One-time savings pacesetter ING Direct has drawn a lot of criticism from savers angry that it has refused to raise its 4.75% rate in line with the Bank Base Rate.

Saver Steve Harris, who has been with ING since it launched in the UK, said: “This is a big disappointment for me as ING made a big thing about its great rates for savers when it first launched – and quite rightly so because they were superb.”

But by refusing to raise them in line with the Bank Base Rate set by the Monetary Policy Committee at the Bank of England, it is behaving in just the same way as the big established High Street banks.

“Consumers are used to them being niggardly with their savings rates and it’s a great shame to see ING apparently headed in the same direction.”

ING spokesperson Martin Rutland told BBC’s Moneybox programme that the decision has been made “with customers’ best interests in mind”.

He said: “Everybody would like their savings company to offer the best rate of all time but clearly that is not possible. That’s why we put so much emphasis on consistency.”