Yesterday, Scottish Financial News reported that consumer price inflation rose to a four-month high 1.0% from 0.6% in June and 0.5% in May, which had been the lowest level since June 2016.

The only account currently on the market in the UK with a higher rate than this is offered by the National Savings & Investment Bank (NS&I) and pays interest of 1.16pc.

Every other easy access account open for new customers pays less in interest, meaning individuals using them will suffer a real terms drop in the value of their cash, The Daily Telegraph reports. 

The drop in interest follows more than ten years of sorrow for savers since rates were suppressed by the financial crisis of 2008.

The shock rise in inflation means that the Bank of England could halt any future plans to cut interest rates or print more money, incase further action increases demand and pushes prices back up to or beyond the 2% goal.

The inflation increase is also likely to stem speculation over negative interest rates, which would see banks charged for depositing money.

NS&I dominates the list of top-paying easy-access savings accounts, also offering the second and third best rates on the market of 1% and 0.8%.

However, even these accounts will not increase savers’ money in real terms and some account holders have reported problems of slow service and delays as new customers have swarmed the bank to open new savings accounts.

The average interest paid by an easy access account has fallen by almost two thirds since March, from 0.56pc to 0.22pc, meaning most of the cash in these accounts will not be losing value in real terms.