Consumers are facing a great rate conundrum on everything from savings and mortgages to energy bills. Savers are now being offered fixed-rate bonds at 10 times Bank rate, or 5%, while borrowers are also scrambling to fix their mortgages.

Interest rates on five-year fixed-rate bonds are up by an average 1.13 percentage points since March, while those on one-year bonds have increased by 0.31 points, figures from Moneyfacts, the data provider, show. Rates on fixed-rate mortgages are also on the up, with the average five-year fix rising by 0.41 points this month alone. Nationwide and Woolwich last week raised some fixes by 0.5 points.

Those coming to the end of fixed-rate energy deals also face a dilemma. While utility giants have still not passed on last year’s drop in wholesale prices, they may now raise tariffs as oil goes over $70 a barrel. Here is our guide to the great fix debate.

SAVINGS

Clydesdale Bank and Yorkshire Bank pay 5% on their five-year fixed-rate bonds, while Newcastle building society last week launched an Isa paying 5% over five years.

“It’s almost 1% higher than the competition, so is unlikely to be available for long,” said Andrew Hagger at moneynet.co.uk, the price-comparison site. However, experts warn against fixing for a prolonged period. Michelle Slade at Moneyfacts said: “In this low interest rate environment, 5% is extremely competitive but savers need to balance this return against expected rate rises in future years. There doesn’t seem to be any limit to how high providers are prepared to go.”

The top short-term fixed-rate savings account is 3.85% at Skipton building society, fixed until February 28 on deposits of £500 or more. Abbey pays a fixed 3.75% until July 1, 2010, on £25,000 and over.

Newcastle launched its Isa days before being downgraded by Fitch, the ratings agency, stoking renewed fears over Britain’s building societies. Cash deposits up to £50,000 — or £100,000 for a joint account — are guaranteed, although it could take as long as six months to get your money back.

MORTGAGES

Homebuyers or those remortgaging who have to decide between a fix or tracker should fix, research by L&C Mortgages, a broker, shows.

The best lifetime tracker on the market is HSBC’s deal at 2.24 percentage points above Bank rate, or 2.74%. Repayments on a £200,000 mortgage would be £1,083, against the best five-year fix from the Post Office at 4.45%, with repayments of £1,260.

Our chart shows Bank rate would have to rise to about 2.25% before repayments on the tracker would exceed those on the fix, which is in about the mid-point of expectations.