People now need to find almost £9,000 extra to put into their savings account to maintain the same £100 annual return they would have received five years ago, according to a study.
Conducted by consumer help website Moneyfacts, it highlighted the "heartbreak" faced by savers across Britain following more than three years of record low interest rates.
Five years ago, the average no-notice account paid a rate of 4.08%, and to raise £100 in gross interest would have required a deposit of £2,451.
But today's average no-notice account pays a rate of just 0.9% due to the Bank of England maintaining the base rate at a historic low of 0.5% since March 2009. Consequently, someone would need to invest £11,111 to achieve the same level of interest.
This means in order to get the same return on investment as five years ago, you need to put an additional £8,660 into an instant access account.
With such low rates making it harder than ever to look after your money, it is vitally important to protect what you have in the bank.
Sylvia Waycot, finance expert for Moneyfacts.co.uk, said: "Looking purely at averages, today you couldn't even put your cash into a five-year bond and get the return of an instant access account five years ago, as they are currently averaging only 3.79%.
"This highlights the heartbreak currently facing pensioners trying to supplement incomes and also potential first-time buyers who are desperately trying to save for deposits."
The study also revealed a significant difference when it compared average interest rates paid on accounts for which notice must be given.
Average rates stood at 4.23% five years ago, meaning savers would have needed to invest around £2,364 to get £100 gross interest.
Today, you would need to invest £8,547 to raise £100 in gross interest, as the average notice account pays 1.17%.
Which type of savings account is best?
It is vital to choose the right sort of account for you. Otherwise you could find yourself missing out on a higher interest rate, or being penalised when you need access to your money.
Finding money to put into a savings account each month can be a difficult task. However, in return you will get a better interest rate than you would on your current account.