 per person each year into one.

Plum is giving a market-leading 4.95 per cent at present for an easy-access ISA, with three penalty-free withdrawals allowed each year. This includes a bonus rate, so be sure to note dates it expires to switch if needed. Note, this isn’t a bank – it holds your money in places like Lloyds and Citibank.

Moneybox pays 4.65 per cent and also includes a 12-month bonus rate. Again, three withdrawals are allowed without impacting the interest rate.

Elephants offers 4.64 per cent, slightly lower, but allows unlimited withdrawals which can take a couple of days to process.

Be aware of ISA rules – none of the above are flexible ISAs so if you put money in, take it out again and then want to put it back in, that counts towards your limits twice.

The best rate flexible ISAs are around 4.1 per cent from the likes of Skipton Building Society or Wealthify.

Of course, all these interest rates can change due to competition or bank rate changes.

Best easy-access savings accounts

For normal, standard savings accounts, we’ve found three options which are currently offering above 4.5 per cent. At that level or lower, there are a whole host of names, big and small, which are competing at a similar level. Choose by the terms which matter most to you.

For the higher options, Atomic bank is at the best level right now with a decent 4.75 per cent rate – remember, the Bank of England’s base rate at present is 4.25 per cent, so this is a fair bit higher for now. However, it’s designed to encourage consistent saving: you get that headline rate in months you don’t make a withdrawal, and a lower 2.5 per cent rate in months you do make one.

Cahootowned by Santander, offers 4.55 per cent. Clearly that’s a bit lower than Atom, but the trade-off is that the rate is not impacted if you need to withdraw money – cash can go in or out whenever you like. Though if you happen to have more than half a million pounds, it doesn’t pay interest above that level…

Finally, digital bank Sidekick is offering 4.51 per cent, which includes a 12-month bonus. It offers unlimited next-day withdrawals and partners with OakNorth Bank to hold your funds.

Best fixed-term accounts

For fixed-term deals, it really depends on how long you are keen to have your money locked up for.

The trade-off is this: the longer term you choose, the longer you can’t access cash for. However, with interest rates heading downward, you can benefit from a guaranteed higher rate for much longer than the rest of the market gets. Also, be aware any interest you earn is taxable in the year you receive it – worth bearing in mind if you take a two-year lock-in or longer.

For six-month deals, several banks, including Nottingham Building Society, offer 4.47 per cent.

On 12-month options, Marcusby Goldman Sachs, has a 4.55 per cent deal. If you want monthly interest payments instead of at maturity, Vanquis offers 4.52 per cent.

And for two-year deals, Gb bank offers 4.43 per cent, with a minimum opening balance of £1,000. Be sure you don’t need access to your money before choosing longer-term deals.