For the 11th consecutive month, the Monetary Policy Committee has kept base rate at an historic low of 0.50% - and savers are feeling it.
Long gone are the days of 7% returns on your money. Instead, savers have been making do with rates of around 2% and 3% - although these are still far above base rate.
However, with a number of savings account providers cutting rates over recent weeks, it's time to act fast and grab a good return while you still can.
In the last week alone, Coventry Building Society relaunched its 1st Class Postal Account, reducing the rate from 3.30% to 3.15% - which is still the market-leading rate on easy access savings accounts.
Meanwhile, Santander cut the rates on its two-year fixed rate bond. Balances of up to £9,999 now pay 3.00%, compared to 3.50% before. Scottish Widows also moved rates down, reducing returns on its Internet Saver from 3.00% to 2.70%.
It's not all bad news however, as Coventry has also launched a new Two-Year Fixed Rate Bond paying 4.25%, which is a best buy deal. There's a minimum deposit of £1, so you can benefit from the great rate whatever the amount you have to deposit.
Act fast
Kevin Mountford, moneysupermarket.com's head of banking, said: "Savings rates have edged down over the past few weeks but if you have money you can afford to lock away for a few years there are still deals offering 4.00% or more to be had.
"With the Bank of England base rate unlikely to rise in the near future and inflation on the up, it's getting harder for savers so the sooner you find a good home for your money, the better."
The bonus culture
Think your money's in the right place? It might not be.
If you opened a new easy access account this time last year and bagged a high rate on your money, then it's time to check you're still getting that rate.
The rates on many accounts include introductory bonuses, usually lasting for 12 months. These aren't a bad thing, after all they can help you secure a better return on your money, but they do mean you need to move your savings again once the year is up otherwise your returns could suddenly plunge.
Fixing your funds
The best rates are being offered to people with a lump sum that they're willing to lock away for a fixed period.
Right now ICICI has a market-leading, base-rate busting offer. Its three-year Fixed Rate HiSAVE Account pays 4.70%. You have to save at least £1,000 and agree to not touch the cash or close the account during the fixed term.
Some people may be reluctant to lock their money away for this length of time in case the rate becomes uncompetitive when base rate starts to rise again. If you're one of them and want to avoid losing access to your money for three full years, you can still get a highly competitive rate on a two-year fixed rate bond.
Both ICICI's two-year Fixed Rate HiSAVE Account and Coventry's CallSave Fixed Bond are paying 4.25% - far above base rate. Again, you will lose access to the money during the lifetime of the account, so only lock your cash away if you know you won't need it.
Easy money
Not everyone is happy investing in a fixed rate bond and lots of savers want to be able to get at their money in an emergency.
Some easy access accounts are paying considerably more than others. For example, if you don't mind accepting some restrictions, the Coventry 1st Class Postal Account mentioned before is offering the best easy access rate, at 3.15%. Bear in mind that 1.15% of that is 12-month bonus rate.
However, you're only able to make four withdrawals a year and the minimum withdrawal is £1,000.
If you have a Lloyds TSB current account, you can open its Incentive Saver, which is paying a competitive 3.04%. It's an instant access account but you receive no interest on any months where you make a withdrawal.
Perhaps you don't have a Lloyds TSB current account and don't want the restrictions imposed by Coventry's post account. Another option is Principality's e-Saver Issue 2, paying 2.85%.
There are no restrictions on this product, although you can only manage your account via the web. Again, keep an eye on the rate as there's a 1.20% bonus lasting 12 months.
Alternatively, the Halifax Web Saver Extra account pays 2.80%, although you can only make one withdrawal a year - after that you sacrifice 30 days' interest when you take money out.
Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.
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