And, with rare exceptions, the current trend is for further rate cuts. It means people are having to struggle harder than ever to avoid inflation eroding the real value of their savings.
Low interest rates affect everyone with spare cash, because everyone needs to keep some savings in bank or building society accounts for short-term needs and emergencies.
In fact, Scottish savers and investors are on average holding nearly half (43%) of their capital in cash, according to recent research by Investec Wealth & Investment. Some are even more reliant on cash. Over a third of Scots (38%) have half or more of their assets on deposit - despite inflation and low rates of interest.
The past year has seen interest rates tumbling especially fast. The average rate on easy access accounts is now just 0.66% compared to 1.09% a year ago, while average cash ISA rates have fallen from 2.41% to 1.66%, according to Moneyfacts.
Most of the blame for this state of affairs is laid at the door of the Government's Funding for Lending Scheme, which was designed to encourage banks and building societies to lend more to homebuyers and businesses. But with the Government providing cheap money to banks it has meant they don't have to attract savers' money.
Susan Hannums, director at savingschampion.co.uk, said: "The Funding for Lending Scheme has been a disaster for savers. Ever since its introduction last year, rates have fallen relentlessly. Provider appetite for savers' cash has simply dried up and, given its extension until January 2015, we don't see this trend abating anytime soon."
It means savers need to search hard to find a decent account for their money. Their first priority should be to use their cash ISA allowance as these accounts tend to pay higher rates of interest than ordinary accounts and there is no deduction for tax, which reduces effective rates of interest even further.
Up to £5760 can be placed in a cash ISA account this tax year. The latest Halifax Savings Barometer shows people are not maximising their ISA allowances. At the end of July, the average balance in instant access cash ISAs was £4640 compared to £4146 in other instant access savings accounts. Yet the accounts can be just as flexible and accessible as other types of savings accounts.
Laura Lambie, a senior investment director in the Edinburgh office of Investec, said: "The problem is that many people with savings are older and they don't necessarily have internet access."
Fortunately, according to Moneyfacts, the best easy access ISA at present is offered by the Nationwide group, including the Dunfermline. It can be opened in branch or online and pays 2%, which includes a 1.5% bonus for the first 12 months. Tesco's instant access cash ISA is also paying 2% and can be set up over the telephone as well as online.
Britannia has the best easy access account. The Select Access account pays 1.75%, with a £500 minimum investment. It can be set up in branch, by post, or over the telephone. But withdrawals are limited to four per year. The Post Office has an Instant Saver account, available in branch or over the telephone, paying 1.35%.