Nationwide, HSBC among over 1,350 bank accounts offering inflation-busting savings in six-year high

If you've been letting your savings crawl along in an old savings account, there's a decent chance you're missing out.

Right now, banks are offering some of their best savings rates in years, with more than 1,300 accounts now paying above the Bank of England's 3.75 percent base rate.

New figures from Moneyfacts show there are now 1,385 live savings accounts paying more than the Bank of England's current 3.75 percent base rate - the highest number of accounts doing so in more than six years.

Could your savings be working harder for you? (Getty Stock Image)

The comparison is based on the interest paid on a £5,000 balance, with those accounts making up more than half of all savings products currently on the market.

It's good news for anyone looking to get a better return on their cash, especially with the cost of living continuing to put pressure on household budgets.

But why is this happening?

The Bank of England's base rate influences the interest rates banks offer on everything from mortgages to savings accounts.

When savings providers increase their rates, it can be a sign they're competing for people's money by offering better returns.

So, for anyone who has left their cash sitting untouched in an account they've had for years, it could be worth taking another look at what your bank - or a rival provider - is offering.

It could be worth taking another look at what your bank - or a rival provider - is offering. (Getty Stock Image)

Rachel Springall, a finance expert at Moneyfacts, has said savers currently have plenty of choice, but need to be proactive and make the most of the options available.

She told The Guardian: "Things are looking promising - the choice is really good but it's all about being proactive and switching, and making the most of the products while they are there."

Among the big-name banks offering competitive savings products are Nationwide and HSBC, alongside newer providers and challenger banks.

Nationwide currently has a range of savings options depending on how much flexibility customers want. Its Flex Regular Saver, for example, offers 6.5% AER for those happy to save smaller amounts each month, while its Five Year Fixed Rate Cash ISA pays 4.5% AER for savers willing to lock their money away for longer. As ever with the bigger rates, though, there are a few rules attached.

HSBC is also offering competitive rates for savers, with its Regular Saver account paying 5% AER for 12 months for eligible customers.

The account allows customers to save between £25 and £250 a month, but withdrawals aren't allowed during the 12-month period if they want to receive the fixed interest rate.

And it's not just big high street names getting involved.

Newer providers are also battling for savers' cash, with some of the most eye-catching rates currently available coming from firms such as Revolut and Chase.

Revolut, for example, recently launched an instant-access savings offer for new UK customers paying 5% until 4 December on balances of up to £25,000.

Nationwide currently has a range of high interest savings options. (Getty Stock Image)

Meanwhile Chase, the UK retail arm of US bank JP Morgan, is also offering new customers 4.5% through its Chase Saver account, boosted by a 12-month interest bonus.

Something worth keeping in mind, though, is that the biggest rates often come with a few catches.

It could mean locking your cash away, limiting withdrawals or only being allowed to save a certain amount each month, so it's worth checking the small print before making the switch.

But with more savings accounts beating the Bank of England's base rate than at any point in more than six years, it could be worth seeing if your money could be working a little harder.