Savers still face an uphill struggle to make sure their savings are not eroded by the effects of inflation, but all is not lost.
According to the Office for National Statistics, Consumer Prices Index (CPI) inflation remained unchanged in September at 3.1%.
A record rise in the prices of clothing and footwear, combined with a slump in the price of air travel meant CPI inflation remained above the Government's 2% target for the tenth month in a row.
Meanwhile, Retail Prices Index inflation, which also takes into account the cost of housing, slowed slightly to 4.6%, down from 4.7% in August.
According to Moneyfacts.co.uk, the lack of movement means a basic rate tax payer needs to find a savings account paying 3.88% in order to stop their savings pot effectively eroding away.
Higher rate tax payers have the unenviable task of finding an account which pays 5.17%.
The good news for basic rate tax payers is that 118 savings accounts are available which would have the desired effect.
Amongst the savings accounts currently paying above the rate required to break at least even are the State Bank of India's Four Year Fixed Rate Bond paying 4.20% and Northern Rock's Five Year Bond paying 4.15%. The three year bonds on offer from SAGA and Halifax, both of which pay 4.00%, would also do the job.
"Inflation continues to antagonise prudent savers who are already struggling to achieve a competitive return on their money," said Michelle Slade, spokesperson for Moneyfacts.co.uk.
"The negative effect of inflation has often been forgotten by savers and can quietly erase hard earned gains.
"For savers seeking the safe haven of a deposit account their best prospect for beating inflation is a cash ISA.
"Whilst there are more cash ISAs readily available, longer term fixed rate bonds can also negate the effects of inflation, but involve savers having to commit their money for a significant period of time."
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