On the anniversary of the launch we take a look back at some of the most significant changes over this time.
Louise Cuming, head if mortgages at moneysupermaket.com, said: "In the past year we have watched the Bank of England base rate fall 4.5 per cent to the historic low of 0.5 per cent, and three month Libor rate followed suit by dropping by 4.39 per cent to 1.49 per cent.
"However, the real news for borrowers has been that average mortgage rates have fallen by far less - the average best two-year fixed rate deal from each of the main providers has fallen by just 2.6 per cent to 3.58 per cent, and the average best three-year fixed rate deal has fallen by only 1.92 per cent to 4.13 per cent. People on trackers have fared a little better, with the average best two-year tracker rate dropping by 3.07 per cent to 3.22 per cent. This illustrates how much mortgage rates have become divorced from the base rate, as lenders have increasingly worried about profitability.
"The credit crunch has undoubtedly squeezed the market; with 3025 fewer products on the market than there was this time last year. The past year has been dominated by the lack of choice in the market and the increasing need for a large deposit to get a decent rate, let's see what the next year brings."
Kevin Mountford, head of banking at moneysupermarket.com, said: "Savings have fared better against the low interest rate environment than might be imagined, but they have still taken a hit. Despite the base rate dropping by 4.5 per cent to just 0.5 per cent, the average of the five best easy access accounts has fallen by 3.82 per cent to 2.6 per cent. And ISA savers have done even better, as rates have dropped by just 2.83 per cent to 3.43 per cent - all tax free.
"On the whole savings returns have dropped, but banks remain dedicated to tempting in new retail savings, and so the margin between the base rate and average savings rates has actually narrowed over the past year."
Tim Moss, head of loans and debt at moneysupermarket.com, said: "Loans are the only products to have increased in rate in the past year, despite the base rate drops. The best loan rates have risen 1.24 per cent to 8.68 per cent in the past 12 months, making them more expensive for people who re-consolidate their debts every year.
"Providers have increased the cost of borrowing to offset the higher risk of bad debts, and providers are only keen to lend to customers who have an immaculate credit record - anyone with the slightest 'blip' on their credit record may well could find themselves left out in the cold by banks."
Peter Harrison, credit cards and travel money expert at moneysupermarket.com, said: "The Pound has taken a battering against the Dollar in the past year - falling from $1.99 to £1, to just $1.47 to £1. The Euro is now worth just €1.11 to £1, a far cry from the rates British holiday makers enjoyed in the years prior to the crunch. In short, holiday makers will find trips to the Med or the States far more expensive this summer.
"Credit card users face little change to the length of balance transfer and purchase offer deals, with the average 0 per cent balance transfer lasting one month more, and the average 0 per cent purchase deal lasting 2.8 months less. However, people are far less likely to be accepted for the best deals now. Credit card providers have tightened their lending criteria and getting the leading 0 per cent deals has become almost impossible if your credit rating is less than spotless."
