Consumers Continue To See Fewer Benefits from Low Base Rate

The site's research found that interest rates on easy access savers have dropped to an average of 0.77%, compared to 0.98% six months ago.

During the same period, the average rate on a two year fixed-rate mortgage has risen from 4.84% to 5.15%, on personal loans has risen from 11.9% to 12.1%, and on credit cards has increased from 17.7% to 18.1%.

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

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

However, she added that HSBC’s recent launch of a 1.99% fixed rate mortgage shows that things could be improving.

"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," she concluded.

"Consumers will be hoping that as more time passes competition will become an increasing factor and that they will be offered more attractive deals across all finance areas."

While interest rates are high on credit cards, store cards and personal loans, consolidating these loans into a negotiated low-interest debt consolidation loan could prove to be beneficial to the consumer struggling with debt.