Consumer Prices Index inflation fell slightly during July, from 2.9% to 2.8%, the first time the measure has decreased since April.
This means that in order to beat inflation, a basic rate taxpayer at 20% needs to find an account paying at least 3.50% per year, while a higher rate taxpayer at 40% needs an account paying 4.66%.
Sadly, there is only one available savings account that will beat tax and inflation for a basic rate taxpayer, out of 804 ISA and non-ISA accounts.
"Only one year ago there were 227 accounts out of a total of 1,092 that beat basic rate tax and inflation, including 128 ISAs," said Moneyfacts.co.uk's finance expert, Rachel Springall.
The one savings account that beats tax and inflation for basic rate taxpayers is Skipton Building Society's Limited Edition Fixed Rate Branch Bond.
This seven-year fixed rate bond pays 3.50% every year on a minimum investment of £500. Savers investing in this bond must remember that early access to funds during the term or withdrawals are not permitted.
As its name suggests, this is a limited edition bond, which means it can be withdrawn from the market at any time so savers should act fast if they want to access this inflation-beating rate.
Ms Springall points out that savers should think carefully before locking their money away in a long-term bond as the volatile market means the savings landscape could be very different in seven years' time.
She suggests that those savers wanting more flexibility to move their money if rates change should consider easy access savings accounts.
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