This is according to experts at Moneyfactscompare.co.uk who have analysed the UK’s savings accounts to find most rates are ‘falling behind’.

The latest Consumer Price Index (CPI), which measures the price rise of goods and services over the last year, showed inflation remained at 3.8% during September – the same as August.

Forecasts were that inflation would rise to 4% in September, so there is some small relief for consumers.

But, for savers, the fact inflation remains so high is concerning. This is because savings rates are falling and any account which pays returns below the rate of inflation will not be offering any value.

The Moneyfacts Average Savings Rate currently sits at 3.44%, which is lower than inflation.

This means it is essential that savers shop around to avoid losing money in real terms.

There is some good news, there are currently 978 savings accounts that beat inflation, according to Moneyfacts.

The majority of these, 542, are fixed rate bonds. However, it’s still possible to find fixed rate ISAs to protect you against tax, and there are also some easy access and notice accounts with rates above inflation.

Caitlyn Eastell, spokesperson at Moneyfactscompare.co.uk, said: “Inflation is almost double the Bank of England’s 2% target, but despite continued pressure from the rising cost of living, the UK’s household savings ratio remains above 10%, which reflects continued caution among consumers.

“Savers’ main priority is to build financial security and with average real returns remaining negative, they may find that the value of their savings is steadily being eroded, making it harder to achieve their financial goals or maintain essential safety nets such as emergency funds.

“Even the most competitive rates are struggling to outpace inflation, with less than half able to keep ahead of rising prices.”

The advice to anyone with a savings account paying less than inflation is to look for a new deal.

Eastell said: “With the number of inflation-beating deals wavering, any saver who finds their account falling behind inflation, should immediately switch to a more attractive deal, or consider locking into a fixed bond to secure guaranteed returns on their hard-earned cash.”