Savers must act fast to outrun inflation Basic-rate taxpayers need an account that pays 3.14pc to ensure that their savings gain value in real terms while those paying higher-rate tax must find a 4.18pc account, given that inflation is increasing at a rate of 2.5pc. There are no easy access accounts that beat these rates, and Kevin Mountford, head of banking from Moneysupermarket.com, said that savers must act quickly to ensure that they get the best fixed rates to beat inflation. Today's news that inflation has fallen to 2.5pc after last month's rise out of the blue is good news for savers. However, it is as ever vitally important savers check their rates and are prepared to switch if they are not currently on the most competitive deal. The difference between the average and top paying rates can be significant, so moving to a better deal can go a long way to help savers limit the impact on their pots. Once their tax-free Isa allowance is used up, basic-rate taxpayers can choose from 109 fixed rate bonds that beat inflation. The longer the term that they are prepared to tie their money up for, the higher rate they can get. However, for higher-rate taxpayers only six fixed-rate bonds beat inflation, and good rates are being withdrawn on a daily basis. Bank of London & the Middle East is offering the best rate on its Sharia-compliant account at 4.6pc for a five-year bond. The State Bank of India is offering 4.5pc on a five-year bond and 4.2p for a four-year bond. Savers with money in these banks have the same protection for their money as they would in more traditional UK bands, under the Financial Services Compensation Scheme (FSCS). Those paying basic-rate tax can outrun inflation by tying up their money for just one year with Bank of London & the Middle East (3.35pc), State Bank of India (3.33pc) or the Post Office at 3.25pc.