Adults looking to put money away have been warned to "take action" following the news this week.

Millions of people in the UK might be looking to put cash away in a savings account. And now bank customers can take action after the inflation rate eased this week.

The Consumer Price Index (CPI) moved to 4.6% during October, from 6.7% the previous month, according to the Office for National Statistics (ONS).

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The dip means there are some standard cash savings accounts which beat inflation, the first time it's happened since May 2021.

Santander, Lloyds, Barclays, HSBC, NatWest and Halifax customers can take advantage of accounts rates which are better than inflation following the rates decrease.

The best deals have been noted by Moneyfactscompare.co.uk. Based on someone having £10,000 to put away, it found a 5.20% easy access account from Ulster Bank, a notice account from Shawbrook Bank paying 5.56% and a one-year fixed-rate bond from Metro Bank at 5.91%.

Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said: "It has taken over two years, but finally inflation has fallen to a level where there are now standard savings account that can outpace its eroding prowess.

"The savings market has felt a few rate cuts since last month's inflation announcement, with fixed-rate bonds under the spotlight."

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She added: "Savers will no longer find a bond that pays more than 6%, but it is worth noting that challenger banks are still holding the top spots despite shuffling positions.

"These institutions can launch enticing offers to attract deposits for their future lending, but they also act quickly to pull offers when they become fully subscribed.

"Consumers will need to act quickly to grab the top deals on offer and consider the more unfamiliar brands when comparing deals.

"To take full advantage of the best deals, it's worth spreading any investment across easy access accounts and fixed bonds, but there are also notice accounts to consider which currently pay competitive rates.

"As we edge closer to the end of the year, consumers may well be thinking about spending rather than saving, but it's still a good time to set up a nest egg to fall back on, just in case."

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