Half a year at half a percent

Since 5 March 2009, consumers have been hit by falling savings rates and rising costs on mortgages, savings, personal loans, credit cards and overdrafts.

Commenting, Michelle Slade, spokesperson at Moneyfacts.co.uk, said: "Base rate has been at an all time low for six months now, but it appears that only providers are feeling any real benefit.

"Borrowers looking for a new mortgage deal have been hardest hit, as lenders continue to look to repair their balance sheets through increased margins.

"All is not lost for borrowers as competition slowly seems to be returning to the mortgage market.

"The number of mortgages available is slowly increasing and the average arrangement fee charged has decreased. The launch of the sub-2% HSBC deal will hopefully spur other lenders on to reduce rates and bring much needed competition back to the market.”