Not content with making history in cutting base rate to its lowest ever level of 0.5%, the Bank of England has now left it sitting there for a whole year.

Clyde regretted vowing not to shave until base rate started to rise

Throw in £200 billion of money straight off the quantitative easing printing press and it would seem the economy has been given every chance to find its feet.

Indeed, latest figures show that the recession has officially passed, but at what cost to the finances of Joe Public?

Mortgage borrowers who kept to their lender’s standard variable rate or on a tracker deal are likely to have been celebrating, as each month the Monetary Policy Committee announced there would be no change.

Two year fixed rate mortgage deals remain relatively cheap too, costing on average 4.74% today compared with 6.28% in October 2008, just before the base rate started its descent.

However, with one man’s pleasure often another’s pain, it is savers who have had an unhappy 12 months and more.

Before base rate began to drop, the average rate available on a no notice account stood at 3.71%, but stands at just 0.72% today

Notice accounts have seen their rates fall in that time too, dropping from 3.91% to 1.02%.

Also suffering have been cash ISA rates, dropping from 4.99% to 2.09% during the same period.

A year ago the average cash ISA rate stood even lower at 1.99%, but the slight improvement could soon slip away once ISA season draws to a close on 5 April.

That’s not to say decent savings deals can’t be found, it’s just they’re a little harder to nail down.

In the meantime, savers will be praying for a base rate rise soon, but would be unwise to start holding their breath.

Although the convalescence of the economy appears to be underway, most commentators agree that we’re not out completely of the woods just yet.

Uncertainty still lies round almost every corner. Which direction will house prices go next? Will inflation obediently follow Bank of England predictions and hit its 2% target in the medium term? And what will the outcome be when the ballet boxes are finally dusted down?

All are unknowns which combine to baffle far greater minds than my own.

Most predictions suggest the earliest chance of action would be a base rate rise towards the end of the year.

But your guess is as good as mine, or that of anyone else.

Tim Leonard, Senior Reporter, Moneyfacts Group