Savings experts say this is a ‘window of opportunity’ to lock into a savings account at a decent rate

UK savers are being urged to lock into an inflation-beating savings account before interest rates start their downward journey.

A number of fixed-rate savings bonds currently pay 5%-plus – on these accounts your return is guaranteed and you will be earning more than twice the current rate of inflation.

HMRC data shows 26% more people over state pension age paying tax on earnings than in 2021-22

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The number of people dragged into paying income tax in the UK has leapt by an estimated 4.4 million in three years because of the government’s freeze on thresholds, official data shows, a statistic likely to reignite the election debate on tax.

The figures show that a continuing freeze on income tax thresholds, seen as a stealth tax by some, has pulled an extra 1.77 million pensioners into the income tax bracket.