Inflation stuck at zero last month, which means there are now 662 savings accounts, including 198 Isas, which will deliver a positive return for savers after basic rate tax.

Inflation remained at zero last month, which means there are now 662 savings accounts, including 198 Isas, which will deliver a positive return for savers after basic rate tax.

That is quite a contrast from two years ago, when there was barely a single account offering savers any return at all, once inflation at almost 3% was factored in. As recently as August 2013, just one account (a seven-year bond paying 3.5%) was matching 2.8% inflation after tax.

That does something to sweeten the pill of depressed rates, where high street banks will palm you off with standard savings accounts paying 0.1% (Clydesdale) or 0.2% (Bank of Scotland, excluding short-term bonus). RBS, Santander and Nationwide start their rates at 0.5%.

Sylvia Waycot, editor at Moneyfacts.co.uk., said "It's now easier than ever before to secure an inflation-beating profit that won't see the value of your money eroded, and when the new tax-free personal savings allowance comes into force, you could save even more." From next April, the first £1000 of savings interest will be tax-free.

Waycot says: "A saver would need to have as much as £151,515 in the typical easy access account, £71,429 in an average one-year bond or £41,494 in an average five-year account before they earn more than £1,000 interest per year and savings tax would kick in. We may have a year to wait until this becomes reality, but it can't be denied that it'll be worth waiting for."

But Susan Hannums, director at independent site Savingschampion.co.uk, says: "Although all savings accounts now beat inflation, the current dip is still expected to be temporary, so savers may not want to be complacent when deciding where to put their money....especially since lower inflation means less pressure on the Bank of England to increase interest rates anytime soon."

The website's monthly analysis of savings accounts says the Isa season, when the best accounts are traditionally launched, has been "disappointing and underwhelming".

Many savers have turned to high interest current accounts to earn far higher rates albeit on limited sums, typically up to £3000 or £5000, with the exception of Santander where 3% is payable on balances from £3000 to £20,000 in its 123 account.

Even Nationwide, whose rates are always competitive, kept its customers in the dark last week when waiting until two days into the new tax year to announce that it would allow its top-paying (1.5%) Flexclusive Isa to accept transfers from old Isas, and to relaunch its regular saving Isa. A spokesman said the information was available on the Nationwide website on Monday, while admitting customers holding the accounts had not been advised.

Skipton Building Society has launched a new Limited Edition Cash Isa paying 1.6%, which can be opened online with £1, allows transfers , and has not withdrawal restrictions. Shawbrook Bank also has a 1.6% Isa, but it requires a minimum £1000 and a notice period of 120 days for withdrawal.

Shawbrook also has the best fixed-rate Isas, paying 1.7% for one year and 1.95% for two years. Savings Champion recommends early action on the Skipton offer in case it is withdrawn, and says "monitor and move" is the only way to keep up with the best rates, as around 500 accounts have already cut their rates to customers since the start of 2015, including 70 this month.

Existing customers with leading high street providers are liable to be on a worse deal than the one offered to new savers, according to research conducted by Savings Champion for Metro Bank last month. It found 43 per cent of accounts offered by the 10 top banks currently pay less to existing customers than the equivalent live rate offered to new savers. One third of existing accounts meanwhile have seen rates cut, by an average 0.46% (excluding when bonuses expire).

Craig Donaldson, chief executive at Metro Bank, said: "These cuts are often used to subsidise new higher rate accounts in a bid to entice new savers, regardless of the fact that existing loyal customers are losing out."

Complex ranges of accounts are still maintained by some banks, happy to leave customers stranded in out-of-date products paying rock-bottom rates.

Barclays, Santander and RBS have slimmed down their ranges, but Lloyds and Bank of Scotland have yet to follow suit. Savings Champion says that since 2013, the major providers have cut their accounts from 711 to just 114, but adds: "Although these providers should be commended for reducing their vast range of accounts, cutting rates in the process seems testament to the shocking state of the current savings market."