The current financial climate is great news for savers, but no so good for those who rely on loans">loans to manage their finances. Rates for both savings and loans have continued to rise since July, despite the Bank of England making two interest rate cuts.

According to moneysupermarket.com, the best loan rates have climbed from an average of 6.56% in September to 7.34% now. This is despite official interest rates falling by 0.50% during the same period. As a result the best loans average 2.09% above the base rate. This is up from 0.81% above the base rate in September.

"Poorer Brits are now paying the price for banks' poor lending decisions of the recent past. Their lending mistakes in the US, in particular, are now hitting people here who can least afford it,” comments Tim Moss, Head of Loans at moneysupermarket.com. "Lenders are ramping up their rates to claw back profits. For every happy saver in Britain, there is a now a disappointed borrower."