The average saver is earning just 10 pence a month in interest by staying loyal to high street banks, after providers failed to pass on the benefit of Bank Rate rises.

Many of Britain’s biggest banks are still offering paltry 0.01pc interest rates on easy-access accounts. The average amount held in such accounts is £11,696, according to Paragon, a bank. This would earn just £1.17 in interest over a year, or roughly 10 pence a month. 

Some 18 savings providers offer 0.01pc easy-access deals, including Barclays, Halifax, Lloyds, Natwest, RBS and Santander, according to Moneyfacts, an analyst. This is despite the Bank of England raising Bank Rate twice in recent months, from 0.1pc to 0.5pc. 

Across the market, the average easy-access deal offers 0.21pc interest. On £11,696, this would earn savers an extra £23.39 in interest over a year.

Meanwhile, if banks passed on the full 0.4 percentage point Bank Rate rise since December, these accounts would earn an extra £46.78 a year on £11,696.

Around £880bn is languishing in easy-access accounts across the country, according to UK Finance, the banking trade body.