Nationwide offering 4% savings interest rate

Rachel Springall, a finance expert at Moneyfacts.co.uk, broke down the current state of the savings market.

She explained: “Inflation is predicted to come down to around three percent in 2024, and based on today’s top rates, savers would be able to make a return on their cash.

“However, as it stands there is not one single standard savings account that can outpace the current rate of the CPI.

“It is expected that variable interest rates will continue to improve due to competition and the consecutive base rate rises fuelling the market.”