Those who use traditional easy-access savings accounts have around £5,000 on average, according to Office for National Statistics data analysed by consumer research firm Nimblefins. A typical one-year interest rate of 0.29pc would earn £14.50 a year in interest, but inflation would reduce this pot by around £357.

Savers can dampen inflation’s effects by moving their money to smaller banks that offer more competitive interest rates. High street easy-access deals from banks including Lloyds, Natwest and Santander still offer just 0.01pc, while smaller providers such as Tandem Bank and Aldermore pay up to 0.77pc. 

Further Bank rate rises are unlikely to lead to a bounce in savings rates. Just one in 10 banks or building societies has passed on the last rate rise in full, according to Defaqto, an analyst.

NatWest chairman Howard Davies told the BBC that it was unlikely today’s increase would be passed on to savers in full.