This will be welcome news for savers who at times this year have found no open-to-all savings accounts beat inflation.

Savers will have to tie their money up for at least four years to earn an interest rate above CPI, with Vanquis Bank’s 4-year bond paying 2.52%.

They can get 2.79% from UBL Bank UK by opting for a five-year fix.

Two providers offer a rate of 2.75% on seven-year fix products – PCF Bank and Secure Trust Bank.

The table below shows a full list of the 16 inflation beating accounts:

Inflation falling will lessen the pain for savers disappointed by the Bank of England keeping the base rate on hold at 0.5% earlier this month.

They will also be boosted by news that rate rises in the savings market have now outnumbered cuts for 16 months in a row.

Charlotte Nelson, finance expert at Moneyfacts, said: “It is just six months on from the first rate rise since the financial crisis, and in that time the savings market has seen a significant boost. With rate increases outweighing cuts every month, there have now been just over 800 individual rate increases since November 2017.

“All this extra competition has seen rates rise, particularly in the fixed rate bond sector. For example, the average two-year fixed rate bond stands at 1.50% today, 0.07% higher than November, and marking the first time the two-year average has risen to 1.50% since April 2016.”

Newer banks are outshining high street names when it comes to rate rises. The average easy access account from the mainstream banks – Bank of Scotland, Barclays, Halifax, HSBC, Lloyds Bank, Nationwide, NatWest, RBS and Santander – is just 0.30%, while the market average is 0.51%, according to Moneyfacts.

“Unfortunately, the main banks have yet to get involved in the market and are still reluctant to boost their rates,” said Nelson.

“Savers now more than ever need to vote with their feet and ensure they get the best offer available.”