With the price guarantee expected to be hiked in April 2022, the average household with typical usage could see their gas and electricity costs rise to £3,000.
On top of this, savers are struggling to make ends meet amid the economic turmoil with inflation continuing to eat away at peoples’ savings.
Ms Stedford added: “Saving rates in isolation don’t mean anything, to get the full picture they must be tested against the current rate of inflation.
“If that is even close to double figures it’s unlikely even the best savings account will deliver anything other than a real term loss.
