Out of 15 well-known brands, seven fail to pay more than the Bank of England base rate of 0.10% on their easy access accounts, according to analysis by Moneyfacts.

HSBC and Lloyds Banking Group pay just 0.02% on average across their range – that’s just £2 of interest a year on £10,000 of savings.

NatWest Group offers 0.03%, Santander 0.04%, TSB 0.05%, Barclays Bank 0.06% and The Co-operative Bank group 0.06%.

Despite the lacklustre rates, savers are still stashing their cash away in easy access accounts, perhaps for peace of mind, with £11.6bn in deposits made in April – or £51bn so far this year – according to the Bank of England.

They could earn significantly more by switching away from high-street banks, with building societies offering some comparatively attractive deals.

Sponsored

How life insurance can benefit your health and wellbeing over the decades

Sponsored by Post Office

Yorkshire Building Society pays 0.30% on average, Principality Building Society pays 0.25%, Leeds Building Society pays 0.24% and Coventry Building Society pays 0.23%.

But the best easy access rates are still from the challenger banks.

Cynergy Bank, Atom Bank, ICICI Bank UK and Charter Savings Bank all pay 0.50% on their easy access products, which is £50 of interest on a £10,000 deposit.