Rachel Springall, a finance expert at Moneyfacts.co.uk, outlined what the current saving account market looks like in light of this economic turmoil.
She explained: “Inflation continues to take its toll on savers’ cash, as not one standard savings account can beat it.
“However, savers should not be discouraged to compare and should switch deals if they can, as they could miss out on a better return if they become apathetic. Easy access accounts remain a firm favourite among savers, but it’s disappointing to see many of the biggest high street banks are paying very little to their loyal customers.
“Challenger banks and building societies are offering some of the best rates out there, so it is always worth considering the more unfamiliar brands.”