Savers should not expect savings rates to climb dramatically even as central interest rates have risen today, banks have warned.

NatWest chairman Howard Davies told Radio 4’s Today programme that a “competitive market” meant it was unlikely the increase in the Bank Rate would be passed on in full. This comes after just one in 10 banks or building societies passed on the last rate rise in full, according to Defaqto, an analyst.

“There will be some pass through [to savers if Bank Rate rises]”, Mr Davies said. “But the market is very competitive at the moment, so I don’t think it will be one for one, depending on the rate rise we get today.”

According to Moneyfacts, an analyst, the number of savings accounts that can beat Bank Rate has fallen to its lowest count since November 2008. However, banks have raised borrowing costs for mortgage holders and pulled their best deals in response to previous rises.

Meanwhile savers are earning just 10 pence a month in interest by staying loyal to high street banks. Some, including Lloyds, Halifax, Nationwide, NatWest, RBS and Santander still offer just 0.01pc on easy-access savings accounts. 

The Bank Rate was raised from 0.5pc to 0.75pc today.

The average amount held in such accounts is £11,696, according to Paragon, a bank. This would earn just £1.16 in interest over a year, or roughly 10 pence a month. Over a year, at the current rate of inflation, this sum would reduce in real terms by £609. 

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

Even the best deals mean savers will lose hundreds of pounds to inflation this year. Some £11,696 deposited with Cynergy Bank’s best buy 0.84pc easy-access account would lose £517 over 12 months in real terms. 

Spokesmen for Nationwide, RBS and NatWest said that they were keeping their savings rates under review. Lloyds, Halifax and Santander did not respond to requests for comment.