People putting away money in savings accounts are finding it increasingly difficult to make the most of their money.

Michelle Slade, spokesperson for Moneyfacts, pointed out that the best deals available in the market at the moment only provided short term fixes.

Banks and other financial institutions were bating savers with big short term gains that only result in giving savings accounts a momentary boost, rather than any long term beneficial rates.

Moreover, these savings also come with limitations upon how much the customer can withdraw from a particular savings account, she added.

Ms Slade said: "Savers are increasingly struggling to find a competitive deal, particularly if they just look at high street providers. Many of the best deals on the market come from building societies or smaller less well known banks."

Her comments follow in the wake of news that the National Savings and Investments were no longer going to provide customers with savings certificates that offered a rate higher than that of inflation.

This decision was taken in order to minimise risks of leading to skewed savings market. Also, the action was based on the fact that the body did not want to exceed the goals set by the government since the scheme had proven to be hugely popular with members of the public.

The Treasury-supported organisation had also announced its decision to slash interest rates paid on its Income Bonds and Direct Saver by 0.25 per cent.

According to recent statistics made public by the Office of National Statistics, savings in Britain were yet to return to their pre-recession levels. People putting away money into savings accounts were evidently struggling to cope as the saving ratio for households in 2010 had slipped to 6.9 per cent, which is lower than the previously recorded rate of 7.2 per cent in the year before.