People in the UK are expected to start saving more each month following a fall in the rate of inflation.
Figures released last week revealed that the consumer price index, which measures annual inflation, fell to 3.6 per cent in January, down from 4.2 per cent in December. A recent poll conducted by price comparison website Moneysupermarket.com claimed one in five Brits will now start putting money away for the future as a result.
With inflation having run well above the government's target of 2 per cent for some time, leading to household incomes being squeezed, Britons have found it increasingly difficult to spare money to divert into savings accounts.
The situation has been made worse for savers due to financial institutions offering low rates of interest.
But while banks and building societies are starting to offer better deals to attract savers, Kevin Mountford of Moneysupermarket.com said people needed to be quick if they wanted to secure a high rate of return, with some of the best offers becoming fully-subscribed within a week.
He told the Daily Telegraph: "Providers use attractive headline rates to lure in customers, and in some cases these don't hang around for long, so savers should be quick and take advantage while they can."