Although experts predict rates will remain on hold when the Bank of England meets this month, Halifax cut the rate on its Websaver, Monthly Saver, Isa Saver, Saver reward and Instant saver accounts by up to 0.15 percentage points.

The Isa Saver, which paid at least 4.26% in November when the Bank rate was last at 5%, returns just 3.06% on balances up to £2,999, and 3.71% above £27,000. Savers could earn 6.1% by transferring to Icesave, or 6% from Birmingham Midshires, Principality or Alliance & Leicester.

Even better deals are available online. Bradford & Bingley pays 6.51% while Intelligent Finance pays 6.4%.

Meanwhile, some banks are offering their highest savings rates for a generation in an attempt to improve the cash side of their balance sheet.

Halifax, for example, is paying 10% on its new Fixed Rate Monthly Saver until July 20.

Rachael Thrussell of Moneyfacts, the financial-data provider, said: “Customers are increasingly preferring to stick with names they can trust and Halifax seems to be trading on that fact.”

A Moneyfacts survey last week reported that Sainsbury’s bank’s internet account, which now pays 5.5%, was the most consistent internet account over three years.

Kent Reliance’s Direct Isa, paying 5.76%, was the most consistent over the past 18 months.

Anglo Irish Bank was the most consistent savings provider on no-notice accounts over the past three years.

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