CapturePeter Griffin, systems director at Dynamic Cash Management (DCM), said: “Today’s decision from the Bank of England to keep interest rates at a record low is no surprise. Although the announcement is not great for savers, the direct impact is likely to be relatively small.

“What’s more concerning is the effect of the big drops in interest rates we’re seeing from banks with an appetite for cash while the base rate remains flat. There have been several blows for loyal customers recently, including the slashing of pensioner bonds, the recent announcement from NS&I and poor rates offered by high street banks awash with cash, with no need to attract new customers.”

For further information on Dynamic Cash Management, visit the free-to-use illustration tool and online portal at www.dcmcash.com or emailDCM@DCMCash.com