Best inflation-beating savings accounts to make your money work hard

Official figures for Inflation in the UK rose to 3.5% in April, up from March’s figure of 2.6%.

April’s inflation numbers were revised down to 3.4% after the Office for National Statistics found that data they were given in relation to car tax was wrong, pushing their inflation calculations incorrectly up by 10 basis points. The official figure remains at 3.5% though, in line with their correction policy

While savings rates have been on a downward path lately as the Bank of England has gradually been cutting interest rates, there are still a great deal of inflation-beating options for savers.

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The best one-year fixed-rate accounts offer up to 4.45% interest on your cash, while the top easy-access savings accounts pay up to 5%.

Savers who not only want to make the most of above-inflation interest rates but also want to shield their savings income from the taxman can make the most of the best cash ISAs on the market right now, paying up to 5.46% interest for easy-access savings or 4.27% on a one year fix.

According to the latest data from MoneyFacts, there are currently 1,358 inflation-busting savings accounts on the market right now.

Are you making the most of your savings?

Many people may have done an audit of all their savings accounts, and reassessed how much they are putting into savings and investments when the new tax year started in April and the annual ISA allowance was refreshed.

However, it could be worth having another look at your finances now June has arrived to make sure last-minute decisions made before the end of the last tax year are not costing you.

Billions of pounds are languishing in low interest accounts, according to research conducted by Spring, a part of Paragon Bank, in May.

Some 55% of the UK adult population (29 million) are missing out on a collective £20 billion in lost interest by holding money in below-inflation savings accounts, the data showed.

Auditing your savings, and checking you’re getting the best possible deal, this month could be worthwhile to make sure your money is working hard for you. We look at the best savings accounts that can beat inflation.

Which are the best savings accounts to beat inflation?