Savers quit stock market and put money into savings accounts as interest rates rise

It means that savers can increasingly generate an income without putting their capital at risk in the stock market. Many are visibly pulling their cash out of stocks and shares: data from Refinitiv shows investors pulled £115m out of UK equities between 23 and 28 September, while also withdrawing £453m from US stocks and £6.5m from US, UK and EU bonds.

Some providers may be slow to catch up to those rate rises, however, and inflation hovering at around 10 per cent means that the purchasing power of cash savings is still diminished, experts warn.

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