Saver joy? the average savings account rate breaks the 1pc barrier Despite the average rate breaking the 1pc threshold it overlooks the fact that hundreds of savings accounts offered by banks and building societies pay far less than 1pc. Barclays was recently named and shamed as Britain's worst savings bank. It has a far higher proportion of its savings accounts paying derisory rates of interest than any other high street bank. More than seven out of 10 accounts (71pc) pay 0.5pc or less. Worse still, 60pc of its savings accounts pay 0.1pc or less. By contrast, around a third of savings accounts at Halifax (39pc), HSBC (33pc) and NatWest (26pc) pay 0.1pc or less. The firms that give their savers the most are Santander and Nationwide - only a third of their accounts pay 0.5pc or under. Better still, just 18pc of Santander customers, and 14pc of Nationwide savers, get 0.1pc or less. Susan Hannums, a director of SavingsChampion.co.uk, said: "People who rely on their savings income have been hammered in recent years by low interest rates and high inflation. Many savers took out an account which was fairly competitive at the outset, only for rates to plummet to these levels. If you're looking for a savings provider on the high street, these figures show that choosing the wrong provider can cost you dearly. Many of the poorly paying accounts are now closed to new customers, so banks won't publish the rates in branches or online. Barclays Nest Egg, for example, might sound like a good place to save your money, but it pays a measly 0.05pc on balances of up to £5,000. Halifax's Liquid Gold - famous for using Arthur Daley in its advertising - is another previous best seller that now pays a tarnished 0.05pc on savings. A spokesman for Barclays said: "We are aware of the difficulties facing savers and are committed to offering credible long-term value and innovative products which are simple and transparent, rather than boosting rates through the use of large introductory bonuses or products with restrictions." She added that the bank's own research, which took into account the number of customers with each account, indicated that the majority of savings balances paid a rate above the Bank of England's base rate. But these low rates show just what a poor deal Britain's savers are getting. Although many bank accounts pay more than 0.1pc, not one pays sufficient interest to deliver a real return once tax and inflation have been taken into account. It is perhaps not surprising that surveys often find that around one in two savers said there was "no point" in switching account. In fact, it found savers had become so pessimistic that 15pc of the 2,000-plus people surveyed said they had "given up entirely" on getting a decent savings deal. But while the best-paying deals aren't keeping pace with inflation, they still pay significantly more than the 0.1pc offered on many "bog-standard" accounts. For example, if you can afford to lock your money away for five years, you can get 4.6pc interest from the AA, while Saga offers 4pc on an online three-year fixed rate bond Even those who need instant access to their money can still get 3pc or more. The Manchester BS Platinum Instant Issue 2 offers 3.06pc while Leeds BS Postal Access Account pays 2.9pc. But does this make a difference to overall returns? Is it worth the hassle of switching just to gain an extra few per cent interest? For the majority of savers it will pay to switch accounts. According to Governor Money, an online savings provider, the difference between the best and worst-paying accounts is more than £500 a year in interest.