The Government's Funding for Lending scheme, introduced in August 2012, has been blamed for making savers' plight worse as it gave banks access to cheap funding to help mortgage borrowers, making them less reliant on having to attract savers' deposits.
The scheme has been redirected away from households for 2014.The consumer group also found that in February 2008, the average instant-access savings account paid a rate of 4.14%, but that has now plummeted to 0.63%
– Which? executive director Richard Lloyd
It's no secret that savers have been hit really hard in recent years, so it's important to be a savvy saver and take advantage of the best deals across the whole market, not just savings accounts.
But banks and building societies should make it easier for savers by giving them clearer information. This includes putting interest rates on all statements, sending annual summaries, and better notification when a bonus rate ends or if better accounts are available.
. This six year slide would equate to an annual loss of £351 for someone saving £10,000 in an average instant-access savings account.