"At the moment, no normal savings accounts can keep pace with inflation, not even if you tie your money up for five years or longer," she said.
"You can do so in a regular saver account, but these tend to be linked to current accounts, and accept relatively small monthly payments, so if you want to switch a lump sum you’re out of luck.
"However, it doesn’t mean we should give up trying to make the most of our savings, because you can still get 50 times the interest just by moving from your high street easy access savings account paying 0.01 percent to one with a newer online bank.
"This should be the home for your emergency savings of three to six months’ worth of essential expenses (or one to three years for those in retirement).
"We should also be bucking the trend towards leaving all our savings in easy access, especially now that fixed rate savings accounts, fixed for one, two or three years, have become more competitive in recent weeks.
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