Although the rates have dropped slightly across the board since then, the average easy access accounts have improved.
Whereas the average account offered 2.94pc on August 31 last year, savers could achieve an average of 3.12pc as of Wednesday.
A spokesman from the Financial Conduct Authority said: “We are continuing to look closely at the value firms provide to their customers.
“Since we launched our cash savings action plan last year, we have seen a more competitive savings market. The latest data shows there were 171 easy-access products offering 4pc interest or more.”
A spokesman from industry body UK Finance said that the banks were committed to providing for customers and that savings rates have increased.
The spokesman said: There is a wide range of savings products available across a competitive market. Rates are typically lower for easy access accounts and higher if customers are able to put their savings into a fixed rate account.”
A spokesman for Lloyds said: “The savings market is competitive, and we offer a range of products and access with rates that reflect the value of the broader range of services we provide.”
A Barclays spokesman said that the bank offered value across a range of savings products, in a “very competitive market”.
A HSBC spokesman said: “We are firmly focused on supporting customers in the current environment and provide overall value on our savings accounts that goes beyond interest rates to provide flexibility, convenience, simplicity and organisational and financial stability for customers who want to save with a trusted high street brand.”
