Bank of England
The Bank of England is set to cut interest rates at its meeting on ThursdayNiklas Halle'n/ AFP

The savings of millions of Britons could be worth a lot less than expected, as the uncertainty following the Brexit vote continues to take its toll.

The Sunday Times warned that of the 708 savings accounts available in Britain - which include instant access accounts, cash Isas and fixed-rate deals - only 106 pay an interest rate higher than the retail price index gauge of inflation, which stands at 1.6%.

With the Bank of England set to cut interest rates on Thursday (4 August) and introduce a new series of stimulus measures, the outlook for savers could get even gloomier. Rob Wood, chief UK economist at Bank of America Merrill Lynch, forecast rates to be cut to 0.25% and £50bn worth of stimulus package to be deployed.

While the balance in many savers' accounts might be growing, extremely low interest rates and rising inflation mean the savings will buy less. There are, however, some good deals to be had for savers, the newspaper added.

RCI Bank and Paragon Bank offer the best instant-access accounts, paying 1.45% and 2.3% respectively, although the caveat is that investors have to lock away their money for five years. Current accounts offer a bigger return, although the amount on which investors will receive interest rates is limited.

Nationwide's FlexDirect account pays a 5% interest rate but only on balances of up to £2,500 and the rate is slashed to 1% after 12 months.

The broadsheet urged investors to take a stance on the pound before investing. Rebecca O'Keeffe, head of investment at Interactive Investor, explained having a view on sterling "was absolutely crucial" for any investment strategy.

UK and overseas stocks are potentially sound investments but, O'Keeffe warned, "the only thing you can't do is not have an opinion [on sterling's future]". She added that a £10,000 pot could be invested across three different funds, including Fundsmith Equity, Lindsell Train Global Equity and Woodford Equity Income.

The former has grown over 36.3% in the last 12 months and invests in companies from around the world, while the latter focuses on UK stocks and has remained an attractive option despite the latest financial developments in Britain. Lindsell Train Global Equity, meanwhile, benefits from the falling sterling given its capital is 70% invested overseas.

Elsewhere, the Sunday Telegraph warned that hundreds of pension schemes could fold into the Pension Protection Fund, the lifeboat scheme which provides payouts for workers who are caught up in cash-strapped schemes.

The pensions more at risk are those that pay a set income in retirement, the so called final salary schemes. Of the 6,000 schemes of this kind, some 5,000 are currently in deficit.

Meanwhile, the Financial Times indicated the new Lifetime Isa, which from next April will offer those aged 18-40 a 25% government bonus on savings of up to £4,000 a year, could tempt millennial workers away from company schemes.

As a result, "they could lose the benefit of employer contributions and tax relief, as they switch focus to saving for a home, meaning the accounts will largely benefit highly paid workers, or children from better-off families who can afford to do both. "