But even though base rate has remained unchanged, savings and mortgage rates have been far from static. So are you better or worse off than you were a year ago?
What's happened to rates?
Savings
The interest rate cuts we saw between October 2008 and March last year, when base rate plummeted from 5.00% to 0.50%, hammered savers hard but the misery has continued.
Analysis we've carried out at moneysupermarket.com shows that the leading savings rates are now lower than they were at the end of March last year, even though base rate is the same. The average rate of the top five easy access accounts has dropped from 3.02% to 2.86%, while the average of the best ISA rates has fallen from 3.39% to 2.83%.
Savers are being battered from all sides: not only have rates continued to fall but rising inflation is also hurting them.
Kevin Mountford, moneysupermarket.com's head of banking, said: "There is no doubt that savers have been the biggest losers during the past 12 months, with rates dropping dramatically. This coupled with recent rises in inflation has meant that is it almost impossible to get a positive rate of return on your savings."
There has been some good news for savers. While rates on easy access accounts and cash ISAs are lower than they were a year ago, fixed rate bonds are actually higher. The average of the top 10 fixed rate bonds is now 4.91%, up from 3.99%.
Kevin added: "While life is tough for savers, fortunately the leading rates are significantly higher than the 0.50% base rate. Savers need to be on their toes though as and there are still some good deals to be had, especially if you're prepared to lock your money away in a fixed rate account."
Leading savings accounts:
As mentioned above, the highest rates are available on fixed rate bonds, so if you have money you won't need to access for the next few years these are well worth considering.
The AA's five-year Fixed Rate Account is paying 5.10%, while Halifax has a five-year deal at 5.00%. Bear in mind, however, that if you need to access your money during the fixed term you will be penalised with a loss of interest.
If you'd prefer a shorter-term product, ICICI Bank UK is offering the leading three and two-year accounts, paying 4.60% and 4.10% respectively.
It's important not to lock all your savings away. Of the easy access accounts, The AA's Internet Extra (Issue 2) is paying the leading rate of 3.00%, although this includes a 12-month bonus of 2.50%. Other competitive deals include West Bromwich Building Society's Direct Bonus Account paying 2.92%, Halifax's Web Saver Extra at 2.80%, and Tesco Bank's Internet Saver, Alliance & Leicester's Online Saver Issue 7 and Birmingham Midshires' Telephone Extra (Issue 2), all of which are paying 2.75%. The West Brom, Tesco, A&L and Birmingham Midshires accounts also all include 12-month bonuses. Halifax's Web Saver doesn't but you can only make one penalty-free withdrawal a year. And in addition to the bonus, the West Brom account only allows three withdrawals a year.
Don't forget cash ISAs though. If you haven't used your ISA allowance yet this year, it's well worth doing so as interest on cash ISAs is tax-free. You can invest up to £3,600 in a cash ISA (£5,100 if you are 50 or over). For more on the ISA rules and benefits of them, watch our video 'Why should you open an ISA?' and read our article 'New ISA rules explained'.
As with standard savings accounts, the best deals are available on fixed rate cash ISAs. Clydesdale Bank has a five-year deal paying 5.00% - remember the interest isn't taxed so it's equivalent to a rate of 6.25% for a basic rate taxpayer and 8.34% for someone in the higher rate band. As well as investing this year's ISA allowance, transfers in are accepted, so if you have money in cash ISAs from previous tax years which is no longer earning a decent return, you can move it in to the Clydesdale account.
If you don't want to lock your money away for five years, Nationwide Building Society's three-year Fixed Rate ISA is paying 4.40%. This account also accepts transfers.
Santander's Flexi ISA is the leading easy access account. It is paying 3.50% and allows unlimited penalty-free withdrawals. The rate guarantees to be 3.00% above the base rate for 12 months, meaning it will plummet after a year so you'll probably need to move your money again at that point. Also, it is only available for this year's allowance - transfers aren't accepted.
If you want an easy access ISA that allows transfers in, Santander's Direct ISA Issue 6 is paying 2.75% on balances above £9,000. This account is also available under the Alliance & Leicester brand.
Mortgage rates
While savers are enduring a tough time because of the low base rate, things are rosier for borrowers, but perhaps not as good as you'd expect them to be.
The real winners are those who had tracker mortgages which they'd taken out before rates started to fall in October 2008. They've obviously seen their mortgage payments fall and remain low.
In theory, the same should be the case for those on their lender's standard variable rate (SVR) but many people on SVRs have seen their rates rise over the last few months. Skipton Building Society increased its SVR from 3.50% to 4.95% on March 1 which will mean someone with a £150,000 interest-only mortgage will see their payments increase by £124 a month.
On the plus side, mortgage rates for new borrowers have started to edge down and the number of products available is on the up again - albeit it is still lower than this time last year. The number of mortgage deals available for loans up to 90% of the property's value has increased however, from 24 products to 35, which is good news for first time buyers and those with only a little equity in their home who are looking to remortgage.
The best deals remain reserved for those with larger deposits.
Hannah-Mercedes Skenfield, moneysupermarket.com's mortgage manager, said: "We have started to see SVRs increase again and rates for remortgaging are beginning to come down, so for some borrowers, now is the time to look for an alternative deal.
"Lenders have benefited from lower wholesale borrowing costs and after a period of inactivity are starting to loosen their purse strings and pass on some of these benefits to consumers. There are some good deals in the market at the moment and fixed rates are proving increasingly popular as borrowers seek to lock in and fix their mortgage payments before base rate starts rising again."
HSBC this week urged borrowers to think carefully when choosing a mortgage - trackers are cheaper than fixed rates at the moment, but for how long? If interest rates rise sharply, those with variable rate deals could be hit hard with steep increases in their monthly repayments.
Martijn van der Heijden, head of mortgages at HSBC, commented: "The next few years are going to be difficult to predict in terms of mortgage rates and some volatility for borrowers may well be unavoidable. The message for borrowers is that if you couldn't afford an increase of up to 3% on your mortgage, you should seriously look to fix your payments."
Leading mortgages:
If the prospect of higher mortgage repayments worries you and you're wanting a fixed rate deal, you need to think about how long you're happy to be locked in to your mortgage for - with most fixed rate mortgages you'll be charged a penalty if you need to get out of the deal during the fixed term. This is called an early repayment charge (ERC).
Yorkshire Building Society has the lowest two-year fixed rate at 3.09% but you'll need a deposit of at least 40% in order to qualify. The arrangement fee on this product is £1,195.
For those with less equity in their home, or a smaller deposit, First Direct's two-year fix at 3.29% is available for loans up to 75% of the property's value. The fee is £998 although those remortgaging receive free legal work.
If you'd prefer longer-term security, HSBC has the leading five-year fixed rate at 4.64% with a £999 fee - available for loans up to 60%. And if you're happy to fix your mortgage payments for 10 years, Britannia Building Society has a deal that is available up to 75% with a rate of 5.29% and arrangement fee of £999.
You'll pay more if you have less of a deposit. HSBC and Yorkshire Bank are both offering two-year fixed rates available up to 90% at 5.99%. The fee on HSBC's deal is slightly lower though at £599, compared with £999 for Yorkshire.
Of course some people will be happy to take a bit of a gamble and go for a tracker mortgage in order to benefit from lower payments, at least in the short term.
If you have a deposit of 35% or more, First Direct's lifetime tracker at 2.39% is a great deal. The rate is guaranteed to be 1.89% above base rate for the life of your mortgage, but there is no ERC so if you want to get out of the deal, you can do so at any time without incurring a penalty. Also, the fee is lower than average at £499.
Not everyone will qualify for this product. Other competitive options include Mansfield Building Society's two-year tracker at 2.49% which has a £999 arrangement fee and is available for mortgages up to 75%, and NatWest's two-year tracker at 2.99%, available up to 80% of the property's value. The fee on this deal is also £999.
It is well worth seeking advice from an independent mortgage broker if you are at all unsure about which mortgage to go for.
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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