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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 this week 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: "While the interest rate cut is a positive development, it’s far from a clean bill of health for the economy. Inflation remains stubborn in key sectors such as services and food, and households are still grappling with the aftershock of prolonged price rises.

"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 4.45% from LHV. You need at least £1,000 to open the account and can invest up to £1m.

Vanquis has an one-year deal paying 4.44%, where you can invest from £1,000 to £250,000, with interest paid monthly or at maturity.

Atom Bank pays 4.42% for an one-year that only requires £50 to open.

Online banks typically offer higher rates than traditional bricks-and-mortar branches, which translate into better returns, giving you a more efficient way to save and reach financial goals.

If you prefer to go with a familiar name, the high-street lenders have slightly lower offers, but are still above inflation.

Tesco (TSCO.L) Bank offers the highest rate among high-street lenders, with a one-year fixed-rate savings account that pays 3.8%, with the minimum balance required being £2,000. However, you can invest up to £5m.

NatWest (NWG.L) has a fixed-term savings account offering 3.8% for one year. The minimum deposit is just £1 and interest will be paid first business day of every month and on the maturity date.

How do fixed-rate savings accounts work?

Unlike easy-access products, where interest rates can vary, fixed-rate accounts earn a set rate of interest for the period you choose, whether that's six months or several years. Those are the most common deals, but some offers go up to 10 years and over.

You must leave your initial deposit for a fixed period without making withdrawals. If you touch your money, you forfeit any interest.

What are the best easy-access savings accounts?

Easy-access savings accounts let you withdraw your money without notice. With that ease of access come lower interest rates, but they are a good option for those who think they might need their money in a hurry.

Be aware that rates on these accounts are variable, which means they can go up or down. You will be notified of any change ahead of time.

Chase offers a 5% deal that you can access with only £1. New customers can open its linked easy-access saver within 31 days of opening the account, which gives 5% (2.75% variable plus 2.25% fixed month bonus).

Cahoot pays 4.55% but with only £1 minimum to access. You can invest up to £2,000,000 but they will only pay interest on balances up to £500,000.

The WestBrom BS also pays 4.55% with only £1 minimum to access. The interest rate will go down to 1.90% gross p.a./AER if you take money out more than four times per year.

There are even higher-paying easy-access accounts, but they are not for new customers. Santander's (BNC.L) Edge Saver, for instance, offers 6%, but is only available to current account holders.

What are the best notice savings accounts?

Can’t decide on whether you want to put your money away and not touch it for a long time or keep it accessible at all times? Maybe you should consider a notice savings account.

Notice savings accounts require you to give notice to your savings provider before you can withdraw your funds.

These are ideal for those who know when they might need their cash but don’t want to face the temptation of dipping into it at any time.

You need to give the bank or building society a set advance warning before you can withdraw your money — usually between 30 and 120 days, though this can be longer.

RCI Bank has a 95-day product that pays 4.7%. You’ll need at least £1,000 to open it and can deposit up to £1m.

The Stafford BS pays 4.65% on a 120-day deal, and you can invest anything from £1,000 to £500,000. Interest is paid monthly into the account.

GB Bank has a 120-day product that pays 4.58% for which you'll need £1,000 to access.

Interest rates with notice accounts are variable, which means they could go up or down over time.