The latest analysis from Moneyfacts found that the number of savings accounts that beat the current level of inflation has fallen since last month.

Consumer Price Index (CPI) inflation rose to 1% during July from 0.60%, according to the Office for National Statistics (ONS).

Only 91 savings accounts have rates which beat 1%. This is down from the 440 accounts which could outpace the June inflation rate of 0.6%.

The savings accounts that can now match or beat inflation include:

• three easy access accounts
• eight notice accounts
• one variable rate ISA
• 16 fixed rate ISAs
• 86 fixed rate bonds (based on a £10,000 deposit)

Rachel Springall, finance expert at Moneyfacts.co.uk, said: “Beating the eroding effects of inflation is possible in the short-term if savers chase down the best deals, but it is worth pointing out that there are still many easy access accounts paying less than 1%. As an example, should a saver have their cash with a high street bank, they could be earning just 0.01% in interest, so their spending power is falling in real terms.

“Savers coming off a fixed rate bond deal this month will be disappointed to see the top rates pay substantially less than those a year ago. Indeed, in 2019, the top one-year fixed rate bond paid 0.89% more as an expected profit rate and in 2018, the top two-year fixed rate bond paid 0.86% more than the top deal available today. Fixed ISA rates have also fallen, and savers will need to contemplate whether to choose these over a fixed rate bond taking into consideration the Personal Savings Allowance.”

National Savings & Investments currently offers the top easy access account at 1.15%. This time last year Virgin Money was paying 1.5% on its easy access account.

The top paying notice account is currently from ICICI Bank UK which pays 1.39% and requires 95 days’ notice for withdrawals. This is a higher rate than the best one-year fixed rate bond from OakNorth Bank which pays 1.21%.

If you want a best buy longer term fixed rate bond, you’ll need to opt for an Islamic savings provider. QIB (UK) pays 1.4% on two-year fixed rate accounts. BLME holds the top spot for three, four and five-year bonds, paying 1.4%, 1.45% and 1.5% respectively.