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UK households are always looking for ways to make their money go further amid the cost of living crisis, and savings accounts can help.

Savings accounts took a hit as the Bank of England (BoE) cut interest rates to 4%, with most lenders dropping their best deals in tandem with Threadneedle Street's reduction. However, consumers can still find UK savings accounts offering rates above inflation.

Experts urge savers to shop around for the best deals and review their accounts regularly, as many may still be sitting on products that fail to beat inflation.

The primary inflation measure, the consumer price index (CPI), stood at 3.6% in the 12 months to June, well above the BoE's 2% target.

Emma Sterland, chief financial planning officer at wealth management firm Evelyn Partners, said: "This probably signals the end of the road for many savings accounts that currently beat inflation, running at 3.6% in June. We can expect to see savings rates reduced in the coming days and weeks, leaving returns on even the best accounts only marginally positive in real terms – especially after tax.

"That can leave families who want to hold cash in a real quandary."

Matthew Allen, lecturer in economics at the University of Salford, added: "For savers, falling rates also mean lower returns on deposits, potentially eroding household wealth over time."

The main factor to consider when choosing a savings account is the difference between easy-access and fixed-term accounts.

Read more: Bank of England cuts interest rate to two-year low

Easy-access accounts allow you to access your money when you need it. Fixed-term means you can’t access your cash for the duration of the deal. They usually offer better rates, but you must be comfortable not touching your savings for an extended period, usually between one and five years.

What are the best high-interest, fixed-rate accounts?

Just last week savers could get a market-leading 5% for three months but now the best on the table is 4.63% from Aldermore via the Prosper platform. You need at least £10,000 to open the account and can invest up to £1m.

Prosper is a 'savings marketplace', which means that it does special deals with banks to offer savings accounts, often at higher rates than are available direct with that bank.

JN Bank has an five-year deal paying 4.52%, where you can invest from £100 to £500,000, with interest paid annually and at maturity.

Santander via Prosper pays 4.5% for an three-month account that requires £10,000 to open.