Typical savings rates have slumped to record lows across the board, according to analysis of the market.
Interest rates have dipped to record lows across the savings spectrum, research by Moneyfacts.co.uk, whose electronic records go back to 2007, found.
The average easy access rate fell to 0.19% in December, which is less than a third of the rate of 0.60% paid a year ago, it said.
Fixed rates on savings deals have also tumbled, with the average one-year bond paying less than half that it did back in December 2019, at 0.54% compared with 1.23%.
The choice of products has also shrunk. There are now 1,514 savings deals including Isas on the market – 312 fewer than a year ago.
Rachel Springall, a finance expert at Moneyfacts, said: "Clearly it has been a tough year for savers, and they will be approaching the end of 2020 with rates falling to record lows.
"The coronavirus pandemic and subsequent Bank of England base rate cuts have left an unprecedented impact on the savings market and uncertainty remains.
"Savings providers have had to react to an extremely volatile market this year and this has meant deals have been cut multiple times in a short space of time in some cases or withdrawn from the market entirely. In recent weeks, the easy access market has changed considerably as savers continue to flood this arena thanks to the flexibility the accounts provide, and the recent rate cuts made by National Savings and Investments (NS&I)."
Pictures of the week: December 13 - 19
Pictures of the week: December 13 - 19
Hamleys Elf greets people at the toy store in Ragent Street.
Non-essential shops are still allowed to stay open in Tier 3 areas. Many retailers will still be open for all Christmas shopping needs. (Photo by Pietro Recchia / SOPA Images/Sipa USA)
EDITORIAL USE ONLY Lewis O'Connell, six, and his brother Oscar, three, from Leighton Buzzard at the official opening of the UK's first playground from McDonald's, made from Happy Meal toys at Ronald McDonald House Charities UK (RMHC UK) in Oxford.
EDITORIAL USE ONLY Performers take part in Puss in Boot, the UK's first doorstep 'Hail-A-Panto', hosted by ride hailing app - FREE NOW, London.
The sun rises over the groyne in South Shields, on the North East coast of England, Thursday, Dec. 17, 2020. (Owen Humphreys/PA via AP)
An anti-Brexit demonstrator wears a face mask as she holds a placard in Parliament Square, in London, Wednesday, Dec. 16, 2020. Ursula von der Leyen said Wednesday she saw clear progress in the trade talks with the UK, turning a post-Brexit deal from a fleeting possibility into an ever more realistic possibility. (AP Photo/Alberto Pezzali)
A van drives through flood water in Sutton in Cambridgeshire, as the Met Office have warned the next couple of months are likely to be wetter than normal in the UK, raising the prospect of flooding on top of the ongoing battle to contain coronavirus.
General view of Annabel's Mayfair with Christmas decorations. (Photo by Pietro Recchia / SOPA Images/Sipa USA)
People pass Christmas lights outside the closed Churchill Arms pub in Kensington, west London, after the capital moved into the highest tier of coronavirus restrictions as a result of soaring case rates. (Photo by Dominic Lipinski/PA Images via Getty Images)
A woman wears a face mask as she carries shopping bags in Soho, in London, Wednesday, Dec. 16, 2020. London and some of its surrounding areas will be placed under Britain's highest level of coronavirus restrictions beginning at 00:01 local time on today as infections rise rapidly in the capital. Under Tier 3 restrictions, the toughest level in England's three-tier system, people can't socialize indoors, and bars, pubs and restaurants must close except for takeout.(AP Photo/Alberto Pezzali)
The statue of Britain's World War II Prime Minister Winston Churchill stands in the rain backdropped by a Christmas tree, the scaffolded Houses of Parliament and the Elizabeth Tower, known as Big Ben, in London, Wednesday, Dec. 16, 2020. The consensus across the four nations of the U.K. over the planned easing of coronavirus restrictions over Christmas appears to be fraying — even though they all agreed Wednesday to keep in place the laws around the relaxation. (AP Photo/Matt Dunham)
A shopper wears a facemask as she walks past an Evening Standard newspaper stand at Victoria Station in central London on December 16, 2020, as new guidance on Christmas during the novel coronavirus COVID-19 pandemic was announced by the government. - Prime Minister Boris Johnson resisted calls to tighten coronavirus restrictions over Christmas, as London faced stricter measures and concern mounted about case numbers. (Photo by Tolga Akmen / AFP) (Photo by TOLGA AKMEN/AFP via Getty Images)
A woman walks past a Christmas decorations display outside a wine shop in Mayfair, London, Wednesday, Dec. 16, 2020. London and some of its surrounding areas have been placed under Britain's highest level of coronavirus restrictions beginning at 00:01 local time on Wednesday as infections rise rapidly in the capital. Under Tier 3 restrictions, the toughest level in England's three-tier system, people can't socialize indoors, and bars, pubs and restaurants must close except for takeout. (AP Photo/Matt Dunham)
Manchester City's Ellen White reacts after a missed chance during the Women's UEFA Champions League match at the Academy Stadium, Manchester. (Photo by Martin Rickett/PA Images via Getty Images)
St Paul's Cathedral Choristers prepare for their first live streamed Christmas concert at St Paul's Cathedral in London, Monday Dec. 14, 2020. The concert 'A Celebration of Christmas' will be held on Thursday December 17. (Yui Mok/PA via AP)
A man watches a meteor during the Geminid meteor shower over Brimham Rocks, a collection of balancing rock formations in the Nidderdale Area of Outstanding Natural Beauty in North Yorkshire. Picture date: Tuesday December 15, 2020. The Geminid meteor shower is active between 4th and 17th of December and is regarded as one of the most reliable of the year with as many as 70 meteors an hour. Brimham Rocks rocks began forming roughly 320 million years ago, when water, grit, and sand washed down from Scotland and Norway. However, standing nearly 30 feet tall the bizarre formations that can be seen today were created as the millstone grit was eroded during the last glacial period. See PA story SCIENCE Geminid. Photo credit should read: Danny Lawson/PA Wire (Photo by Danny Lawson/PA Images via Getty Images)
Activists protesting against coronavirus lockdown restrictions and any mandated covid-19 vaccinations demonstrate in Parliament Square in London, England, on December 14, 2020. London is to be moved to 'Tier 3' restrictions, indicating a 'very high' coronavirus alert level, from this Wednesday, requiring pubs, bars, cafes and restaurants to close other than to offer takeaway and delivery service. The city was returned to Tier 2, or 'high' alert, restrictions at the end of the four-week England-wide lockdown on December 2, albeit with some strengthening provisions having been added in the interim. (Photo by David Cliff/NurPhoto via Getty Images)
Larry the cat in Downing Street, London. (Photo by Yui Mok/PA Images via Getty Images)
Anti-Brexit activist Steve Bray watches as an activist protesting against coronavirus lockdown restrictions and any mandated covid-19 vaccinations is arrested by police officers in Parliament Square in London, England, on December 14, 2020. London is to be moved to 'Tier 3' restrictions, indicating a 'very high' coronavirus alert level, from this Wednesday, requiring pubs, bars, cafes and restaurants to close other than to offer takeaway and delivery service. The city was returned to Tier 2, or 'high' alert, restrictions at the end of the four-week England-wide lockdown on December 2, albeit with some strengthening provisions having been added in the interim. (Photo by David Cliff/NurPhoto via Getty Images)
A selection of free fish for sale at fishmonger in London. (Photo by Dinendra Haria / SOPA Images/Sipa USA)
A woman takes part in an anti-vaccination and anti-lockdown protest near Parliament Square, London, Monday Dec. 14, 2020. (Stefan Rousseau/PA via AP)
A person looks at a painting during the opening of Tate Liverpool's exhibition of Liverpool NHS worker portraits, Monday Dec. 14, 2020. The new commission by New York based artist Aliza Nisenbaum features portraits and two large scale group portraits painted of key workers from NHS Merseyside who worked for their communities during the coronavirus pandemic. (Peter Byrne/PA via AP)
Police officers wear face masks as they patrol an anti-lockdown demonstration in Parliament Square, in London, Monday, Dec. 14, 2020. Britain launched its vaccination program this month after becoming the first country to give emergency approval to the Pfizer-BioNtech vaccine, and authorities plan to dispense 800,000 doses in the first phase. (AP Photo/Alberto Pezzali)
A couple wearing face masks as precaution against the spread of covid19 seen at Burlington Arcade, Mayfair.
London is set to move to �high alert level� on Wednesday 16th December. (Photo by Pietro Recchia / SOPA Images/Sipa USA)
A view of a Covid-19 vaccination card after a patient received the first dose of the Pfizer BioNtech COVID-19 vaccine at the Hurley Clinic, in London, Monday, Dec. 14, 2020. The National Health Service said hundreds of general medical clinics across England are taking delivery of the Pfizer-BioNtech vaccine on Monday, and some will start offering the shots by the afternoon. (Aaron Chown/Pool Photo via AP)
A member of staff holds a vial of the the Pfizer-BioNTech COVID-19 vaccine, as they pose for a photograph at the Abercorn House Care Home in Hamilton, western Scotland, on December 14, 2020, where staff and residents are receiving their first doses of the vaccination. - Britain has received some 800,000 doses of the vaccine in the first batch of an order of 40 million. Up to four million doses are expected by the end of December. The vaccine is administered in two doses, 21 days apart. The over-80s and health and social care staff are first in line to get the jab in the national rollout. (Photo by RUSSELL CHEYNE / POOL / AFP) (Photo by RUSSELL CHEYNE/POOL/AFP via Getty Images)
The door of 10 Downing Street, in London, Sunday, Dec. 13, 2020. (AP Photo/Alberto Pezzali)
LONDON, Dec. 13, 2020 -- A woman wearing a face mask walks along Westminster Bridge in central London, Britain, on Dec. 13, 2020. Britons who have been in contact with someone who has tested positive for coronavirus will have to self-isolate for 10 days instead of 14, Britain's chief medical officers announced Friday.
The new measure, coming into effect from Monday, also applies to those required to quarantine after returning from countries which are not on Britain's travel corridor list. (Photo by Han Yan/Xinhua via Getty) (Xinhua/Han Yan via Getty Images)
Arsenal's manager Mikel Arteta watches the play during an English Premier League soccer match between Arsenal and Burnley at the Emirates stadium in London, England, Sunday Dec. 13, 2020. (Laurence Griffiths/Pool via AP)
Resident Annie Innes, 90, talks with a healthcare worker after receiving a dose of the Pfizer-BioNTech COVID-19 vaccine at the Abercorn House Care Home in Hamilton, western Scotland, on December 14, 2020. - Britain has received some 800,000 doses of the vaccine in the first batch of an order of 40 million. Up to four million doses are expected by the end of December. The vaccine is administered in two doses, 21 days apart. The over-80s and health and social care staff are first in line to get the jab in the national rollout. (Photo by RUSSELL CHEYNE / POOL / AFP) (Photo by RUSSELL CHEYNE/POOL/AFP via Getty Images)
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Ms Springall said data has shown that some savers have been able to build up cash reserves in accounts during the coronavirus pandemic.
She continued: "The sight of record low interest rates may cause apathy among savers, but it is vital they continue to compare deals on a frequent basis, especially if they have their cash within an easy access account or are about to come off a fixed-rate deal.
"There are many challenger banks that continue to take a consistent place within the top rate tables, so it really is worth considering these more unfamiliar brands if savers are hunting down the most attractive rates."
Here are average savings rates in December 2019, followed by December 2020, according to Moneyfacts.co.uk:
– Easy access accounts, 0.60%, 0.19%
– Easy access Isas, 0.87%, 0.27%
– Notice accounts, 1.05%, 0.47%
– Notice Isa accounts, 1.14%, 0.50%
– One-year fixed rate bond accounts, 1.23%, 0.54%
– Longer-term fixed rate bond accounts, 1.51%, 0.77%
– One-year fixed rate Isas, 1.17%, 0.52%
– Longer-term fixed rate Isas, 1.37%, 0.68%
Longer-term fixed bonds or Isas are those with terms over 550 days and average interest rates based on someone having a £5,000 deposit at the start of the month.