More needs to be done by banks to make them more upfront about the rates offered on savings accounts, an expert has identified.

Jason Riddle, co-founder of Save Our Savers, suggested that life has recently been made far worse for those who are hoping to set money aside, mainly due to low interest rates.

"Since banks are not interested enough in savers' money to want to pay a rate above inflation, the government should introduce consumer savings products that provide a return at least matching inflation," he continued.

Mr Riddle highlighted that people are at risk of seeing their savings accounts being devalued if inflation is allowed to rise above its target.

Which? revealed in recent days that almost nine in ten (87 per cent) savings accounts that were available six years ago are now paying interest of 0.5 per cent or less.

Nearly four in ten (38 per cent) said they would not switch savings account because they reveal all rates are the same.