On Thursday March 5th 2009 the Bank of England reduced its base rate to 0.5% where it has remained ever since – and with fears about European defaults and a possible double-dip recession stalking the economy, it is unlikely to rise in the near future. Indeed, some economists are predicting that any rise before 2014 is now unlikely.

According to BBC savers are being warned to check interest rates on Individual Savings Account (Isa) deals, so as not to be caught out by introductory offers.