According to new research, savers in the UK are being punished for managing their finances by the book.
Consumers who insist on having a passbook with their savings account are being the worst affected, MoneyExpert.com asserts, as banks slash rates in line with the base rate of interest.
Last week, the Bank of England's monetary policy committee made the decision to cut the base rate to 1.5 per cent.
However, the resource notes that the number of passbook accounts paying less than one per cent has increased and 44 per cent of them now offer less than one per cent.
This in turn means that such accounts are now paid average interest rates of 1.23 per cent - 0.22 per cent lower than the average rewarded on all instant access accounts.
Sean Gardner, director of MoneyExpert.com, said: "When there is genuine concern about the safety and security of banks and building societies, with internet operations such as IceSave going bust, it is no surprise that people want proof in black and white that their money is there."
Meanwhile, savers may be interested to know that the Telegraph has reported that Gordon Brown and Alistair Darling are likely to reject the Conservative's proposals for a national full-scale loan guarantee scheme.
Debt Consolidation:- JST Financial, Debt Consolidation, Debt Management and Consolidation Loan Specialists