These blockbuster savings rates are worth snapping up – but don’t miss deals that vanish fast, says SIMON LAMBERT

Just when we thought savings rates were slipping back, a couple of absolute humdingers have arrived.

Santander revealed a new 5.2 per cent easy access account this week, hot on the heels of last week’s blockbuster 6.2 per cent one-year bond from NS&I.

Both were good enough to rocket to the top of This is Money’s independent best buy savings tables and certainly seemed to hit the spot with readers, as our articles on each went straight to the top of This is Money’s most read chart.

Fortunately, both the NS&I Guaranteed Growth Bond and Santander Limited Edition Easy Access Saver are still on offer but be warned such hot rates can vanish fast.

Santander’s even includes a clue in its name that it won’t be on offer forever – that Limited Edition tag refers to the fact it will only be on sale for a fortnight, until 17 September.

And if it proves popular there is a chance it could be pulled before then.

Luckily for our readers, we offer a service that means you won’t miss out on good accounts – This is Money’s Savings Alert emails send you our stories about the best savings rates.

In a resurgent savings market, this is a great way to find out about the real best deals, as they land.

Crucially, you need to sign up to the Savings Alerts though – it’s an extra service and you won’t just automatically get them because you get the This is Money newsletter.

You can find out how to sign up to Savings Alerts here or use the box below.

Now with the shameless Savings Alert plug over, it’s time to go back to those rates: how good are the deals and does this flurry of activity at the top of the tables mean there is more to come?

In my view, the NS&I Guaranteed Growth Bond is a cracking deal. A 6.2 per cent guaranteed rate of return over one year is not to be sniffed at and is likely to start beating inflation relatively soon.

You can stick up to £1million in there and it’s government-backed, so there isn’t the £85,000 FSCS compensation limit worry big savers have elsewhere.

There are a few catches though: you’ll be taxed on savings interest – unlike in an Isa – and you can’t get at your money for a year.

Santander’s Easy Access Saver at 5.2 per cent also looks like a smashing offer. You can open it with just £1 and put up to £250,000 in (watch that FSCS protection limit though) and get at your money instantly, with no limits on how many withdrawals you can make.

That 5.2 per cent rate only applies to annual interest though, if you want monthly interest then the rate is 5.08 per cent. And don’t forget to jump ship when in drops in a year.

Whether this dynamic savings duo signal the market is heating back up again – with a return to the flurry of rate increases we saw in early summer – remains to be seen.

That race to the top came during the inflation panic that sent base rate expectations soaring and triggered a mortgage spike. The moment of peak panic seems to have passed and while base rate is forecast to continue to rise, things are more subdued.

A rate that’s not quite as high but does offer protection against tax also landed this week, with Moneybox’s 4.65 per cent cash Isa blasting to the top of the tables.

Nonetheless, both these accounts highlight why you should keep an eye on your savings and move your money.

I tested how quickly you can do this over summer and opened an account with app-based and FSCS-protected Chip*, which has consistently been near the top of our savings tables and currently pays 4.84 per cent.

It took me just over five minutes to download the app, open an account and get money in there.

There are plenty of banks still ripping off savers in legacy accounts with rates well below 2 per cent. Don’t let your bank profit from your apathy, get a better savings account instead.

* This Chip link is an affiliate link. That means if you follow it and open an account This is Money earns a small payment. Revenue like this helps keep the site free to use. We do not allow this to affect our editorial independence nor will it impact the interest rate you receive.