Savers hoping for a substantial jump in the rates paid by easy-access and fixed-rate accounts or cash Isas after today’s Bank Rate rise will be disappointed – but there are still ways to profit from the Bank of England’s move.

The Bank Rate has increased from a record low of 0.1pc to 0.25pc. By switching around for the best savings rate, investing in companies that can prosper as the cost of borrowing rises and making sure your mortgage is the best you can get, the interest rate rise should be a prompt to review your finances.

Telegraph Money runs through what savers, investors and homeowners need to do now.

Switch to the best savings deals

Those with traditional savings accounts have suffered prolonged low rates and most will have seen their pots diminished by inflation over the past year. 

However, savers can limit some of the damage caused by the rising cost of living by moving their cash around. Most high street banks offer rates as low as 0.01pc on easy access deals, but the average rate across all banks is 0.19pc.  If banks pass on the 0.15 percentage-point rate rise, £10,000 in the average account would earn £33 more in interest than high street accounts over a year. 

Fixed-rate savings accounts do not let savers make early withdrawals, so money stuck in an account with a low rate will not be accessible until the term ends. 

Cash Isas are usually more flexible. While their rates are slightly lower than those from fixed bonds, they normally allow early withdrawals, with a penalty. These penalties differ by provider but can typically be 90 days’ interest for a one-year deal. Longer deals usually carry larger fees.

James Blower, of Savings Guru, a consultancy, said: “Theoretically you could make money by moving to a cash Isa deal with a better rate.” However, the rate offered by the better Isa would need to be sufficiently higher to offset the impact of the early withdrawal penalty. 

Buy bank shares

Rates would have to rise significantly over the next year to match inflation, meaning that risking money on the stock market offers the best chance of a return that beats the pace of price rises.

Some shares can even thrive as interest rates rise. British banks will be clear beneficiaries, according to David Henry, of wealth manager Quilter Cheviot. 

“Higher interest rates mean that banks’ profit margins will improve,” he said. “The difference between what banks are able to earn from loans and what they pay on products like savings accounts increases as interest rates rise.”