Cash point

A spike in inflation has delivered more misery for long-suffering savers.

The Consumer Prices Index, a measure of living costs, jumped to 2.9% last month.

Yet research from financial data firm Moneyfacts found not one of the 750 standard savings accounts on the market can match that.

While you may not be getting earth-shattering returns from even the best buy accounts, it’s important to ensure you get the best rate possible.

Many savers are languishing in accounts paying as little as 0.01%.

Rachel Springall, from Moneyfacts.co.uk, said: “Savers must not be deterred from searching for a good deal, however, as their apathy could mean missing out on much better returns.

“For example, someone holding £20,000 in a Nat-West Instant Saver would earn just £2 over a year, but they could earn £222 with Charter Savings Bank’s easy access which pays 1.11%.”

The current best rates on offer include 1.11% from Charter Savings Bank and 1.10% from RCI Bank on easy access accounts.

Al Rayan Bank pays 1.91% and Atom Bank 1.7% on one-year bonds.

You can get 2.02% from Al Rayan Bank and 1.85% from Secure Trust Bank on two-year bonds and NS&I pays 2.2% on its three-year bond and Atom Bank 2.3% on a five-year bond.