The best buy experts have found that a number of savings providers, including Halifax and ICICI have recently announced improved savings account rates.

Commenting, Michelle Slade at Moneyfacts.co.uk said: “With base rate being kept on hold last month, savings providers have had a chance to review their positioning in the market.

“We are now seeing those that want to increase their position offering improved terms, which is good news for savers.”

Meanwhile, fixed rate bonds offer the most competitive interest rates for savers, Ms Slade added: “Fixed rate bonds continue to offer the best rates for savers, with 35 accounts now paying rates of four per cent and above, compared to just two at the beginning of last month.”

Some variable rate accounts have also seen their interest rates increase by as much as 0.60 per cent.

Ms Slade added: “Savers have received nothing but bad news of late and it looks like things have finally turned a corner.

“Hopefully in the weeks ahead other providers will follow and savers will be able to get a better rate of return on their money.”

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