Savers had more reason to cheer last week when official figures told us the continuous rise in the cost of living is finally slowing (at least for the time being).

Prices are still rising – but at 2.6pc a year in June down from 2.8pc in May. This is far lower than the eye-watering heights of 11.1pc in October 2022.

There are now 1,960 savings accounts that pay more than inflation, according to rate scrutineers Moneyfacts. That’s excellent news, as it means our savings will be growing in value while sitting in these accounts. What worries me is there are still some 600 accounts on the market that pay less than inflation.

Easy-access accounts are the most popular – we hold a huge £916billion in them against £258billion in fixed-rate bonds. Savers appreciate they can get their hands on their savings when prices are relentlessly rising.

The average rate on an ordinary easy-access account that is newly opened is 2.55pc. At this rate, your money will not hold its value because the interest you earn is not enough to match the rise in the cost of living.

Even worse, Bank of England figures show the average rate is just 1.6pc – but this includes all the old accounts savers have held for years.

There are now 1,960 savings accounts that pay more than inflation, according to Moneyfacts

A Santander Everyday Account pays just £90 in interest on a savings account holding £10,000

You could be in one and losing out heavily. In an average-paying account you will earn £160 interest on £10,000. But you need to earn £260 just to keep pace with inflation. By sticking with the big banks (as a lot of us do) or an old account that pays a pittance, you will lose out further.

With Halifax Everyday Saver or Instant Saver, where you often end up after a year in one of its better paying accounts, you will see just £75 interest on £10,000.

Other big banks are terrible value, too. Lloyds pays £75 on £10,000 on its Easy Saver. Even if you have £100,000 in the account it will pay just 1pc.

Santander Everyday Account pays £90 in interest on £10,000, NatWest Flexible Saver and Barclays Everyday Saver £100 and HSBC Flexible Saver £105.

You can boost this by up to £375 a year by going for a top-paying account.

The top rate comes from Saga at 4.5pc and is only available to the over-50s. But make sure you move your money again in a year’s time as the rate comes with a 1.64 percentage point bonus for the first 12 months.

Otherwise, Charter Savings Bank will pay you 4.21pc – or £421 on £10,000 – online. Other internet accounts will pay you much more than inflation with no bonus or withdrawal restrictions, such as Hampshire Trust Bank (4.18pc), Family BS (4.15pc) and Hodge Bank (4.01pc).