That means your cash savings have to work hard to beat the rising cost of living.
Here are the accounts that beat inflation right now.
No easy access and notice savings accounts beat inflation right now.
If you want to put your money in a savings account then you should look at fixed rate bonds, although financial data provider Moneyfacts says only 42 of these are inflation beating and you'll have to lock your money away for at least three years.
Remember the Personal Savings Allowance allows you to earn £1,000 tax-free interest a year if you're a basic rate (20%) taxpayer and £500 tax-free interest a year if you're a higher rate (40%) taxpayer.
Over three years, Ikano Bank is paying 1.75% on a minimum deposit of £1,000, while Atom Bank is paying 1.67% if you deposit at least £50.
If you're willing to lock your money away for four years, Ikano is paying 1.95%, again on a minimum deposit of £1,000.
Over five years, Atom Bank and Ikano are paying 2.05%. You can open an account with Atom with just £50 but you'll need £1,000 for Ikano.
No Cash ISAs currently beat inflation and only one matches it, which is Paragon Bank's five-year fixed rate ISA paying 1.6% on a minimum deposit of £500.
Why current accounts are better
It's worth remembering that current accounts still offer better rates than savings deals, particularly when you factor in the Personal Savings Allowance.
For example, the Nationwide FlexDirect account offers you 5% on balances of up to £2,500 for the first 12 months. However, this will drop to a measly 1% after the first year.
Other banks have cut the interest rate on their current accounts but several still pay 3%. The TSB Classic Plus account pays 3% on balances of up to £1,500.
The Tesco Current Account pays 3% on balances up to £3,000. Meanwhile, the Bank of Scotland Current Account with Vantage pays 3% on balances of £3,000-£5,000.
Lloyds Bank's Club Lloyds pays 2% on up to £5,000. You need to pay in at least £1,500 a month otherwise there's a £3 monthly account fee.
For larger balances, the Santander 123 current account pays 1.5% on up to £20,000. It also pays cashback on your direct debits, though there is a £5 monthly fee to consider.
Other options to consider
With inflation forecast to keep rising, it might be worth considering moving some of your cash into other places that have more risk but could offer greater rewards.
If you haven't used some or all of your tax-free stocks & shares ISA allowance, you have up to £15,240 to play with.
Or there's peer-to-peer lending, where you lend your money to individual borrowers or businesses or investors.
This area currently isn't protected by the Financial Services Compensation Scheme but could offer far higher returns than a high street account.