Interest rates for savers have fallen to new record lows, after hundreds of cuts in recent months and more than 1,000 in the past year.
New analysis for BBC News shows that many people relying on their savings income are worse off than ever before.
Savings rates plummeted after the Bank of England slashed its base rate in the financial crisis.
Since last autumn, as the economic outlook has worsened, they have fallen again.
Tax-free Isas, fixed rate bonds and easy access accounts are all at or near their lowest points.
In research carried out for the BBC, the rate-checking firm Savings Champion recorded 1,440 savings rate cuts last year and more than 230 so far this year.
While low interest rates are welcomed by mortgage borrowers, they strike fear into those at or near retirement who had hoped that income from their nest eggs would help pay the bills.
A disappearing pot
“There’s no light at the end of the tunnel,” says 76-year-old Mick Bridge, one of a group of ramblers from Chesterfield who all depend on savings.
“Like most retired people, there was a plan and suddenly it’s not like it was anymore. The pot’s disappearing.”
Fellow walker Sharon Beresford is worried that low interest rates will leave more older people needing help to pay for care.
“It’s helping young people buy houses, but it’s not helping me,” she says, “There are a lot of us to be looked after.”
The fall in rates has come across the board, with significant reductions from National Savings & Investments, Bank of Scotland, NatWest and Nationwide Building Society.
The average return from the five best easy access accounts has dropped from more than 3% in 2012 to under 1.3%.
Tax-free Isa rates are at their lowest ever. The average variable rate Isa is down to 1%, while a typical fixed-rate Isa pays 1.4%.
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Source:: BBC UK