The withdrawal of this account is yet another blow to beleaguered savers across the country who are in desperate search of an account that will give them a decent return on their savings.  Over the past three years, the average rate on a one-year cash Isa has fallen by 40pc, while there has been a 60pc fall in the interest paid on one-year fixed-rate bonds over the past five years. This has come despite no movement in the Bank of Engalnd Bank Rate, which remains at 0.5pc.  Easy access rates have also fallen dramatically (see graph below).  Why savings rates keep falling  Banks and building societies have less need for customer deposits as they emerged from the financial crisis of a few years ago. They have also been handed cheap money through the Treasury's Funding for Lending Scheme. Banking analysts say it is a process of returning to normal: before the crisis, savings rates were close to the Bank Rate.  Because banks don't want the money (and it is costly to sit on deposits they can't use) they are keen to keep off the top of the best buy tables. Any time a deposit taker steps forward with a decent rate on a fixed rate bond, it is swamped with demand and the bond closes almost immediately.  Recently, Yorkshire Building Society released a one-year Isa paying 2pc, the highest rate offered for almost a year, but had to pull the product after three weeks.  Banks and building societies have been cutting their rates steadily over the past few years as their appetitive for savers' cash has waned.  This means that today, savers have to settle for Isas or bonds paying low rates of interest, or find alternative savings accounts, such as current accounts, to earn a higher income. This article offers some advice: 'I get 3pc interest without tying up my money': meet the ingenious saver with 11 current accounts.  >> More: The best cash Isa 'Nisa' rates  >> Get a weekly alert on new savings best buys: Click here and enter your email
In another blow to savers, a two-year bond paying 2.75pc has been withdrawn   after less than 48 hours due to huge demand