Rachel Springall, Finance Expert at Moneyfacts.co.uk, said: “The current level of inflation will make a clear impact on savers, as unless they have their cash already stashed away in a fixed rate account that can beat it, the spending power of their cash has been eroded in real terms.
"The predicted rate for inflation in Q2 2022 is expected to rise to 2.3 percent and today the top five-year fixed rate bond pays just 1.40 percent, for those using an easy access account the top rate is 0.50 percent, while for ISAs the top rates are 1.10 percent and 0.45 percent respectively.
“This news could well overshadow the otherwise positive changes we have seen on some of the top fixed rate bonds and ISAs this month, but it’s vital savers take time to consider the new deals on offer.
"Indeed, as savers debate what to do with their cash, since the start of the month we have seen improvements from various challenger banks.
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