“On the plus side, a number of banks are pushing rates up towards 0.5 percent in the easy access market, and when rates coalesce around a particular point, it means we’re far less vulnerable to one or two banks pulling back.
“There’s also a reasonable chance that at some stage someone will decide to nudge the rate up slightly to stand out.
“Mortgage lending is also still strong, which is helping to underpin the savings market.
“Net mortgage volumes were at £6.6 billion in May, while approvals for house purchases remained elevated at 87,500.
“But competition in the mortgage market has pushed rates to record lows, which will put savings rates under pressure.