Around 90 bank and building society variable rate savings accounts now pay at least 5.75 per cent interest.

That’s the same as the Bank of England’s base lending rate, so it might sound like a cause for celebration.

However, with around 900 accounts on the market, that’s only 10 per cent matching or beating base – and a depressing 800-plus lagging behind.

And many of the leading 90 aren’t as generous as they might seem.

Rachel Thrussell, head of savings at search engine Moneyfacts.co.uk, points out: “The rate is only part of the picture when it comes to a competitive savings account. Too many of the high paying accounts come with restrictions and conditions.”

According to Moneyfacts, more than three-quarters of the accounts paying base rate or above apply restrictions, conditions or introductory bonuses.

Many are open to old or new members or customers only, or the interest rate falls dramatically when the short-term bonus expires.

Others allow a limited number of free withdrawals, charge an interest penalty or limit the amount you can take.

Others still have age restrictions or insist the money is used for a specific purpose.

In other words, the vast majority are not worth having.