James Hyde, spokesman for Moneyfactscompare.co.uk, explained why customers should consider this offer from Virgin Money as soon as possible.
He explained: “This week Virgin Money changed the issue number and cut the rate on its one-year fixed rate Cash E-IS.
“The deal now pays a rate of 5.52 per cent gross/5.66 per cent AER, and could appeal to savers who want to use their ISA top-up and are happy to lock in their cash for a year.
“The account can be opened and managed online and can be set up with a balance of just £1.”
As it stands, the Consumer Price Index (CPI) rate of inflation it remains at 6.7 percent for the 12 months to September 2023, the same as the month before.
Furthermore, there is no standard savings account that can beat inflation where the number of jobs that can do so does not change in a month.
According to a Moneyfacts spokesperson, savers should act as soon as possible if they want to take advantage of these inflated rates.
Mr Hyde added: “Some of the latest best fixed rate deals for savers have fallen slightly since the last inflation announcement, although top rated easy access accounts have continued to grow.
“There is still plenty of competition and movement in the premium market, so savers should have the flexibility to allocate their money to enable them to take advantage of higher returns, but also to maintain resilience against any unexpected circumstances.
“However, people should be aware that popular accounts may be withdrawn or their rates reduced, so speed is key to secure the best option.”