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Santander, Lloyds, Barclays, NatWest customers are being told to "review" their bank accounts. Adam French, Head of News at Moneyfactscompare, said the average easy access rate is now 0.06 percentage points lower than it was a month ago.

Mr French said: “Savers looking to secure a guaranteed return on their cash should be aware that while there are a handful of notable new deals available on the market, some of the top rate fixed bonds have fallen slightly in the last week.”

Mr French added: “Savers must take time out to ensure their pots are earning decent returns, as loyalty does not pay. Challenger banks and building societies are paying some of the best rates on the market, which should not be overlooked.”

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