The Consumer Prices Index (CPI) remained at 2.70% during December, spelling yet more frustration for savers hit hard by the effects of tax and inflation.
Research by Moneyfacts.co.uk has found that out of 884 standard savings accounts, just two deals pay rates that beat and match CPI.
Both of these accounts are variable cash ISAs and pay competitive tax-free rates of return to savers who are willing to give their provider advance notice before accessing their money.
Two accounts, all of which are variable cash ISAs, pay rates that either beat or match CPI.
Before comparing the two inflation beating ISAs below, remember the maximum Cash ISA allowance investment for the tax year 6th April 2012 - 5th April 2013 stands at £5,640 and once you have subscribed to a cash ISA you will not be able to subscribe to another in the same tax year.
Penny says... "This attractive savings account pays a market-leading tax-free rate of 2.80% to savers with deposits of £1 and over.
"Funds can be accessed, subject to 60 days' notice, although a 60 days' loss of interest penalty will apply if advance notice is not given.
"Savers must bear in mind that the 0.60% bonus will expire after twelve months, after which the rate will revert to 2.20%."
Penny says... "Sitting proudly in bronze position is the 90 Day Cash ISA paying an annual rate of 2.70%.
"Advance notice of 90 days' is required prior to accessing funds so is best suited to savers who do not need immediate access to their money.
"This account can be operated in branch or by post." Compare the best savings rates
Compare top cash isa rates
Interest Calculator - See how much your money could grow with our Lump Sum Savings calculator.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.