Half a year at half a percent

Bank of England base rate has been at 0.50% for six months now, but consumers have seen very little benefit.

Since 5 March 2009, consumers have been hit by falling savings rates and rising costs on mortgages, savings, personal loans, credit cards and overdrafts.

Michelle Slade, spokesperson at Moneyfacts.co.uk, commented: "Base rate has been at an all time low for six months now, but it appears that only providers are feeling any real benefit.

"Borrowers looking for a new mortgage deal have been hardest hit, as lenders continue to look to repair their balance sheets through increased margins.

"Unsecured lending costs have also increased rather than fallen, as lenders fear future increases in the number of customers defaulting.

"All customers are now paying a higher price for unsecured lending to cover the minority of customers that will actually default.

"All is not lost for borrowers as competition slowly seems to be returning to the mortgage market.

"The number of mortgages available is slowly increasing and the average arrangement fee charged has decreased. The launch of the sub-2% HSBC deal will hopefully spur other lenders on to reduce rates and bring much needed competition back to the market.

"Banks and building societies continue to look to their savings book to fund lending activities and increased demand for savers' money has resulted in those looking for fixed rates being offered higher rates than they were six months ago.

"While variable savings rates have fallen over the last six months, they have started to go up again in recent weeks as providers look for other avenues to attract savers' money.

"Consumers will be hoping that as more time passes competition will become an increasing factor and that they will be offered more attractive deals across all finance areas."