Savers looking for the best deal should act now, as banks have taken a pause from the rate cuts common during the pandemic.
This month is the first time that average savings rates have not fallen since October 2020, according to research from financial experts Moneyfacts.
In fact, rates rose on many deals.
For example, the typical one-year bond rose from 0.44% to 0.48%, while bonds of more than two years rose from 0.66% to 0.72%.
Rachel Springall, finance expert at Moneyfacts, said: "Challenger banks have made notable improvements to fixed rate bonds and this has resulted in average rates improving on both the one-year and longer-term fixed bond sectors for the second month running."
However, this will be a cold comfort to many savers.
A year ago the average one-year bond paid almost twice as much - 0.86%.
And the elephant in the room is that no new savings deals even come close to beating inflation, which is now 2.1% .
Inflation is the enemy of savers. If it is higher than the interest rate on your savings deals, the value of your cash loses spending power.
That's because inflation covers the rising cost of goods and services.
If you had £100 in January in an account earning no interest, and inflation is 2.1%, in December what would have cost you £100 at the start of the year would cost £102.10.
But remember that cash has to be kept somewhere, and it makes sense to pick a deal with the best rate.
That way you are reducing the impact inflation has on your money, even if you can't beat it.
Most savers seem to agree. Despite savings deals being low for some time, consumers put £11.6billion into deals in April, according to the Bank of England - taking the total for 2021 to £51billion.
Shopping around for the best rate is key. Springall said: "Switching is still vital."
The top one-year bond, from Cynergy Bank, pays 0.9%, as does one from Zopa Bank.
The best easy access account, also from Cynergy, pays 0.5% - but the average such deal pays just 0.16%.
But no-one knows if rates will start to rise properly again or if this is just a temporary lull.
Whatever happens, Moneyfacts warned that the savings recovery will likely take a long time.
Unfortunately banks have little incentive to make big hikes to savings rates any time soon.
Savers can thank the Bank of England for that. Firstly, the Bank cut its base rate to new lows of 0.1% last March.
This rate is factored into the savings rates paid by banks, and many cut theirs in response.
Secondly, in normal times banks offered savers good deals to get them to deposit cash with them. They then lent that money out or invested it to make their profits, and everyone benefitted.
But those banks can borrow money very cheaply from the Bank of England at the moment, so they have even less incentive to offer savers decent rates.
