Effectively that is the top of one other torrid yr for savers. Simple-access charges have now fallen so low that you just now can not beat inflation with one, whereas some excessive avenue banks are providing simply zero.01 per cent on your money.
Or, £1 for each £10,000 saved.
Moreover, fixed-rates have fallen with a scarcity of recent challengers competing to be high canine whereas money Isas at the moment are starting to develop into redundant, until you've got been saving considerably into them since they began in 1999.
Chancellor Philip Hammond introduced a 2.2 per cent three-year NS&I bond – which comes with a reasonably low restrict of £three,000 – whereas savers have been left scratching their heads as to the place to go for any type of development of their money.
Dangerous piggy: It has been a torrid yr for financial savings charges - will 2017 will proceed in the identical method?
Will this yr convey any excellent news for savers? Or will it's one other horrible yr? That is Cash quizzed 5 specialists for his or her predictions.
We requested whether or not they anticipate charges to move increased or decrease subsequent yr, whether or not massive banks will keep out of the most effective purchase tables, if easy-access charges will proceed to fall, might fixed-rates head increased and what one factor they wish to see occur within the financial savings business subsequent yr.
Here's what they needed to say:
Grounds for optimism for 2017
Tom Adams, head of analysis at recommendation web site Financial savings Champion, says: The tail-end of 2016 noticed some constructive motion within the financial savings market, significantly amongst fixed-rate bonds, which provides us grounds for optimism going into 2017.
There may be a lot hypothesis in the meanwhile that 2017 will see an increase within the base charge, because of rising inflation placing stress on the Financial institution of England to take motion, which might then result in higher rates of interest for savers.
Nonetheless, rising inflation in itself may very well be a priority for a lot of savers, as a return beneath the speed of inflation would result in the worth of their financial savings eroding over time.
A lot of the latest enhancements have resulted from competitors between suppliers, which is among the primary drivers of constructive change.
A lot of this is pushed by challenger banks, which proceed to be the primary driving pressure of excellent information, definitely in the previous few years and with out them the image might look so much worse.
Nonetheless, whereas fixed-rate bonds have improved, we have not seen as a lot enchancment in different components of the financial savings market and that is typically in areas the place the challenger banks usually are not competing as strongly, similar to easy-access accounts and money Isas.
Definitely, it could be good to see different sorts of account enhance in 2017, giving savers extra alternative and catering for various financial savings wants.
While challenger banks are a typical sight in the most effective purchase tables, the identical can't be stated of the massive excessive avenue names, which have been conspicuous by their absence over the previous few years.
With low cost funding obtainable from the Authorities from firstly the Funding for Lending Scheme and later the Time period Funding Scheme, the suppliers that take benefit merely don't want savers' deposits by tempting rates of interest and while this continues, we could not see them competing actively.
If I used to be to choose one factor to occur in financial savings subsequent yr, it must be an increase in rates of interest for savers, which is lengthy overdue.
Savers have suffered with low rates of interest for too lengthy now and it's about time we noticed a turnaround.
If inflation rises to four%, 2017 may very well be powerful
Charlotte Nelson, of comparability web site Moneyfacts, stated: 2016 was a devastating yr for savers with charge reductions outweighing charge will increase each month this yr and 2017 is not set to look significantly better.
It's potential that we see charges fall barely as suppliers merely don't need or want savers money to fund their mortgage.
The introduction of the Time period Lending Scheme is barely going to exacerbate this situation, that is evidenced by the truth that when the Funding for Lending Scheme was launched we noticed charges drop sharply.
If the race to the underside continues it's extremely doubtless we that suppliers as an alternative of paying poor charges will merely withdraw the accounts from the market as an alternative.
Variable charges are nonetheless going to stay low, however it's potential we might see a small enhance to mounted charges. Nonetheless, with great amount of uncertainty within the economic system it is extremely tough to foretell.
Challenger manufacturers are usually concentrated within the mounted charge market and with clients realizing little about these manufacturers these suppliers have a tendency to supply increased charges to draw the eye of savers.
This might lead to a lift to competitors amongst these suppliers and a slight enhance in mounted charges. Nonetheless, with the market falling suppliers can provide so much much less and nonetheless be on the high of the most effective buys.
NS&I might be launching a three-year mounted charge bond within the spring which is able to might assist increase the mounted market. Nonetheless with savers solely allowed to place £three,000 it's unlikely to be the saviour.
Greater banks are more likely to be shy of the most effective purchase tables and that is more likely to be the case till they want massive quantities of money or one thing forces them to need savers funds once more.
With inflation anticipated to rise - some predicting as excessive as 4 per cent - savers are going to search out 2017 powerful. If charges stay this low unfavorable rates of interest might be a actuality for a lot of as their financial savings won't be maintaining with inflation and incomes them an actual return of curiosity.
Financial savings charges will proceed to stagnate
Hannah Maundrell, editor-in-chief at Cash.co.uk, says: I anticipate financial savings charges to proceed stagnating, even when the Financial institution of England decides to up the bottom charge subsequent yr. If we do see any fluctuation, it will be minimal.
Worryingly savers may very well be even worse off by the top of subsequent yr as inflation is predicted to shoot as much as two or three per cent.
Should you're not getting a charge that retains up with inflation – and in the meanwhile few accounts do - your hard-earned money will begin to devalue.
Inflation trackers could as soon as once more be price a glance if bizarre financial savings accounts do not begin providing respectable returns.
Challenger manufacturers will proceed to dominate the financial savings greatest purchase tables once more in 2017. There's merely no incentive for giant banks to up their charges - they've a captive viewers and simply do not want the cash.
Due to new entrants within the financial savings market we might see a pseudo worth struggle on the high of the mounted charge tables.
Do not get too excited although - the will increase aren't more likely to be dramatic. With returns this low, just a few factors of a share can truly be price switching for.
Frustratingly quick access charges are more likely to keep low however this does not should be a foul factor as a result of it does provide you with freedom to maneuver if somebody, someplace gives you a greater return.
I might love everybody to get palms on with their financial savings. Banks have gotten away with paying a pittance on financial savings accounts for much too lengthy – with inflation on the up now's the time to take again management of your money.
Anybody paying curiosity on money owed ought to take into consideration making their cash work tougher by utilizing surplus financial savings to pay a few of them off. Everybody else ought to begin checking their charge and switching repeatedly.
Wave of recent challengers will drive charges increased
James Blower, earlier head of financial savings at quite a few challenger banks, and founding father of impartial web site Financial savings Guru, says: I anticipate charges to go up in 2017 however I anticipate the rises to be decrease total – within the vary of zero.25 – zero.50 per cent over the yr.
I anticipate that we are going to see extra downward stress on charges early in 2017 as January is a peak month for financial savings balances maturing and it will see more cash out there than banks who need balances, placing downward stress on charges for the primary a part of the yr.
Nonetheless, after this, charges ought to enhance. This might be principally pushed by new entrants. There are not less than 17 new banks - that is simply those I'm conscious of - because of enter the financial savings market in 2017, in comparison with simply 4 - Atom, Habib Zurich, Masthaven and Zenith - which launched in 2016.
Usually, a brand new financial institution will look to lift circa £250million - £1billion a yr in financial savings.
In a financial savings market price £1.4trillion and rising at 4 to 5 per cent a yr (round £30–40billion), 4 new banks does not make a lot of a distinction, 17 will do, alongside the 20-plus new ones already launched.
I anticipate each easy-access and fixed-rates to go increased, pushed by new competitors.
There's more likely to be extra curiosity in mounted charge deposits from the brand new entrants however a few of the newer challenger banks, who've been out there for just a few years, could effectively look to enter the moment financial savings market too.
Large banks will proceed to keep away from the most effective purchase tables. The financial savings balances for the financial savings massive seven (the massive 4 plus NS&I, Santander and Nationwide), grew by three.75 per cent prior to now yr.
Regardless of some abysmal charges and poor service, greater than eight in 10 clients stay loyal to a few of the larger banks.
Till buyer behaviour modifications and extra savers change away, or the financial local weather improves considerably, there's unlikely to be any incentive for the massive banks to pay higher charges.
I might prefer to see extra buyer switching. I might like 2017 to be the yr that savers refuse to place up with financial savings accounts paying zero.1 per cent and take motion.
There's a variety of alternative out there already, with extra coming.
Lots of the banks are utilizing the financial savings deposited with them to offer finance to help British companies, so, in addition to enhancing your personal revenue, switching will assist present a lot wanted finance to help the economic system.
Take away the euro hyperlink to FSCS
Andrew Hagger, professional at impartial recommendation web site Moneycomms, says: I feel financial savings charges could have bottomed out and if we see inflation begin to take off in 2017 the Financial institution of England MPC could enhance charges for the primary time in nearly a decade - final base charge enhance was 5 July 2007.
A base charge enhance will hopefully feed by to financial savings charges, however there is a lengthy approach to go earlier than savers see a significant return once more.
Incomes a half respectable return on money financial savings has develop into nigh on not possible and with inflation predicted to extend sharply subsequent yr many shoppers will discover the worth of their financial savings will fail to maintain tempo with the price of residing.
Individuals will proceed to contemplate various choices together with taking a flutter on Premium Bonds and extra disgruntled savers will flip to a few of the recognised peer-to-peer suppliers similar to RateSetter and Zopa in the hunt for increased curiosity returns.
The important thing problem is incomes a modest return with out taking an excessive amount of of a danger. Should you see double determine returns marketed deal with them with warning - if it appears too good to be true - there's most likely a degree of danger to your capital that you just would not be comfy with.
I feel the elevated competitors within the mounted charge financial savings market seen within the final couple of months of 2016 will proceed and edge charges increased over coming months.
This competitors is being pushed by area of interest lenders and challengers together with Ikano Financial institution, Atom Financial institution, Constitution Financial savings, Masthaven Financial institution and OakNorth Financial institution - with new suppliers similar to Starling Financial institution because of launch in 2017 the client could profit additional as these 'new children' jostle for the most effective purchase positions.
We may even see a slight enchancment in quick access charges in 2017 significantly if base charge strikes increased, nevertheless I feel it is the mounted charge market the place we'll proceed to see a lot of the motion and an enchancment in returns.
I do not actually see the excessive avenue banks altering tact and troubling the challenger manufacturers in the most effective buys within the subsequent 12 months - lots of the banks are manner off the tempo and must make substantial charge changes to get wherever close to essentially the most aggressive financial savings offers.
I might prefer to see the Monetary Companies Compensation Scheme restrict simplified - enhance it to £100,000 and repair it at that degree for a interval of three to 5 years.
However extra importantly, take away the hyperlink to the euro change charge - with Brexit looming it makes extra sense than ever to manage and set our personal FSCS parameters reasonably than complicated the general public by tweaking the restrict when there are change charge fluctuations.
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