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Savers with high street banks earn an average of less than 1.5 per cent interest on their cash, new analysis shows.

The big banks typically pay 1.42 per cent on their standard flexible easy-access accounts, according to Moneyfacts, which is significantly lower than the market average rate of 2.9 per cent.

That's despite the best easy-access savings rates on the market being above 4.5 per cent, and the best easy-access cash Isa rates reaching as high as 5 per cent. 

Many of the biggest banks have cut rates in response to the Bank of England cutting interest rates twice last year, according to Moneyfacts.

The central bank cut first in August and then in November - but with base rate still at 4.75 per cent, many will be asking why the big banks are paying so little.

What savings interest do big banks pay? 

Lloyds Bank's easy saver account pays just 1.15 per cent.

Someone with £10,000 in this account could expect to earn just £115 after a year if the rate remains the same.

Santander is paying 1.2 per cent on its easy access saver and NatWest is paying 1.49 per cent on its flexible saver.

Barclays is paying 1.5 per cent on its everyday saver, and HSBC paying 1.74 per cent on its flexible saver. 

This is in stark contrast to the best deals on the market as shown in This is Money's best-buy savings tables.

It is possible to earn 4.5 per cent in interest on an account with no withdrawal restrictions. 

For those planning to make few withdrawals, Atom Bank is paying 4.85 per cent on its Instant Saver Reward. 

Anyone who doesn't withdraw earns 4.85 per cent, but make one withdrawal and the rate falls to 3.25 per cent for that given month.

The savings and investing app, Chip, also upped its rate on its Easy Access Saver* from 4.72 to 4.85 per cent earlier this month.

Savers will also have to tread carefully if they intend to dip in and out of their savings on a regular basis. If someone makes four or more withdrawals within 12 months, their rate is reduced to 3.75 per cent. 

On a £10,000 deposit, that could enable someone to earn £485 of interest over a 12 month period if the rate remains unchanged.  

Some of the top cash Isas pay around 5 per cent, for example, one of the highest rates on a cash Isa is offered by Plum* at 5.01 per cent (variable). 

Rachel Springall, finance expert at Moneyfacts, said: 'It will be disheartening news for savers to find the biggest banks have cut rates on their most flexible savings accounts, resulting in a further drop in their market positions.  

'Savers who prefer to have their cash at hand will unsurprisingly feel disgruntled that the situation has only worsened; as the Bank of England made base rate cuts, the big banks were soon to follow. 

'As challenger banks work hard to improve their market positions and gain trust, the biggest banks don’t need to make too much effort to pull in investors due to their legacy.

“Loyalty does not pay which is why savers need to look beyond the biggest brands when comparing savings rates. 

'Regularly reviewing and switching pots is essential when interest rates change, particularly when base rate cuts flow into the savings market.'