More than 1,622 savings accounts now pay more than the 2 percent inflation rate. Figures for the year to May showed the Consumer Price Index (CPI), which measures inflation, is at its lowest level in three years and has reached the Bank of England’s target.
This means savers have more options when it comes to earning a real return on their money. Inflation has been high since the Russian invasion of Ukraine sent oil prices soaring, peaking at 11.1 percent in October 2022. Last month, when inflation reached 2.3 percent, there were 1,558 accounts paying a rate above inflation, according to the financial report. Data company Moneyfacts.
The average price on an accessible account is now 3.12